The prices of gold in Dubai remained unchanged in the morning trading session on February 22. Although prices have not changed since the levels recorded yesterday, fluctuation in the exchange rate between the Arab Emirati Dirham (AED) and Indian Rupee (INR) means that those using INR will note a change in the price tags.
The value of Dh 1 was equivalent to Rs 22.54 on Wednesday. The price of 24-carat gold in the United Arab Emirates (UAE) steadied at Dh 222.50 or Rs 5,016.41 per gram. This variety is believed to be the purest of all types of gold.
In the retail market in India today, it costs Rs 5,673. The price of a gram of 22-carat gold in Dubai was Dh 206 or Rs 4,644.53. In India, the same quantity traded at Rs 5,200.
According to data furnished by the Dubai Gold and Jewellery Group, the price of a gram of 21-carat gold was Dh 199.25 or Rs 4,492.5. The 18-carat variety of the bullion sold at Dh 170.75 per gram. This amounts to Rs 3,849.87. The price of an ounce of gold also remained stagnant, trading at Dh 6,741.79, or Rs 152,004.24 in the morning trading session today.
Dubai is one of the world’s leading destinations for purchasing precious yellow metal.
The City of Gold not only provides a wide variety of designs for gold jewellery, but it also has several shops dealing in gold bars, biscuits, and coins.
There are over 800 gold shops in the city. Indians especially prefer the ones located in Meena Bazaar, Gold Souk, and Baniya Street.
The two primary factors pulling people to Dubai to make their gold purchases are low price and high quality.
The UAE government exempts all purchases of gold bars from taxation. This brings down the cost of the precious metal down b a significant margin.
The purchase of gold jewellery in Dubai attracts a value-added tax (VAT) of 5 percent. This already low charge is waived for tourists upon the presentation of their passports.
There is also a large scope for customers to negotiate on the making charges of jewellery since Dubai has an abundance of cheap labour.
Alongside the price, the Dubai gold market also offers great quality assurance. The Dubai Municipality conducts random inspections to ensure that quality standards are maintained in shops throughout the city.
Buyers can also request to see the certificate which supplies information on the gold’s purity and authenticity.
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