Gold prices in India have become cheaper as compared to UAE, Oman, Qatar, and Singapore. Check the reason here.
We love gold, and India is one of the prime markets for the yellow metal, but most of us hesitate to buy due to the skyrocketing prices. Those who can travel to key markets such as the UAE, Oman, Qatar, and Singapore can buy gold jewellery at lower prices. However, in a surprising turn of events, gold prices in India have become more attractive compared to major markets, according to a report by Business Insider. This shift is due to geopolitical tensions in the Middle East, which have driven up prices in the region.
Gold, Diamond Costly In UAE, Oman, Qatar, Singapore
The geopolitical tensions have led to increase in demand for gold as it is considered as a safe haven during uncertainties. Sudden increase in demand has spiked the prices up in the Middle East. Because of these Indian markets have become more cost-effective option for people.
Gold Prices In India
- The price of gold in India has experienced a significant decline, marking the steepest weekly fall in over three years.
- Spot gold prices in the United States have decreased by 4.5%, reaching a two-month low of $2,563.25 per troy ounce.
- In the Indian market, the current price for a gram of 24K gold is Rs 7,582.3, reflecting a weekly drop of 4.12%.
- The price for 22K gold in India is currently Rs 6,952.3 per gram.
- This decline in gold prices aligns with global market trends.
- The price of a 10 gram bar of 24K gold in the UAE is Rs 76,204.
- In Singapore, the same bar costs Rs 76,805.
- Qatar’s price for a 10 gram bar of 24K gold is Rs 76,293.
- Oman offers a slightly lower price at Rs 75,763 for the same gold bar.
- These international prices are significantly higher compared to gold prices in India, despite recent drops in global market values.
According to experts the declining gold prices in the country could attract buyers seeking savings amidst rising global costs.