The price of gold in Dubai tumbled in the morning trading session on Friday, February 3, following three days of upward movement.
In response to sentiment around the non-yielding asset calming down in the international arena, the cost of the precious yellow metal fell in the United Arab Emirates (UAE).
The price of 24-carat gold fell by Arab Emirate Dirham (AED) 0.5 or Indian Rupee (INR) 11.19 per gram. One gram of this variety traded at Dh 232 or Rs 5,197.23.
According to Gold and Jewellery Group’s data, a gram of 22-carat gold in the Gulf Tiger was down by Dh 0.25 or Rs 5.59, trading at Dh 215 or Rs 4,816.30. The price of the 21-carat variety for the same quantity also dropped by Dh 0.25. One gram of this variety traded at Dh 208 or Rs 4,659.49.
In the morning trading session on Friday in the UAE, the 18-carat gold rates slipped by Dh 0.25 per gram. The price of one gram of 18-carat gold stood at Dh 178.25 or Rs 3,993.05. An ounce of gold in Dubai went down from Dh 7,046.40 or Rs 157,743.13 to Dh 7,035.39 or Rs 157,496.66. On the other hand, a kilogram of silver cost Dh 2776.63 or Rs 62,204.41 in Dubai.
The ‘City of Gold,’ Dubai, is renowned the world over for its wide variety, high quality, and relatively cheap rates of gold articles. The capital of the UAE attracts thousands of tourists to popular gold markets such as Gold Souq, Meena Bazaar, and Baniya Street to purchase the precious yellow metal.
The Dubai gold market is highly organised and well-monitored, with regular quality inspections. This ensures that the customers get the quality they have been assured of. The comparatively low rates of gold items in the Gulf Tiger are due to the government’s relaxed tax policy.
The UAE government levies no tax on the purchase of gold ingots. For jewellery and other gold items, the value-added tax (VAT) is at 5 percent, one of the lowest in the world.
International tourists can get the VAT waived simply by presenting their passports, making the purchase of this traditional asset tax-free and rather attractive.
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