Hyderabad, March 8 -- As of March 8, the prices of gold differed considerably among various markets. In Dubai, gold was quoted at around Dh 3510 per 10 gram, and that is approximately 83,251.51. This was significantly lower compared to Hyderabad where the price for the same weight was almost Rs 87,710. Put differently, Dubai gold is almost 5.4 percent cheaper than in Hyderabad.

On the other hand, the global market, especially in New York, had gold being traded at a higher rate. With gold costing almost 2,917.6 per ounce, the price for 10 grams would be around USD 1033 or almost Rs 90,025 higher than Dubai and Hyderabad prices.

Tariff value, import duty

While importing gold to India, customs duty is determined on a tariff value defined ...