After four days of no change in the price of gold in the morning trading session, the precious yellow metal saw an increase on January 4. During the morning trading session on Wednesday, the price of a gram of 24-carat gold in Dubai increased by 0.75 Arab Emirate Dirham or 16.92 Indian Rupee. In Gold and Jewellery Group’s data, 22-carat gold went up by 1 Dh or Rs 22.56 to reach Dh 207.25 or Rs 4,677.13.
Also recorded was an increase of Dh 0.75 per gram for 21-carat and 18-carat gold. While 22-carat gold was priced at Dh 200.50 or Rs 4,524.85 per gram, 18-carat gold was priced at Dh 172.00 or Rs 3,881.89. One ounce of gold cost Dh 25.69 or Rs 579.87 and retailed at Dh 6,782.16 or Rs 153,091.12. A kilogram of silver was priced in Dubai on January 4 at Dh 2,850.39 or Rs 64,344.39.
People from all over the world flock to Dubai every year – lovingly termed “The City of Gold” – due to its unbeatable prices on gold. This is largely because of the UAE government’s policy of not levying taxes on gold purchases; combined with international free market pricing, it provides customers with some of the best rates worldwide. For instance, one gram of 24-carat gold costs Rs 5,575 in India but just Rs 5,049.27 in a shop in Dubai. Making charges can also be bargained with accordingly to bring down the overall cost of jewellery even further.