Gold Price In Dubai Jump Amid Banking Crisis; Check Today’s Rates Here

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Last Updated: March 21, 2023, 14:10 IST

Gold prices in Dubai improved marginally on March 21, as investors turned away from riskier-seeming assets amidst the crisis in the banking sector. In the morning trading session on Tuesday, the price of one gram of the 24-carat variety crept up by Arab Emirati Dirham (AED) 0.5 or Indian Rupee (INR) 11.25. According to data provided by Dubai’s Gold And Jewellery Group, a gram of the purest type of gold in the city stood at Dh 240 or Rs 5,401.23. One gram of the 22-carat type also noticed a similar price rise. It traded at Dh 222.25 or Rs 5,001.9.

Data collected as of 11 am showed that the per gram cost of 21-carat gold had kept up with the Dh 0.5 price rise trend. It retailed at Dh 215.25 or Rs 4,844.52 on March 21. The same was the case for the 18-carat variety. Having risen by Dh 0.5 per gram, its price stood at Dh 184.5 or Rs 4,152.44.

The price of a kilogram of silver on Tuesday, March 21, was Dh 2658.08 or Rs 59,823.64.

The City of Gold is renowned the world over for its many beautiful gold markets. From Meena Bazaar to Gold Souq, these offer customers an unparalleled variety of designs. The most attractive feature of the precious yellow metal here, however, is the price tag. Dubai has highly competitive rates for gold in the international market. This is courtesy of the UAE government’s relaxed taxation policy on the metal. No taxes have been levied on raw materials such as gold bars or ingots. Even for jewellery and other articles, the value-added tax stands at a low of 5 per cent. Tourists from abroad can bypass this charge simply by declaring their foreign passports. This makes all of their gold purchases in the country free of cost. The availability of cheap labour allows for a wider bargaining margin on making charges, further reducing the price of gold items.

To curb massive imports of gold, which could lead to an unfavourable balance of payments for India, the Indian government has levied several taxes and surcharges on gold from Dubai being brought to India. This includes a social welfare tax and additional import duties.

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