Dubai Gold Rates
Do you want to know what’s the Going Gold Rate in Dubai in Dollars, Euros, Pounds, Yen, and Rupee? Interested in finding out how much your gold investment is worth? Or maybe you’re considering putting some more money into gold, and you want to know whether it’s worth your time and money or not. The rates of retail gold in Dubai today are growing at an incredibly impressive rate. For instance, as of the 7th of August 2018, the rates were:
- 18k: 121.25 AED
- 21k: 141.50 AED
- 22k: 148.25 AED
- 24k: 157.75 AED
- Ounce: 4,448 AED
The Department of Economic Development for the Government of Dubai has signs outdoors that display the live gold rate for retail companies. This is because the authorities in the country are committed to promoting as much transparency as possible in trading so that space can retain its status as the ultimate “City of Gold”. In this article, we’re going to explain a few key points about gold selling and trading in Dubai as well as their latest rates.
Before we get started, you should know that:
- 24k gold is pure gold
- 22k gold is 22 parts gold with 2 parts alloy
- 21k gold is 21 parts gold with 3 parts alloy
- 18k gold is 18 parts gold and 6 parts alloy
Gold Rate In Dubai in Comparison to the Emirate Dirham, Dollar, Euro, Yen, Pound and Indian Rupee
We provide you with the current gold rate in Dubai for 24, 22, 21, 18 and 14K in 6 major currencies: AED, USD, EUR, CNY, GBP, INR gathered from the world most accurate gold exchanges.
|Type of Gold||AED||USD||EUR||GBP||CNY||INR|
Explaining The Calculation Of Current Gold Rates
So, you know how much gold is worth in Dubai right now, but how about in some of the other locations around the world? Let’s take a look:
24k gold is worth:
- 95 USD
- 87 EUR
- 31 GBP
22k gold is worth
- 36 USD
- 65 EUR
- 36 GBP
21k gold is worth:
- 52 USD
- 07 EUR
- 98 GBP
18k gold is worth
- 01 USD
- 34 EUR
- 83 GBP
To calculate the match to the Dubai gold price in any currency relevant to you, you can find the exchange rates currently used on this website.
— Khaleej Times (@khaleejtimes) July 10, 2018
Understanding The Movement International and Dubai Gold Rates
When it comes to assessing and understanding the online price of gold by different suppliers, it’s important to remember that this precious metal is a commonly traded substance with an internationally set price. There’s a benchmark price set in London, and that price is used as a guide to help direct the trading decisions made around the world.
The price for gold established in London is set by a group known as the London Bullion Market Association, or LMBA. These people participate in a selection of carefully-chosen electronic auctions to establish the correct price for gold. Every business day, two auctions are held, with one at the morning at 10:30 am, and the other in the afternoon at 3 pm GMT. The price is quoted in dollars (US) for the total of a troy ounce of pure gold.
Once the price of pure gold has been established, the LMBA can come up with corresponding prices for different types of gold with lower purity.
International Gold Pricing
As mentioned above, the LMBA gold price refers to the worth or value of gold for a troy ounce of pure gold. On the other hand, the Dubai retail rate given for gold at this time is for a single gram of gold. There are approximately 31 grams in a troy ounce. Or, to give a more precise number, 31.1034768 grams.
The Dubai retail rate and the gold price given by the LMBA often differ. This is because the numbers provided by the LMBA are only intended as a benchmark, and the Dubai trading block is also ahead of the London community too. When Dubai opens for business, the gold price will be a day behind from LMBA. The Dubai rate is also quoted at retail rates, which means that a small premium must be included to cover charges for customs and delivery charges. There’s also a margin in the price that protects sellers from fluctuations in price.
Watch this video to get a better understanding about how international gold pricing works:
Prices for Gold Jewelry in Dubai and UAE
Now that you know the basics of gold prices for bullion and retail gold, you might be interested in hearing more about the prices of gold jewelry. The price of an item of jewelry purchased in Dubai will be made up of both the gold price – which is the cost of the gold used in the item and the making charge. A making charge is an additional cost added by the retailer to cover the costs associated with producing the item of jewelry. This charge ensures that the designer of the jewelry makes a profit on their time.
In many of the stores and outlets that sell gold jewelry around Dubai, it’s possible to haggle over the price of a piece. However, it’s worth noting that the seller can only adjust the making charge of the price. No retailer will sell a piece of gold for less than it’s current worth according to the Dubai gold retail price. Of course, if you’re willing to pay for an item in cash, then some creators may drop their prices slightly.
Despite the high quality of gold available in Dubai and UAE, the making charge margins in this country can be quite low compared to some of the other regions in the world. There’s no sales tax or VAT to pay in Dubai or UAE, which can lead to quite a saving. In fact, you could get gold jewelry for much cheaper in Dubai than you would be able to get it anywhere else.
However, it’s also worth noting that the customers and import duties leveraged on Dubai gold jewelry might be payable when you return back to your home country. The rates and rules vary according to your country. The same rules are applied for gold purchases made in UAE
- 1 Dubai Gold Rates
- 1.1 Gold Rate In Dubai in Comparison to the Emirate Dirham, Dollar, Euro, Yen, Pound and Indian Rupee
- 1.2 Explaining The Calculation Of Current Gold Rates