Gold is cheaper in India compared to the UAE, Qatar, Oman, and Singapore–reason

Gold Prices in India Cheaper Than UAE, Qatar, Oman, and Singapore

According to a report by Business Insider, gold prices in India are very attractive compared to major markets like Oman, Qatar, Singapore and UAE. The divergence comes as geopolitical tensions in the Middle East push up prices in the region.

Demand for gold, considered a safe haven in uncertain times, has risen as a result of the conflict. Indian markets are now the cheapest option for gold buyers, as prices in the Middle East have risen due to this demand surge.

Following global trends, India saw its biggest weekly fall in gold prices in three years. U.S. Spot gold fell 4.5% to $2,563.25 a troy ounce, the lowest in two months.

24K gold prices in India are currently down 4.12% for the week at Rs 7,582.3 per gram.. The cost of the 22K variety is Rs 6,952.3 per gram.

In comparison, 10 grams of 24K gold is priced at Rs 76,204 in UAE, Rs 76,805 in Singapore, Rs 76,293 in Qatar and Rs 75,763 in Oman. These prices are significantly higher than Indian prices even though global markets have slumped.

Gold prices in India are falling, making it an attractive destination for buyers looking to save amid rising costs globally, experts said.