Dubai has been regarded as the "city of gold"; thus, the price of Gold has remained a focal point for investors, consumers, and traders in Dubai. The particular concentration on gold prices in Dubai is not only because of the historic Gold Souk existence but also because the favorable conditions like tax regulations make it a prime destination for gold buyers and investors.
Dubai is a significant actor in the global gold market because of its competitive gold prices across the world and gateway position between the East and the West.
As of August 2024, Dubai's gold market is undergoing a blend of volatility and stability. As Gold is a globally traded commodity, various factors such as international gold prices, strength, and local demand deeply influence gold prices.
In Dubai, gold is sold on the basis of purity and weight, whereas 22K and 24K forms are the most common in trade. Moreover, gold buyers are specifically driven towards particular metrics, such as the price of Gold per tola and gram. The "tola" metric is a traditional South Asian measurement unit equivalent to 11.6638 grams or 180 grains.
Let's delve into the post to precisely acknowledge the gold prices as of August 2024, including the latest data for tola 24 and 22-carat Gold and per-gram prices. The information is specifically tailored for consumers and investors alike.
Understanding Gold Purity and Measurements in Dubai
Before exploring the current prices, it is essential to comprehend the various purity levels and measurement units of Gold commonly used in Dubai.
1. Karat (K) Purity Levels
- 14k Gold: It contains 58.3% gold, comprising ten parts of additional metals and 14 parts of pure Gold.
- 18k Gold: This form contains 75% gold, six parts of metals, and 18 parts of pure Gold.
- 21k Gold: It contains 87.5% gold, three parts of metals, and 21 parts of pure Gold.
- 22k Gold: It contains 91.67% gold and is used in jewelry. The remaining percent is combined with other metals like copper and silver for durability.
- 24k Gold: This form of Gold is the purest, comprising 99.99% gold. It is non-durable and soft, and it is used for investment purposes like coins and bars.
2. Ounce, Gram, and Tola
- Ounce: This is one of the most commonly used units for Gold, particularly in international markets. One ounce is equal to 28.35 grams.
- Gram: Gram is a standard metric unit for gold prices in Dubai. Gold in Dubai is priced per gram based on its purity.
- Tola: The tola is a traditional mass unit used in South Asia and a common transaction unit for Gold in Dubai. One tola is equivalent to 11.66 grams.
22K Gold Price Per Gram in Dubai (AED) Today
| Grams | Today | Yesterday | Change |
|---|---|---|---|
| 1 gram | AED 279.75 | AED 280.25 | -0.50 |
| 8 gram | AED 2,238 | AED 2,240 | -4 |
| 10 gram | AED 2,797.50 | AED 2,802.50 | -5 |
| 100 gram | AED 27.975 | AED 28,025 | -50 |
24K Gold Price Per Gram in Dubai (AED) Today
| Grams | Today | Yesterday | Change |
|---|---|---|---|
| 1 gram | AED 302.25 | AED 302.75 | -0.50 |
| 8 gram | AED 2,418 | AED 2,422 | -4 |
| 10 gram | AED 3,022.50 | AED 3,027.50 | -5 |
| 100 gram | AED 30,225 | AED 30,275 | -50 |
Gold in grams is a preferable choice for those looking to purchase smaller amounts of gold or for investment purposes.
Gold in grams holds a valuable metric position in Dubai, and the prices mentioned above indicate that Dubai gold prices in grams have remained stable.
This stimulated a calmer period for small investors. However, the prices between 22K and 24K Gold differ because of the higher purity rates in the latter form.
1 Tola Gold Prices in Dubai (AED) Today
| Tola | Today | High | Low | Change |
|---|---|---|---|---|
| 24K | AED 3,434.37 | AED 3,451.96 | AED 3,424.22 | -33.14 |
| 22K | AED 3,152.75 | AED 3,168.90 | AED 3,143.43 | -30.43 |
| 18K | AED 2,575.78 | AED 2,588.97 | AED 2,568.16 | -24.86 |
| 14K | AED 2,009.11 | AED 2,019.40 | AED 2,003.17 | -19.39 |
Prices fluctuate daily, driven by changes in local demand and global gold markets. 22K Gold is highly sought-after in Dubai because of its bright yellow color and durability, making it a preferable choice for jewelry.
