Gold Rates In Dubai Today: Price of All Gold Varieties Stable in UAE; Check Cost Here

Gold price remained unchanged in Dubai in the morning trading session on Thursday, February 9. Although the cost of the precious yellow metal remained stagnant for buyers trading in Arab Emirati Dirham (AED), those holding the Indian Rupee (INR) would still notice a price change due to fluctuations in the exchange rate. As of 11:14 am IST, the value of Dh 1 was equivalent to Rs 22.49. The price of 24-carat gold was Dh 227.50 or Rs 5,118.72 per gram. One gram of the 22-carat variety of gold retailed at Dh 210.75 or Rs 4,741.71.

Data from the Gulf Tiger’s Gold and Jewellery Group suggested that the cost of one gram of 21-carat gold in the UAE was Dh 204 or Rs 4,590.88. A gram of the 18-carat variety of the precious metal retailed at Dh 174.75 or Rs 3,932.74.

The only change was noted in the per ounce price of gold. This went up from Dh 6,895.93 or Rs 155,165.08 to Dh 6,899.60 or Rs 155,247.66. A kilogram of silver in the country retailed at Dh 2645.29 or Rs 59,524.82.

Dubai, well-known as the City of Gold, offers customers a wide variety of options in terms of designs for buyers to choose from. The capital city has several big markets dedicated solely to the sale of gold jewellery and other items. Among these, a few such as the Baniya Street, Gold Souq, and Meena Bazaar are popular among Indians.

Apart from the wide variety of designs, another factor that attracts thousands of buyers every year is the extremely competitive pricing. The UAE government has made purchase of gold “raw materials” such as gold bars tax-exempt. The value-added tax (VAT) that they have levied on the purchase of jewellery and other crafted items stands at 5 percent. This is one of the lowest when compared to other regions. The shops follow international prices, and offer a good margin of negotiation on the making charges on the jewellery.

Not only are the prices low, but the markets are also heavily regulated and monitored. Having hallmark certificates for all items, and showing these to the customers if they ask, is a must.

Read all the Latest Business News here