Here’s why gold is priced cheaper in India compared to Oman, UAE, Qatar and Singapore…

While many prefer to buy gold and precious jewellery from duty-free shops in the Middle East, this time, maybe save the purse for a trip to a local shop. Gold prices in India are cheaper than costs in Oman, Singapore, the United Arab Emirates and Qatar, according to a report by Business Insider.

The report further noted that geopolitical tensions in the Middle East are driving up gold prices in the region. Gold and silver are considered safe haven investments and option in uncertainties.

The Israel-driven conflict in the region has thus pushed demand for the asset, driving up prices in markets.

India vs Other Markets

The price drop in India, in comparison, is in line with global trends, which saw the yellow metal see its sharpest weekly fall in over three years. Spot prices dropped 4.5 per cent in the United States, trading near a two-month low at around $2,563.25 per troy ounce.

• In Oman, gold is retailing at ₹2,193 in 100 grams of 22K and 24K. The 10 grams of 24K is available at ₹75,763 up by ₹220, according to a report by Good Returns.
• In Qatar, gold costs surged by ₹25,470 in a single day in 100 grams of 24K to ₹7,62,934, and the price surged by ₹2,547 in 10 grams to ₹76,293, it said.
• In Singapore, prices were also expensive compared to India, as 24K of 10 grams is priced at ₹76,805, it added.
• And in the UAE, gold touched record highs, reaching ₹24,712 and ₹2,471 in 100 grams and 10 grams to ₹7,62,039 and ₹76,204, it said.

Gold Prices Today — November 17, 2024

Gold prices experienced a minor decline on Sunday. The price of 24 carat gold is Rs.7582.3 per gram, a reduction of Rs.120.0. The price of 22 carat gold is Rs.6952.3 per gram, decreasing by Rs.110.0.

The price change in 24 carat gold over the past week has been 4.12%, while in the last month, it has shown a decrease of 4.42%.

• Gold Price in Delhi: The Gold Price Today in Delhi is ₹75823.0 for 10 grams. The previous day's gold price on 16-11-2024 was ₹75813.0 for 10 grams, and the gold price from last week on 11-11-2024 was ₹78933.0 for 10 grams.
• Gold Price in Chennai: The Gold Price Today in Chennai is ₹75671.0 for 10 grams. The gold price from the previous day, 16-11-2024, was ₹75661.0 for 10 grams, and last week's gold price on 11-11-2024 was ₹78781.0 for 10 grams.
• Gold Price in Mumbai: The Gold Price Today in Mumbai is ₹75677.0 for 10 grams. The previous day's gold price on 16-11-2024 was ₹75667.0 for 10 grams, and last week's gold price on 11-11-2024 was ₹78787.0 for 10 grams.
• Gold Price in Kolkata: The Gold Price Today in Kolkata is ₹75675.0 for 10 grams. The previous day's gold price on 16-11-2024 was ₹75665.0 for 10 grams, and last week's gold price on 11-11-2024 was ₹78785.0 for 10 grams.

As of the time of publication, the gold December 2024 MCX futures were trading at Rs.73921.0 per 10 grams, reflecting a decrease of 0.314%.