Gold Rate in Dubai Decoding Dubai’s Gold Market

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Gold Rate in Dubai Decoding Dubai’s Gold Market

Gold Rate in Dubai UAE Today, Dubai is famous for producing large amounts of gold - some even refer to it as "The Gold Capital." When buying it in Du

Gold Rate in Dubai UAE Today,

Dubai is famous for producing large amounts of gold – some even refer to it as “The Gold Capital.” When buying it in Dubai, you’ll often get lower prices than elsewhere; Gold Rate in Dubai fluctuate with market demand but are maintained throughout. Many people like purchasing precious metal in Dubai because it is of premium quality.

The gold rate in Dubai is quoted as UAE dirhams (AED) per gram of gold. Dubai Gold Price was last updated on Tuesday, September 12, 2023, at 08:00 PM GMT.

You can check the table below for today’s latest retail Gold rates in Dubai. The Gold price in Dubai is listed below.

Gold Rate In Dubai
TypeGold Rate (AED)
24K231.25
22K214.00
21K207.25
18K177.75

Gold Price In Dubai Calculator

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The UAE Gold Rate Market

The UAE is a significant part of the world gold market. Nearly a third of the merchandise they sell is made of gold. They source the majority through India, Switzerland, and the USA. In 2019, they sold $20 billion in gold. This was up from just $12 billion in 2018.

The Dubai government known as the (Department of Economic Development) has posted signs in the street to inform the public about the current value of gold when they purchase directly from Dubai. The signs are located at critical locations where gold is purchased and sold, including The Gold Souk. Authorities would like to ensure that all is open and clean and are determined to keep the title of Dubai”the City of Gold’.

Unveiling Dubai Gold Prices Mysteries

Dubai, known for its luxurious gold market, is an irresistibly romantic city. Understanding gold prices in Dubai is essential, whether as an experienced investor, jewelry connoisseur, or curious to see its allure up close and personal. This comprehensive guide delves into this fascinating realm: gold rates in Dubai, their significance, where and how to buy precious metals, and factors impacting these precious metal prices.

Dubai Is the City of Gold Gold has long been an intrinsic part of Dubai culture and history, as evidenced by its heart beating through the Gold Souk market – often dubbed the “City of Gold.” A visit to this enchanting maze of shops and stalls filled with treasures in the form of jewelry, coins, and bullion awaits visitors who venture here.

Gold Rate in Dubai – Dollar, Euro, Pound, Indian Rupee, and Saudi Riyal

The table below displays 1 gram gold price IN Dubai in various exchange rates (US Dollar, Euro Pound, Indian Rupee, and Saudi Riyal).

Gold TypeAEDUSDEURGBPINRSAR
24K231.2562.9658.7450.495,218.85236.15
22K214.0058.2654.3646.724,829.56218.54
21K207.2556.4252.6545.254,677.22211.64
18K177.7548.3945.1538.814,011.46181.52

Exchange Rates: An Unseen Hand

Exchange rates play a pivotal role in setting gold prices in Dubai. Since gold is widely traded internationally in U.S. dollars, any fluctuations in exchange rates could immediately affect local gold prices and should be monitored to seize advantageous buying opportunities.

CurrencyExchange RateReverse Exchange
US Dollar (USD)1 USD = 3.673 AED1 AED = 0.272 USD
Eurozone Euro (EUR)1 EUR = 3.981 AED1 AED = 0.251 EUR
British Pound (GBP)1 GBP = 4.657 AED1 AED = 0.215 GBP
Indian Rupee (INR)1 INR = 0.045 AED1 AED = 22.465 INR
Saudi Riyal (SAR)1 SAR = 0.979 AED1 AED = 1.021 SAR

Historical Retail Gold Rate in Dubai – 1 gram (AED)

Gold Rate in Dubai for retail market over the past 30 days are listed in the table below.

On Tuesday, Sep 12, 2023, one Gram of 24k gold was traded for AED 232.75. Thirty days earlier, on August 13, 2023, one Gram of gold was valued at AED 231.75.

This is a reduction of 1 AED per Gram or 0.43%.

The 10 grams 24k gold Dubai price on Sep 12, 2023, was AED 2327.5 AED Thirty days prior, the price of 10 grams of 24-gold could cost 2317.5 AED.

