Gold prices in the United Arab Emirates, including Dubai, remained stable in the morning trading session on Thursday, December 22. According to data by the Dubai Gold and Jewellery Group, the price of an ounce of gold traded stable at Arab Emirates Dirham (AED) 6,675.73 or Rs 1,49,736.62. One gram of 24-carat gold, which is considered the purest quality of gold available in the market, traded at 220.45 Dh or Rs 4,944.24.
The 22-carat variety of gold also remained stable at 204 Dh or Rs 4,575.72. The prices of 21 and 18-carat varieties were unchanged at 197.50 (Rs 4429.92) and 169. 25 Dh (Rs 3,796.28). A kg of silver retailed at 2831 AED or Rs 63,499.33.
As per the exchange rate update, 1 Dh was valued at Rs 22.43 on Thursday.
Dubai, also known as the city of gold, is the preferred choice to buyers across the globe including India due to cheaper prices and availability of the better quality yellow metal. The quality assurance of gold in Dubai is due to the high level of scrutiny and standardization of the gold market. Regular inspections and mandatory hallmark certifications here certify the quality, assuring purity of gold being sold to the customer.
Gold is exempted from taxes in UAE and Dubai thus resulting in cheaper prices. Gold market in Dubai follows international rates, ensuring that all shops have the same prices. Buyers can also get better prices than the rate with some negotiations with the seller.
However, Indian nationals planning to buy gold from Dubai must note the regulations of the government. The Indian government limits the amount of gold an individual can bring into the country without paying taxes from Dubai. Depending upon how much time you have spent in the UAE, individuals may be allowed to bring in gold worth Rs 50,000 to Rs 100,000.
Any additional gold will be subject to excise duties that will result in the final prices getting higher than the rate available in the Indian market. Any attempt to avoid taxes and duties may result in hefty fines and penal actions as well.
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