Dubai Gold Price: Amid the Middle East crisis, the government has extended the validity of licences issued for import of gold on quota-based duty concessions under the Free Trade Agreement (FTA) with the United Arab Emirates (UAE) till June 3. Under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), India has given quota-based duty concessions on gold imports under Tariff Rate Quotas (TRQs).
What Did The Govt Notice Say?
"In view of the current geopolitical developments impacting global trade and logistics and with a view to provide convenience to importers, the Director General of Foreign Trade hereby extends the validity of TRQ authorisation issued in FY 2025-26 for import of gold under the India-UAE CEPA till June 30, 2026 from the existing validity of March 31, 2026," the government said in a public notice.
ALSO READ: Rajasthan Royals Sale Explained: How Shane Warne’s Family May Earn Rs 450 Crore
Gold Price In India
In the bullion market of Delhi, gold jumped by Rs 1,200 on Tuesday to reach Rs 1.44 lakh per 10 grams, while silver remained stable at Rs 2.30 lakh per kg. According to the All India Sarafa Association, gold of 99.9 per cent purity had closed at Rs 1,43,600 per 10 grams on Monday, from where it has increased.
Gold Price In Dubai
Gold prices are falling in Dubai. The price of 24-carat gold in Dubai is approximately Rs 11,825 (523.25 dirhams) per gram. The price of 10 grams is Rs 1,18,250. This means that the price of gold in the UAE is approximately Rs 22,000 less than in India. The price of 22-carat gold is also Rs 10,955 (484.75 dirhams) per gram.
ALSO READ: Israel-US-Iran War LIVE: Tehran Fires Missiles At Israel, Kuwait, Jordan And Bahrain
Last week, heavy explosions shook Dubai as air defences intercepted incoming fire over the city, where people were observing Eid al-Fitr, the end of the holy Muslim fasting month of Ramadan. Iran has been hitting energy infrastructure around the Middle East and launching more than a dozen missile salvos at Israel following the attack on South Pars. South Pars, the Iranian part of the world’s largest gas field, is located offshore in the Persian Gulf and is owned jointly with Qatar.