Prices of gold in the UAE inched higher on Thursday, May 24, following a three-day decline, as the US dollar extended losses.
Based on the latest update of Gold Prices Dubai, the price of 24K, 22K, 21K, and 18K gold are priced at Dh157.00, Dh147.25, Dh140.50, and Dh120.50, respectively.
On Monday, May 21, gold prices reached their lowest rate this year so far. 24-Karat (24K) gold was priced at Dh156.00 to Dh156.50 while 22K gold was valued at around Dh147.
The prices of gold vary depending on the purity of gold and the market it was traded in.
The Department of Economic Development (DED) displays in public the live retail gold rate at the Gold Souk in order to ensure transparency and maintain the title of Dubai as the ‘City of Gold.’
It can also be recalled that the UAE Cabinet has previously introduced a tax mechanism that will exempt investors of gold, diamond, and other precious metals from Value Added Tax (VAT).
With the new system in place, the five percent VAT in gold and diamond, among others, will only be documented in the seller’s records. The VAT, however, will not be paid by the investor.
The new law is applicable for different precious metals including gold, silver, and platinum with a purity of 99 percent or more used in trade in accordance with internationally accepted standards.
