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.
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.
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%.
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%.
