Recovering from the marginal fall in prices on Wednesday, gold prices in Dubai recorded a slight gain on Thursday, December 29. Gold and Jewellery Group’s data showed that the cost of a 24-carat variety of the precious yellow metal in the United Arab Emirates (UAE) went up by Arab Emirate Dirham (AED) 0.75 or Indian Rupee (INR) 16.90 to trade at Dh 219.25 or Rs 4,941.51 per gram. The price of the 22-carat variety of gold in Dubai also rose by Dh 0.75, trading at Dh 203.0, or Rs 4,577.13 per gram.
The price uptick for the 21-carat variety was the same. The cost rose by Dh 0.75 to reach Dh 196.50 or Rs 4,431.10 in the morning session. The price of 18-carat gold went up by Dh 0.5 or Rs 11.27 to reach Dh 168.25 or Rs 3,792.52. The per-ounce rate of gold on Thursday went up by Dh 22.02 or Rs 496.56 to trade at Dh 6,642.70 or Rs 149,797.12. On December 29 in Dubai, a kilogram of silver retailed at Dh 2800 or Rs 63,151.28.
Recent reports have suggested that the amount residents and tourists in Dubai spent on gold jewellery surpassed pre-pandemic levels this year. According to Khaleej Times, Dubai jewellers are saying that the year 2022 is ending on a high note. Most also expect the momentum to continue in 2023. The high spending on gold is being attributed to the return of normalcy that has spurred off a healthy demand. Owing to the relaxation of two-year-long restrictions on festive celebrations and travel, the pent-up demand found a release. This made for very positive sales on occasions such as Dhanteras.
Gold purchases in Dubai, the “City of Gold” tend to be high due to the attractive prices and safety assurance that buyers get here. The gold purchased from Dubai is comparatively cheaper than in other places in the world since the UAE government does not tax purchases of yellow metal. Additionally, the prices are based on international market rates, ensuring customers find uniform pricing in shops across the country. Buyers also have a significant margin to pull down prices by bargaining on making charges. Dubai remains a popular destination for gold buyers the world over.
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