Gold prices in Dubai tumbled after days of mixed trends in the morning trading session on Friday, February 10. The price of one gram of 24-carat gold fell by Arab Emirati Dirham (AED) 4.25 or Indian Rupee (INR) 95.54. A gram of the high-quality variety traded at Dh 224.5 or Rs 5,047.66 per gram. The price of the 22-carat variety slipped by Dh 3.75 or Rs 84.31. It retailed at Dh 208 or Rs 4,676.76.
Data from the Dubai’s Gold and Jewellery Group showed that the cost of one gram of 21-carat gold in the UAE had slipped by Dh 3.75, too. It stood at Dh 201.25 or Rs 4,525.69. A gram of the 18-carat variety of the precious metal retailed at Dh 172.5 or Rs 3,879.05. The price of this variety, too, slipped by Dh 3.75.
The price of one ounce of gold in the UAE fell by Dh 128.46 or Rs 2,887.96. It traded at Dh 6,396.30 or Rs 143,797.80. A kilogram of silver in the country retailed at Dh 2583.41 or Rs 58,076.23.
The gold markets of Dubai are well known for their wide variety of designs, quality assurance, and low prices. For UAE passport holders, the purchase of gold bars is tax-free, while buying gold jewellery attracts a low 5 percent value-added tax. For foreign passport holders, both these purchases are tax-exempt. Dubai has several big markets dedicated solely to selling gold items. Baniya Street, Gold Souq, and Meena Bazaar are popular among Indians for these purchases.
While buying gold in Dubai and importing it to India, where the bullion is priced higher, may seem like a good option due to the price difference, that is not the case. India’s love for gold has led to heavy imports and has affected the balance of payments of the country. In order to balance the ledger, the Indian government has imposed heavy taxes and duties on the import of gold above a certain quantity. This might result in the cost of gold coming on par with the price in India.
Read all the Latest Business News here
Comments
0 comment