Date24K22K21K18K
Tuesday 12th, September 2023232.75215.50208.75178.75
Monday 11th, September 2023233.25216.00209.00179.25
Sunday 10th, September 2023232.50215.25208.25178.50
Saturday 9th, September 2023232.50215.25208.25178.50
Friday 8th, September 2023233.00215.75209.00179.00
Thursday 7th, September 2023232.50215.25208.25178.50
Wednesday 6th, September 2023233.25216.00209.00179.25
Tuesday 5th, September 2023234.75217.25210.50180.25
Monday 4th, September 2023235.50218.25211.25181.00
Sunday 3rd, September 2023235.00217.50210.75180.50
Saturday 2nd, September 2023235.00217.50210.75180.50
Friday 1st, September 2023235.00217.50210.75180.50
Thursday 31st, August 2023235.50218.25211.25181.00
Wednesday 30th, August 2023234.50217.25210.25180.25
Tuesday 29th, August 2023233.00215.75209.00179.00
Monday 28th, August 2023232.00214.75208.00178.25
Sunday 27th, August 2023232.00214.75208.00178.25
Saturday 26th, August 2023232.00214.75208.00178.25
Friday 25th, August 2023231.75214.50207.75178.00
Thursday 24th, August 2023232.75215.50208.50178.75
Wednesday 23rd, August 2023230.50213.50206.50177.00
Tuesday 22nd, August 2023229.50212.50205.75176.25
Monday 21st, August 2023229.25212.25205.50176.00
Sunday 20th, August 2023229.00212.00205.25176.00
Saturday 19th, August 2023229.00212.00205.25176.00
Friday 18th, August 2023229.25212.25205.50176.00
Thursday 17th, August 2023229.25212.25205.50176.00
Wednesday 16th, August 2023230.50213.50206.50177.00
Tuesday 15th, August 2023230.75213.75207.00177.25
Monday 14th, August 2023231.50214.50207.50178.00
Sunday 13th, August 2023231.75214.50207.75178.00

Gold Prices in Dubai Are Ever-Changeable: An Ongoing Saga

Gold rate in Dubai, like any market, fluctuate constantly. Several elements, such as global market trends, currency exchange rates, local demand, and geopolitical concerns, determine their volatile behavior. Staying abreast of current Dubai gold rates for informed decision-making is essential, and this can be achieved via financial news outlets, dedicated gold rate websites, or by inquiring at jewelry retailers or bullion dealers locally.

LBMA Gold Price – Troy Ounce – International Gold Price

The gold price that is utilized all over the world is referred to as”the “LBMA Gold Price.”

This is a measure of gold called a “troy ounce.” It is important to remember that gold is a commodity bought and sold by many people across various nations.

The benchmark price is established in London and used to determine the amount of trades globally.

This price-fixing technique is referred to in the industry as the London fixation of gold.

Electronic auction determines the cost of gold. Two auctions are held each working day. One starts at 10.30 am and the second after 3 pm (GMT). The cost of a troy, an ounce (31.1034768 grams) of pure gold (24K), is stated in US dollars.

The fixed price for the morning is known as LBMA Price AM. Price AM. The price that is set at the end of the afternoon hours is referred to by the LBMA Gold Price PM.

As of the date of the writing (May 2020), the participants in the auction are the Bank of China, Bank of Communications, Coins n Things, Goldman Sachs, HSBC, Industrial and Commercial Bank of China, INTL FC Stone, J.P. It also includes Morgan Chase, Morgan Stanley, Standard Chartered. Two banks, the Bank of Nova Scotia (also called Scotiabank) and Toronto-Dominion Bank, are included in the benchmark. The UK Financial Conduct Authority (FCA) ensures the monitoring and control of the benchmark.

The table below shows the gold prices over the last week, according to LBMA. Prices are also in AED are also included (where 1 USD is equivalent to 3.673 AED).

DateUSD (AM)USD (PM)AED (AM)AED (PM)
Monday 11th September 20231,926.601,924.957,076.547,070.48
Friday 8th September 20231,925.551,927.807,072.687,080.94
Thursday 7th September 20231,919.851,918.357,051.747,046.23
Wednesday 6th September 20231,923.451,922.057,064.977,059.82
Tuesday 5th September 20231,931.801,926.107,095.647,074.70
Monday 4th September 20231,942.051,937.207,133.297,115.47
Friday 1st September 20231,944.301,940.557,141.557,127.78
Thursday 31st August 20231,944.201,942.307,141.187,134.20

International Gold Price – LBMA Gold Price – Gram

This LBMA gold price is the cost of every troy an ounce of pure gold. In contrast, the Gold Rate in Dubai retail market costs one gram of gold.

It is crucial to remember that a troy ounce is about 31.1034768 grams.

For a base comparison, this table shows the LBMA gold prices for one gram of gold for all seven trading days during the week prior.

