During the morning trading session on Tuesday, February 7, the price of gold in Dubai was recorded as remaining constant.
While costs in Arab Emirates Dirham (AED) have not changed, customers paying with Indian Rupee (INR) will see a variation in the price owing to fluctuating exchange rates between INR and AED. At 10:05 AM, one Dh was worth Rs 22.53.
The cost of one gram of 24-carat gold, according to data from the Gold and Jewellery Group, is Dh 226.75 or Rs 5,108.64. For the same quantity, the 22-carat variant cost Dh 210, or Rs 4,731.23.
Also Read: Gold Price In India On Feb 7: Check Latest Rates In Delhi, Mumbai And Other Cities
A gram of 21-carat gold cost Dh 203.25, which is equal to Rs 4,578.94, while the price of 18-carat gold was Dh 174.25, which is equal to Rs 3,925.61, in the morning market. In the City of Gold, an ounce of the yellow metal went for Dh 6,877.58, or Rs 154,942.54. On the other hand, as of February 7, one kilogram of silver was selling for Dh 2,642 or Rs 59,529.31.
Every year, a sizeable number of buyers travel from all over the world to Dubai to buy gold. This is particularly true with Indians, who frequently purchase yellow metal from Dubai because of the broad selection of styles they have available at lower and more affordable prices when compared to India.
However, importing the yellow metal into India comes with its own set of restrictions that may not be favourable for all. The Indian government has imposed a fee on the import of gold from overseas because it believes that the imports will result in an unfavourable balance of payments.
The Dubai gold market is highly controlled and supervised, with regular inspections and rules in effect requiring store owners to maintain hallmark certificates of the items they sell. The low costs here are all thanks to the UAE government, which levies a minimum Value Added Tax on jewellery that is among the lowest in the world and even waives it for tourists who show their passport.
The margin for negotiation provided in Dubai for making charges is another element that enters into the cost analysis.
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