Last Update: March 06, 2023, 12:54 PM IST
check gold prices in dubai on 6 march
Gulf Tiger offers customers one of the lowest gold rates in the world, courtesy the UAE government’s relaxed taxation policy.
Gold prices in the United Arab Emirates (UAE) witnessed a fall in the morning trading session on Monday, March 6.
The price of the purest variety of the precious yellow metal, the 24-karat variety, has dropped by Arab Emirates Dirham (AED) 0.5 or Indian Rupee (INR) 11.13. The rate of one gram of such gold was Dh 224.5 or Rs 4,999.63. This reflects a change in global sentiment regarding the value of gold.
According to data provided by the Dubai Gold and Jewelery Group, the price of one gram of the 22-carat variety fell by AED 0.25, or Rs 5.56, to AED 208 in Dubai.
According to this morning’s exchange rate, it was equal to Rs 4,631.7. On Monday, one gram of 21 carat gold was trading at Dh 201.25 or Rs 4,481.94. This is also a drop in price of Dh 0.25. 18-karat gold lost a similar amount and was trading at Dh 172.5 or Rs 3,841.68.
On Monday, the price of one kg of silver in UAE stood at Dir 2512.74 or Rs 55,958.34.
Gulf Tiger offers customers one of the lowest gold rates in the world, courtesy the UAE government’s relaxed taxation policy.
Buying gold bars is tax-free in the Middle Eastern country. For all other gold items, customers will have to pay a Value Added Tax (VAT) of 5 per cent. This is one of the lowest tax rates on the precious yellow metal in the world. This VAT is applicable only to citizens of UAE. Tourists can get exemption from this fee by simply declaring their foreign passport.
The cost of gold jewelery and other such items can also be reduced by negotiating the making charges. Due to the availability of cheap labor in Dubai, there is a lot of margin for bargaining.
While buying gold in Dubai is more profitable than in other countries, importing it is not. Indians’ love for gold is known to adversely affect the country’s balance of payments.
There have been many allegations against the Government of India for curbing the imports from Dubai.
Social welfare tax and other import duties on the precious metal increase the cost for those who want to buy gold from Dubai and sell it profitably in India.
These charges are applicable on the quantity of gold in excess of the permitted quantity.
read all latest business news Here