DateUSD (AM)USD (PM)AED (AM)AED (PM)
Monday 11th September 202361.9461.89227.52227.32
Friday 8th September 202361.9161.98227.39227.66
Thursday 7th September 202361.7261.68226.72226.54
Wednesday 6th September 202361.8461.80227.14226.98
Tuesday 5th September 202362.1161.93228.13227.46
Monday 4th September 202362.4462.28229.34228.77
Friday 1st September 202362.5162.39229.61229.16
Thursday 31st August 202362.5162.45229.59229.37

There’s often a gap between the gold prices in Dubai shops and the international LBMA prices (the value of one Gram in gold). The reason for this is a variety of reasons:

  • It is the LBMA gold rate that is an indicator.
  • Time difference. Dubai has four hours more time than London. The most recent LBMA prices for gold will be announced on the previous day when Dubai is open for business.
  • Dubai is the retail price and comes with an additional fee to cover the cost of delivery and customs duty. The margin is also included to shield sellers from price fluctuation.

Description Gold of Carats/Karats

Description of Carats/Karats

A carat or Karat (shown by the letter K) is an amount used to measure the purity of gold.

Pure gold (24K) is impure (can be tarnished) as well as soft (can stretch). It isn’t suitable to be used in use in jewelry.

Gold Price In Dubai

Gold necklaces and other items of jewellery on display in Gold Souk in Dubai

Gold is usually alloyed with other metals.

Gold can be mixed with other metals to make it stronger. This is measured in “karats” or “K.” Here are some examples:

  • 24K gold is pure.
  • 22K gold to produce 22K gold requires 22 parts of pure gold mixed with two other metals – that means that 91.7% (22 out of 24) are gold (divided by 24). 21K contains 21 parts of pure gold mixed with three other metals for an 87.5% gold content (divided by 24).
  • 18K gold contains 18 parts of pure gold and six parts of other metals; therefore, 75% is composed of gold (18/24). 14K contains 14 parts of pure gold, with ten other metals making up 58.13% (14 divided by 24).
  • 9K gold contains nine parts of pure gold and 15 parts of other metals; thus, it comprises 37.5% gold (9/24 = 37.5%).

Indian and other Asian buyers favor purchasing 22K gold jewelry in Dubai, while European visitors and younger buyers generally prefer 18K pieces.

Many European nations use the concept of “millennial finance’ to assess cleanliness. It is the amount of gold-containing parts in 1,000 parts of Egypt. Thus, for instance, the 18K alloy has 75 percent gold. Its financial value is 750 million. Millesimal numbers for finance are used to create hallmark stamps.

Dubai Gold Souk

Dubai Gold Souk

Unlocking the Secrets of Gold Purity

Understanding gold purity cannot be understated. In Dubai, gold purity is traditionally measured in karats, with 24K being the pinnacle. 22K and 18K varieties are also popular and contain less pure gold content, thus commanding lower prices; buyers and investors must familiarize themselves with these distinctions for informed decisions.

Gold Rate in dubai gold souk

Jewellery Shops In Gold Souk Dubai

Gold Jewellery Prices

The price of gold jewelry purchased in Dubai includes the following:

Gold Rate in Dubai The price of the gold used in the product (weight of the gold g multiplied by Dubai price of gold at retail).

Charging – The amount charged to pay for the costs of manufacturing the product and also to earn a profit

Manufacturing charge margins aren’t as high in comparison to other regions across the globe. Retailers pay less than other places.

On January 20, 2020, Dubai Police announced no thefts at jewelry stores during the preceding year. This means that jewelers in the city can enjoy less cost of insurance.

Value Tax (VAT) was implemented in Dubai and the UAE in January 2018. Five percent is the lowest rate anywhere in the world.

Visitors can get as much as 85% VAT by utilizing the Tax Refunds for Tourists program, which entails using kiosks at departure points like Dubai International Airport.

Gold And Dimond Park

Dubai Gold And Dimond Park

The competitive manufacturing costs, such as lower VAT rates and an incentive to refund, make shopping for jewelry in Dubai very affordable compared to other countries.

However, it is crucial to be aware that when it comes time to return home, your country could be required to pay import or duty on gold and jewelry. The regulations and prices vary per country and are not detailed here.

Gold Buying in Dubai: An Easy Process

Purchasing Gold in Dubai can be completed quickly and effortlessly. Individuals can acquire gold through authorized dealers, reputable jewelry stores, automated vending machines dispensing gold bars or coins, and vending machines that dispense the metal themselves. It is wise to source purchases from reliable sources with established reputations for authenticity and quality purposes.

Deciphering Gold Jewelry Prices

Gold jewelry prices in Dubai depend on several variables, including its weight, purity, and complexity of craftsmanship. Design aesthetics also plays a significant role in price; savvy shoppers should compare prices between stores to discover exceptional value when searching for their ideal piece of jewelry.

Bullion Market Unravels in Enigmatic Fashion

Dubai provides an active bullion market for those interested in gold as an investment, comprising bars and coins purchased for investment purposes rather than for decorative use. The Dubai Multi Commodities Centre (DMCC) serves as the hub of this trade, housing accredited dealers, refineries, and derivatives markets and providing investors with various investment strategies, from physical purchases to derivatives trading strategies.

