Prices of gold in the UAE slightly dropped within the past 6 months on Tuesday, June 26. Last week, gold prices dipped to its 6-month low when 24-Karat (24K), 22K, 21K, and 18K gold were priced at Dh153.25, Dh144.00, 137.25, and Dh117.75, respectively.
Now, gold rates dropped slightly further based on the latest update of Dubai Gold and Jewellery Group. 24-Karat (24K) gold is currently priced at Dh153.00, while 22K gold is valued at Dh143.75. Meanwhile, 18K is priced at Dh117.50 and 21K retained its old price at 137.25.
The prices 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, 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.
