Dubai, the most popular place to visit once in a lifetime. Two things are quite famous in Dubai-Skyscrapers and Gold. No one would like to return back without visiting gold markets in Dubai. Apart from being known as the popular tourist destinations, it is even known for its gold trade. The best place to start with to know more about International gold price is with the Dubai retail gold rate. So, are you interested to find out what is the gold rate in Dubai today and in other international markets? If you are trying to invest money into gold, then the retail gold rate in Dubai is quite incredible. While trying to look for international gold price, let me clear the fact that the gold rate fluctuates regularly and it is the demand and supply of goods in the market that acts as a major factor to determine the gold price in Dubai and other international markets.
Dubai that is known as ‘City of Gold’ and is even a perfect place for gold trade. The gold rate in Dubai is mentioned in United Arab Emirates Dirham (AED). It is Department of Economic development that is responsible to sign outdoors about the live retail gold rate for the retail companies. Authorities in Dubai are committed to providing transparency about the gold trading thus ensuring to retain the name “City Of Gold”. In the UAE market, the 24 Karat gold price in Dubai is 149 AED for one gram of gold, and the 22 Karat Gold costs around 140 AED per gram. The gold rate in Dubai today is also applicable to other UAE markets. The price of gold completely depends on the purity of gold as well as the market in which it is trading in and out. Gold is normally sold in the form of Jewelry, bars, and bullion. The gold price in Dubai is set on a daily basis and is prominently displayed across gold souk that is well known for its transparency in the trading process. It is always advisable to compare the pure gold price per gram in different stores to get the best Dubai deal possible.
Before moving ahead into the details of the international gold price and LBMA gold price, let us understand about the unit in which the purity of the yellow metal is determined. We all have heard the term carats while buying gold. Also known as Karat, the gold price depends upon the karat value of the gold. The most commonly used Karat in Dubai is 24 carat, 21 carats, 22 Carat, and 18 Carat.
– 24 Karat gold is the purest form of gold.
– 22 Karat gold comprises of 22 parts of gold along with 2 parts of alloy.
– 21 Karat gold comprises of 21 parts of gold along with 3 parts of alloy.
– 18 Karat gold comprises of 18 parts of gold along with 6 parts of alloy.
The original gold price is specified in dollars and it is through currency conversion that we get to know about the price in other international markets. Below is the table that displays the gold price in different currencies including Dirham, Dollar, Euros, pounds and Indian rupee. Before getting into the exact detail first let us understand the currency and its exchange rates in the market today.
US Dollars – 1 US Dollar (USD) = AED 3.673/1 AED = 0.272 US Dollars
Eurozone Euros – 1 Euro (EUR) = AED 4.17/1 AED = 0.24 Euros
British Pounds – 1 British Pound (GBP) = AED 4.68/1 AED = 0.21 British Pounds
Indian Rupees – 1 Indian Rupee (INR) = AED 0.050/1 AED = 20.03 Indian Rupees
London is the home place to set international prices for all those precious metals like gold, silver, platinum, and Palladium. The London bullion market is the over the counter market to trade gold and silver. It is the IBA(ICE Benchmark association) that act as an auction platform. The LBMA gold price is set twice per day (at 10:30 and 15:00 London BST) for a troy ounce of 24K pure gold. All the member of LBMA participates in this auction to set the gold price. The final auction price is displayed as an LBMA gold price AM, LBMA Gold Price PM and LBMA silver price respectively. Since the price information is in US Dollars, it is further converted into multiple currencies such as Australian Dollars, British Pounds, Canadian Dollars, Euros, Onshore and Offshore Yuan, Indian Rupees, Japanese Yen, Malaysian Ringgit, Russian Rubles, Singapore Dollars, South African Rand, Swiss Francs, New Taiwan Dollars, Thai Baht and Turkish Lira. Almost all the central banks, jewelers, consumers, producers and other gold market participants around the globe make use of these benchmarks as the reference price. Below is the table that shows the LBMA gold price for the last seven trading days for a troy ounce of 24 Karat gold.
While the LBMA gold price is specified for a troy ounce of gold, the Dubai retail gold rate is quoted per gram. Hence, to make it easier for you to compare the prices, here we have included the table that specifies the LBMA gold price per gram for the last seven trading days.
Now that you got to know the basics of the gold price, obviously you might show interest in finding the details of gold jewelry and price in Dubai. The price of gold jewelry comprises of gold cost used in the item and the making charge. This additional cost is added to cover the cost incurred while producing the jewelry. While purchasing gold in Dubai you may find some difference in the gold jewelry cost. This is possible only through the adjustment in making charge of gold. So, you can always negotiate this making charge price. When compared to other international markets, the gold jewelry price in Dubai is much cheaper. One of the main reasons for a lesser price is the labor charge is quite low in the Dubai market. Moreover, there is no sales tax or VAT in Dubai, which leads to cost saving while purchasing pure gold jewelry in Dubai. However, when you are taking the gold to another country, you should obviously pay the customer and import duties charges on the Dubai gold jewelry. These rates vary from country to country.
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