Dubai/Kochi: This is a good opportunity for expatriates who want to buy gold. This is the first time that the price of gold has fallen so much in the UAE. Although there is a slight variation in the prices every day, the prices are cheaper now compared to last year’s Diwali.
Diwali is one of the occasions when expatriates in the UAE buy more gold. At the same time, prices in Kerala are rising sharply today. Pawan recorded an increase of Rs.700. The global market has been witnessing a decline in gold prices for the past few days. Here is the latest information on gold prices in UAE and India…
The gold price in the UAE was at 185.75 dirhams per gram on Thursday evening as well. On Friday morning, it fell to Dh184.50. But in the evening it increased to 187 dirhams. A bit more today. Today’s price per gram of gold is 188.75 dirhams. These figures show that volatility continues.
Compared to last year’s Diwali season, prices are now largely lower. Last Diwali gold price was 204.25 dirhams. The price of gram for Diwali 2020 was 215.50 dirhams. But this year it is below 190 dirhams. This is a great opportunity for non-residents to buy gold.
Expatriates who buy gold and bring it home should be especially careful. It is necessary to collect tax on gold brought in certain quantities. The limit of bringing gold is not the same for men and women. If there is no clear understanding of this, it will turn into a tangle.
Import of gold is currently not encouraged by the central government. Part of it is the increase in taxes on imported gold. Expatriates bring home jewelery and coins. Some are gold nuggets. The extent to which these can be brought home varies. If the limit is exceeded, the tax should be paid and records of the same should be kept.