Gold prices in India have fallen by 4% over the past ten days, making it an attractive option for buyers. Recent reports indicate that gold in India is now cheaper than in countries like Oman, Singapore, the United Arab Emirates (UAE), and Qatar.
Traditionally, many shoppers buy gold and precious jewelry from duty-free shops in the Middle East. However, with the current price advantage in India, travelers may find it more cost-effective to consider local Indian markets for better deals.
One key factor contributing to higher gold prices in the Middle East is the ongoing geopolitical tensions in the region. The Israel-driven conflict has intensified demand for gold, a well-known safe-haven investment during periods of uncertainty. As a result, the prices of gold and silver have surged in regional markets.
Also Read Global cues for markets at this hour – Here are top 5 factors to watch ahead of market opening Judicial riddle in India’s investment climate Telcos weaving web of ‘alternative facts’ Jet set wait: The airline’s liquidation exposes the shortcomings of India’s much-vaunted insolvency resolution process
Also ReadGold prices see sharp 4% declines this week – Is it time to buy?
In contrast, gold prices in India have dropped, in line with global trends, which have seen the yellow metal experience its sharpest weekly decline in over three years. Spot prices in the United States dropped by 4.5%, bringing the metal to a two-month low of around $2,563.25 per troy ounce.
Gold Price in India vs Other Global Markets
Specific pricing details show the disparity in costs across regions. In Oman, gold is retailing at Rs 2,193 per gram of 22K and 24K gold. A 10-gram bar of 24K gold is priced at Rs 75,763, up by Rs 220.
In Qatar, the price of gold surged significantly, with 100 grams of 24K gold reaching Rs 7,62,934, an increase of Rs 25,470 in a single day. The price for 10 grams of 24K gold in Qatar also rose by Rs 2,547 to Rs 76,293.
Singapore’s gold prices also remain higher than in India, with 10 grams of 24K gold priced at Rs 76,805.
Meanwhile, in the UAE, gold prices reached record highs, with 100 grams of gold priced at Rs 7,62,039 and 10 grams retailing at Rs 76,204,
» Read More
