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Yellow Metal Price Remains Steady In UAE; View rates on November 29

The gold price in the United Arab Emirates (UAE), including Dubai, showed a marginal change from Monday’s level. On Tuesday, November 29, the cost per gram of 24-karat gold in the country stalled at Arab Emirates Dirham (AED) 212.25, or about Rs 4,719, during the morning trading session. However, the price of the 22-karat gold grade showed a slight increase, with the price rising by AED 0.25 to reach the level of Dh 199.5 (Rs 4,436.47).

The gold price per ounce also increased. Compared to Monday, there was a price increase of Dh 3.67 taking the price of one ounce of gold to Dh 6,437.18 (Rs 143,139.10) in Dubai.

Data from the Dubai Gold and Jewelery Group suggested that 21-karat gold was trading at Dh 190.25 while 18-karat traded at Dh 163.25 in the morning session. While the price of 21 carat gold remained unchanged from yesterday’s level, the price of 18 carat gold increased by Dh 0.25.

Dubai has long been a popular site for Indians to make their gold purchases. The “City of Gold”, as the capital of the UAE is known, has solidified its position as the ideal place to buy gold for several reasons. The most important of these are cost and quality. Gold prices in Dubai remain significantly lower compared to costs in Indian cities. For example, the price of 24-karat gold in India today stands at Rs 5,288 per gram. In comparison, the same amount and kind of yellow metal costs Rs 4,719 in Dubai. Part of the reason why gold is relatively cheaper in the UAE is because the country’s government exempts gold purchases from tax.

In addition, gold from Dubai is believed to be of superior quality. The sale and purchase of the precious metal is also more organized, controlled and regulated here. The wide variety of designs available when buying gold jewelery in Dubai is another attractive factor.

However, if you plan to import gold from the UAE to India, remember that the Indian government imposes a hefty tax on it and there are limits on the amount you can bring into the country.

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