Gold Rate in Dubai for the Last 10 Days (Per gram/ Dirham)
To understand how 22K and 24K gold prices have shifted in the last ten days, here's a brief look at the price trends:
| Date | 22K/AED | 24K/AED |
|---|---|---|
| Sep 3, 2024 | AED 279.75 | AED 302.25 |
| Sep 2, 2024 | AED 280.25 | AED 302.75 |
| Sep 1, 2024 | AED 280.75 | AED 303.25 |
| Aug 31, 2024 | AED 280.75 | AED 303.25 |
| Aug 30, 2024 | AED 281.75 | AED 305.75 |
| Aug 29, 2024 | AED 282 | AED 304.50 |
| Aug 28, 2024 | AED 280 | AED 303.50 |
| Aug 27, 2024 | AED 281.75 | AED 304.25 |
| Aug 26, 2024 | AED 282 | AED 304.50 |
| Aug 25, 2024 | AED 281.75 | AED 304.25 |
The prices have been increasing steadily over the past few days, indicating a change in global gold trends, specifically in response to fluctuations in the value of the US Dollar and inflation concerns.
Furthermore, Global market conditions have highly influenced the prices of 24K Gold in Dubai. The increase is specifically driven by the price of Gold on the London Bullion Market, international demand, and currency fluctuations.
Over the previous few months, global inflation has steered, whereas geopolitical tensions coupled with the steady rise in 24K gold prices.
Best Places to Buy Gold in Dubai
Dubai's gold souks and traditional markets are established enough to produce unique Gold and other jewelry products. The city of Gold has unlimited gold shops, each selling exceptional designs and jewelry pieces.
- Deira Gold Souk: Deira Gold Souk is ranked top among Dubai's unlimited list of Gold places because of its exclusive variety, premium offerings, and world-class gold shops and stalls.
- Dubai Gold & Diamonds Park: In addition to the traditional Gold Souk, Dubai Gold & Diamonds Park is another top-notch option for purchasing one-of-a-kind gold jewelry.
- Shopping Malls: Dubai Duty-Free and various shopping malls, such as The Dubai Mall, are also considerable choices when purchasing gold jewelry. These areas are known to cater to different budgets and tastes.
Besides the above-mentioned areas, you can also find unlimited options for purchasing gold in Dubai. Certainly! The city of gold will not disappoint you when it comes to jewelry purchasing due to its well-reputable market and best gold rates.
Many expats, specifically Indians, buy Gold from Dubai. However, knowing the amount of gold allowable from Dubai to India is critical without imposing duties.
Dubai Jewelry Group (DJG)
Dubai Jewelry Group was established in 1996 under the supervision of the Dubai Department of Economic Development. The Emirate's largest body, Dubai Jewelry Group, regulates the gold and jewelry sectors across the city, including diamonds, Gold, and bullion.
The Dubai Jewelry Group has certified the manufacturing, retail, and wholesale of precious metals, jewelry pieces, pearls, and diamonds.
Dubai Jewelry Group is a solution provider for industry issues and an intermediary between trade and related government authorities.
The group also leads various programs for members' benefit and represents the traders' interests before the government organizations.
Factors Influencing Gold Prices in Dubai
Like any other market, gold prices in Dubai also experience a mix of challenges from international and local factors. Navigating these factors can help investors make an informed decision when purchasing Gold.
1. Global Gold Prices
Dubai gold prices are largely dominated by international gold prices, which differ from supply and demand in global markets. The London Bullion Market Association (LBMA) sets the benchmark for gold prices twice a day, creating a reference point for gold rates in Dubai.
2. Local Demand
Both international and local demand influence Dubai gold market. The demand for gold pieces in Dubai increases with high tourist inflow, specifically from countries like China and India. The increased demand pushes the price higher, whereas, during lower demand times, the prices either remain stabilized or are slightly lower.
3.Currency Exchange Rates
The UAE's Dirham (AED) value is pegged to the US Dollar, which is another influencing factor for gold prices in Dubai. Any fluctuation in the value of the US dollar will directly affect UAE gold prices. Therefore, gold prices fall with the strengthening of the US Dollar and vice versa.
