Following four days of no change in the prices of gold in the morning trading session, the cost of the precious yellow metal saw an uptick on January 4. On Wednesday, the price of a gram of 24-carat gold in Dubai went up by 0.75 Arab Emirate Dirham (AED) or 16.92 Indian Rupee (INR) per gram to reach Dh 223.75 or Rs 5,049.27 during the morning trading session. According to Gold and Jewellery Group’s data, the price of 22-carat gold went up by Dh 1 or Rs 22.56 to reach Dh 207.25 or Rs 4,677.13.
The 21-carat and 18-carat varieties also recorded an uptick of Dh 0.75 per gram. While the cost of 22-carat gold in Dubai was Dh 200.50 or Rs 4,524.85 per gram, the price of one gram of 18-carat gold was Dh 172.00 or Rs 3,881.89. The rate of one ounce of gold went by Dh 25.69 or Rs 579.87 and retailed at Dh 6,782.16 or Rs 153,091.12. On January 4 in Dubai, a kilogram of silver retailed at Dh 2,850.39 or Rs 64,344.39.
Dubai is a preferred site for purchasing gold amongst individuals globally. The primary reason why the “City of Gold" attracts droves of buyers each year is the cheaper rates of the precious metal here. The price of gold in Dubai is much lower than anywhere else in the world due to the UAE government’s policy to not impose taxes on gold purchases in the country. Moreover, UAE gold shops provide customers the best prices since shops here follow international free market pricing of the bullion. While buyers using Indian currency have to spend Rs 5,575 for one gram of 24-carat gold in their home country, they have to pay much lesser Rs 5,049.27 when buying the same quality and quantity in a shop in Dubai. Buyers can further bring down the overall amount they have to pay for gold jewellery by bargaining on the making charges levied by stores.
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