The Gold Souk: A Shopper’s Paradise

The Gold Souk’s labyrinthine lanes and vibrant stalls make it a mecca for jewelry enthusiasts. It offers something for every taste and preference – from traditional designs to contemporary minimalist styles, with price points to accommodate every visitor’s budget. Visitors can immerse themselves in its lively atmosphere while admiring expert craftsmanship while haggling for better prices with veteran traders.

Dubai’s Gold Souk: Turn Your Dreams Into Reality

Dubai’s Deira district’s Gold Souk has long been an attraction for gold enthusiasts from all over the globe looking to fulfill their dreams of owning exquisite jewelry. Stroll through its winding alleys, and you will be charmed by designs ranging from Middle Eastern traditionalism to minimalist styles that cater to global customers.

Jewelry enthusiasts will find Dubai’s Gold Souk an invaluable experience; it provides an insight into its rich history and cultural significance. Artisans take great pride in crafting pieces here, while jewelry stores often provide custom services so that each piece tells its unique tale.

Gold Buying in Dubai Is an Uncomplicated Experience

Buy Gold in Dubai: Dubai has made purchasing gold accessible and cost-effective for residents and tourists, providing multiple avenues for purchasing precious metals such as necklaces and engagement rings or investing for future needs.

Authorized Dealers: To ensure authenticity in your gold purchase, it’s wise to only buy from authorized dealers approved by the Dubai government. Such dealers adhere to stringent quality standards that offer peace of mind while investing.

Reputable Jewelry Stores in Dubai: Dubai boasts some of the world’s most esteemed jewelry brands or jewellery group, providing designs to fit a range of tastes and preferences. Customers visiting these acclaimed stores can be confident they’ll experience impeccable craftsmanship and customer service.

Dubai Features Gold Vending Machines: To increase convenience for its residents. These convenient machines dispense bars and coins 24/7 for quick, secure purchases at any hour of day or night.

Dubai Gold and Commodities Exchange (DGCX): Investors searching for gold derivatives can utilize DGCX’s futures and options contracts on precious metals to trade without physically possessing them, making trading easy without incurring physical possession expenses.

Decoder Gold Jewelry Prices.

Gold jewelry prices in Dubai may depend upon various factors.

Gold Purity: The purity of gold can have a dramatic impact on its price; higher-karat varieties, such as 24-karat, are generally more costly due to their superior purity.

Weight: The weight of gold used in jewelry pieces can play an integral part in their price; heavier pieces tend to command a premium.

Craftsmanship: Expensive jewelry often features intricate designs, gemstone embellishments, and complex settings that significantly increase costs.

Demand in the Market: Prices may also be affected by market dynamics and trends; specific designs or styles may become increasingly sought after, impacting their prices.

Jewelry Store Making Charges: Jewelry stores may levy a “making charge” to cover the labor and skill involved in crafting each piece; this fee may differ between jewelers.

By understanding these pricing factors, you can make educated decisions and strike an optimal balance between your budget and desired pieces of gold jewelry.

Factors Exerting Their Influence

Let’s delve deeper into the factors affecting gold price in Dubai:

Global Market Trends: International events such as economic crises, geopolitical tensions, and changes to central bank policies may cause fluctuations in gold demand and gold rate in Dubai to fluctuate significantly during times of uncertainty. Gold may serve as an economic safety net during uncertain times, and its price may skyrocket accordingly.

Currency Exchange Rates: Since gold is traded globally using United States dollars, variations in currency exchange rates can immediately impact its local price in Dubai. A stronger dollar may reduce gold prices, while weaker ones can push them higher.

Local Events And Cultural Celebrations Drive Dubai’s Gold Market: Events such as weddings, festivals, and special occasions that drive up demand for gold jewelry such as weddings can cause temporary price spikes that significantly impact Dubai’s gold market.

Global Economic Stability: Unstable economic environments such as inflation or low interest rates could prompt investors to turn towards gold investments as insurance against further economic downturns, potentially driving prices higher globally – leading to Dubai prices increasing accordingly.

Final Words: Dubai’s Golden Legacy

Dubai is the epitome of its timeless allure regarding gold prices and investments. From aesthetic considerations to investment potential, a clear understanding of gold prices in Dubai is vital.

With its captivating blend of tradition and modernity, Dubai presents endless opportunities for exploration within the realm of gold. The Gold Souk and DMCC bullion markets testify to Dubai’s longstanding devotion to this precious metal; both represent its legacy. No other city can compare with Dubai when it comes to trading precious metals – making this city unquestionably the center of all gold-related trading activity!

Dubai is an incredible tribute to gold with a blend of history, culture, and commerce, raising its status to unparalleled levels. When it comes to precious metals like gold or platinum, no place shines more brightly than this vibrant city!

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