4. Political and Economic Stability
Gold is typically seen as a safe-haven asset, implying that its prices heighten due to political or economic instability. In 2024, global economic concerns, such as rising interest rates, inflation hikes, and geopolitical tensions, significantly contributed to the increase in gold prices worldwide, including Dubai.
Why is Dubai Seen as a Gold Investment Hub?
Dubai has achieved and sustained the status of "City of Gold" and "Jewelry Destination of the World" due to the reinforcement of various factors.
Expats, tourists, and investors prefer Dubai for gold purchasing and investing, making it a gold trading hub. Let's see what has made Dubai a gold investment hub;
1. No Taxes on Gold
The tax-free policy is one of the elementary reasons for Dubai's status as a gold investment hub. The authorities have exempted gold transactions from VAT, attracting investors and purchasers from around the globe.
This policy is unlike many countries and, therefore, serves a unique point, setting stabilized and affordable rates for investors and consumers.
Note: Remember, only the purest forms of Gold and other precious metals are exempt from VAT.
2. Extensive Variety of Gold Products
Consumers and investors can find an array of gold products, whether bullion, coins, or jewelry. The Gold Souk in Dubai is famous for its wide and exceptional collection of gold pieces, which are generally accessible at competitive prices.
3. Transparent and Reliable Pricing
Dubai gold market is acknowledged for its transparency. Moreover, Dubai Jewelry Group guarantees regular updates on gold prices in Dubai, which align with the real-time international gold rate.
The reliability of the Dubai gold market ensures fair deals to buyers, enticing millions to the city for gold purchases and investments.
Tips to Discover the Purity of Gold
- Search for Hallmarks or Stamps: Gold products or jewelry are usually stamped with the relevant hallmark. Before finalizing the deal, look at whether the Gold has a stamp of 18K or 22K. Gold with a stamp of 10k or less is generally fake.
- Use the Dipping Method: Take a water glass and dip the gold piece. If the Gold is pure, it will contain high density and sink to the bottom of the glass.
- Search for Abbreviations: Before purchasing the Gold, look for abbreviations such as HGP, GF, and GP. These abbreviations indicate whether the piece is Heavy Gold Plated, Gold Filled, or Gold Plated.
- Use Magnet: You can also check the purity of Gold by placing the magnet near the piece. Remember that a magnet can never attract a pure gold piece.
- Seek Assistance from Professional Jewelers: You can also visit reputable gold shops and jewelers present around the city. The dealers have a specific machine to verify the pureness of Gold.
Closing In
Gold rates in Dubai in September 2024 represent a combination of global market trends, local demands, and currency fluctuations. Understanding the nuances of the gold market is crucial for those interested in purchasing Gold.
The significance of gold metric units like grams and tola and the difference between various forms of Gold, such as 24K, 22K, and 21K, is a critical point in understanding the gold market to make an informed decision.
With 1 gram of 22K gold priced at AED 280, 1 gram of 24K Gold at AED 302, and 1 tola of 22K Gold at 3,165.14 AED, Dubai continues to offer competitive gold prices to buyers.
Dubai sustains the rank of the best place in the world to buy Gold, both for first-time buyers and seasoned investors. The rank is driven by its tax benefits, favorable pricing, and extensive range of gold items. Stay confident about your budget, preference, and market conditions when purchasing Gold in Dubai.
For those seeking alternative cities for gold purchases in the UAE, Sharjah and Abu Dhabi are the next top destinations where you can find high-quality Gold crafted in a range of Carats. Here we end our current gold rate in Dubai guide and wish you a content gold shopping experience in Dubai!
Explore More About Dubai
- Golden Visa in UAE: Requirements, Process and Benefits
- Investment Opportunities in Dubai
- Moving to Dubai From UK: A Comprehensive Guide
- Most Expensive Areas in Dubai to Buy a Property
- Freelance Visa Dubai: Benefits, Requirements and Costs
- MoHRE Labour Contract: A Comprehensive Guide
- A Guide to Dubai Public Transport
- Dubai Metro Blue Line : Routes, Stations, and Timings
- Dubai Driving License: Everything You Need to Know
