The price of gold differs considerably across regional markets, making international comparisons relevant for prospective buyers. On Nov. 3, gold rates in India, Dubai and Pakistan presented three distinct price points.
Once the figures are converted into Indian rupees, Pakistan comes out as the cheapest market. Dubai follows, while buyers in India face the highest prices among the three locations.
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Gold Rates Comparison in INR
To assess which market offers cheaper gold, Goodreturns' price data can be examined on a per-gram basis after converting the rates into Indian rupees. This provides a more straightforward comparison for buyers.
- Pakistan: Pakistan remains the cheapest market among the three. The price of 24-carat gold is around Rs 12,085 per gram, equivalent to PKR 35,280. For 22-carat gold, buyers pay approximately Rs 11,077 per gram, or PKR 32,338.
- Dubai: Gold prices in Dubai are higher than those in Pakistan but remain below Indian rates. One gram of 24-carat gold costs approximately Rs 12,330 (AED 478), while the 22-carat variety is priced at Rs 11,415 (AED 442.50).
- India: India has the highest gold prices in this comparison. The rate for 24-carat gold stands at around Rs 13,964 per gram, while 22-carat gold is available at approximately Rs 12,800 per gram.
READ | Gold In Dubai Looks Cheaper: Will Indians End Up Paying More After Returning Home
Local Currency Breakdown
Local currency rates offer another perspective on the differences between the three markets, with each recording its own price movement. Pakistan's gold market quotes 24-carat gold at PKR 35,280 per gram and 22-carat gold at PKR 32,338.
In Dubai, both categories have registered daily increases. The 24-carat rate has risen by AED 11 to AED 478 per gram, while the 22-carat price has advanced by AED 10 to AED 442.50.
Indian prices have also moved up, though the changes have been limited. The 24-carat category has gained Rs 27 to reach Rs 13,964 per gram. The 22-carat rate has increased by Rs 25 and now stands at Rs 12,800 per gram.
Gold prices vary between countries due to several factors, including movements in global bullion markets, changes in currency values and differences in domestic taxes and import duties. Although Dubai and Pakistan appear cheaper when their rates are converted into Indian rupees, the headline prices do not tell the whole story. Buyers also need to factor in jewellery-making costs, GST and customs rules when bringing gold into India from overseas.
READ | Gold Savings Schemes From Jewellers: Are You Really Getting One Month Of Gold For Free?
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