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 prices of gold in the region. Gold and silver are considered safe haven investments and option of choice in uncertainties.
The Israel driven conflict in the region has thus pushed demand for the asset driving up prices in markets.
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.
