Gold Price Today - United Arab Emirates
24 Carat, 22 Carat & 18 Carat Gold Rate in UAE Per Gram(AED)
Gold Price Calculator - United Arab Emirates
Gold Rate in Dubai, UAE
Dubai is always known for gold production. After the famous malls and buildings, the most visited tourist spot in Dubai is the Gold markets which are known as gold souks. Being the city of gold, this yellow metal is available for a lesser price compared to other regions. And the way gold is sold in UAE is also different in comparison to other countries. In Dubai, gold is sold as gold price and making charges. Like other countries, the making charges are not calculated on a percentage basis, but a flat rate is set on the making charges.
Gold price in Dubai
Everyone is aware that the gold rate is very volatile. The price of gold tends to change on a daily basis. There are several factors that can make the gold price drop or rise. For the past 6 months, the gold was volatile like any other year. The highest recorded in October was AED 1789 and the lowest so far is AED 1419. In addition to this, a 5% VAT will be added to the gold jewelry purchased.
The price of gold is not the same everywhere. There are several things that add up to the price with respect to the region. In the case of India, which is one of the world’s largest consumer of Gold, the final gold rate includes gold price which is calculated in grams, VAT, making charges(In the case of jewelry). Most of the countries follow the same pattern i.e. gold price + taxes + additional charges.
What influences the gold price?
This is well-known that gold price is not constant, it is volatile. Gold price keeps on changing on a daily basis. It may increase or decrease. This raises the question of, What influences the gold price?
Supply and demand
The value of any commodity is determined by the demand and supply. If there is a good demand for a particular commodity, the prices rise and if there is less demand the prices drop. The same applies to gold as well. When there is a good demand for gold in the market the price skyrocket. The central bank of nations also has its share in this. According to the World Gold Council, the central bank is buying gold and reserving it. This includes the paper currency reserve as well. So accumulating gold and paper currency will make the gold rate increase.
Value of US dollar
Gold is sought after investment in addition to jewelry. When there is an increase in the dollar price, investors tend to invest in it rather than gold which will affect the gold price obliquely. This shows that the gold price and dollar are related. If the dollar price reduces, investors will invest in the gold funds or coins making the prices rise even more.
How is the gold price determined?
Previously the gold price was set by the “London Gold Market Fixing Company”, later the ICE Benchmark Association(IBA) took over the work and replaced the traditional procedure with electronic auction system “London Bullion Market Association(LBMA)”. The ICE is made up of a committee which has internal and external members.
Every day the LMBA updates the gold price twice. Once 10:30 AM and then 3 PM(UK timings). The price will be fixed after several rounds of auctions done. The pricing process is done in USD which is a standard currency for investors, central banks, gold producers, consumers to perform transactions.
Demand for gold in India
The largest consumer of gold in the world is India after China. Gold is always seen as a statement of wealth for Indians. More than as an investment option, the demand for gold is high as ornaments in India. There is always a positive demand for gold in India. It is considered as an auspicious metal and a fundamental thing in most of the rituals.
Gold is a versatile metal. Usually, gold is measured in karat. There are 24 parts in it. Pure gold is made of 24 carats. There are different carats available as well which is a mixture of gold and other metals like copper, silver, nickel, zinc. The metals increase their durability. Physical Gold is available as coins, jewelry, bars.
Different karats of gold available in the market are,
24K - Pure Gold i.e. the gold percentage available would be 99.9%. This is the most expensive than other variants. This is the one most preferred in Asia especially India.
22K - 22K has 91.70% of gold in it. This is not as expensive as 24K. This is the most preferred variant in India.
18K - 75% of gold is present in 18K. This is a little less expensive than 22K. This has a good demand in Europe, Asia, and South America regions.
14K - 58.30% of gold is the 14K variant. The value of this type is average and good demand in the US.
10K - This has only 41.70% of gold in it. This value is less compared to any other variant. It has a demand in the UK.
Tips while purchasing gold in Dubai, UAE
Dubai is the land of Gold. The gold markets in Dubai are one of the most visited tourist spots. Here are some tips you can follow if you are planning to purchase gold in this region,
- Keep yourself updated with the market price. As said earlier, the gold price keeps fluctuating so before making the purchase just check the gold rate today in Dubai
- There are different types of gold available. Have a good knowledge of the Karats before purchasing
- Bargaining is not wrong. Ask for a reasonable price
- Check at different shops and purchase at the one which can give you the best deal
Gold as an investment option
Gold is considered as a gold investment option. The investment in this metal is done in different ways like investing in a business or in the product purchase. Most of them think investment in gold involves only purchasing the physical product but there are other ways as well which can be considered.
- Gold stocks: Can invest in a gold mining company i.e. can purchase stocks from the company
- Gold bars and coins: Can purchase gold bars or coins from a reliable source and sell it when the market is high
- Gold jewelry: Can purchase gold accessories and follow the same method as any other investment i.e sell at its peaks.
How much gold you can carry from Dubai to India?
Most of the Indian tourists who visit Dubai purchase gold on return to their home country. But there are some rules on how much gold you can carry with you,
- An Indian male citizen can carry up to 20gms i.e. Rs.50,000/- worth gold from Dubai to India as duty-free
- An Indian female citizen can carry up to 40gms i.e. Rs.100,000/- worth gold from Dubai to India as duty-free
- In the case of gold bars, can carry 1kg of gold bars without customs duties
- The gold bars must have a serial number, name of the manufacturer and weight inscribed
This is applicable to other foreign countries as well. Beyond the mentioned limit there will be customs charges added. The person must have also stayed abroad for more than 30 days.
Frequently Asked Questions
Q. Which is the best gold variant 22K or 24K?
A. Gold variants differ with the percentage of gold added to it. So it depends on the buyer’s requirement to prefer 22K or 24K. The amount of gold is higher in 24K than 22K.
Q. How can we find whether it is real gold?
A. If you are purchasing gold in Dubai ensure you check for the hallmark by the Government of Dubai i.e. Dubai Central Laboratories Department (DCLD) and Bareeq Certification is available.
Q. What is 916 gold?
A. 916 gold is also known as 22K gold. It says 91.6% of gold is present in the ornament or product.
Q. What is the gold price today?
A. The gold price today in Dubai is 1759 AED for 24 Karats.
Q. How much gold can we bring to India from Dubai?
A. A male passenger can get up to 20gms whereas a female passenger can get up to 40gms.
Q. Can tourists in Dubai buy gold over there?
A. Yes. Tourists can purchase gold in Dubai but have to make sure they are not crossing the purchase limit.
Q. What will be the best time to buy gold in Dubai?
A. Gold prices are volatile. The buyer needs to check the price history and make a purchase according to that.
Q. Are gold stores available in Dubai airport?
A. Yes. There are gold shops available in the Dubai airport.
Q. Is the gold rate same in Dubai airport and in the city?
A. As the gold prices are volatile, the same rate will be followed everywhere. But in the city, buyers can have plenty of options.
Q. Can I buy gold in Dubai using Indian currency?
A. At most of the gold shops in Dubai, they accept Indian currency rupees.
Q. Is gold rate cheaper in Dubai compared to India?
A. Yes. The price of gold in Dubai is cheaper when compared to the rate in India.
Q. Is pure gold available in Dubai?
A. Yes. A good form of gold is available in Dubai. Gold products are given “Bareeq Certification” by the Dubai Central Laboratories Department (DCLD).
Q. Do we need to provide any ID proofs to purchase gold in Dubai?
A. ID proofs are required to make purchases but it is recommended to have an ID proof with you while going out in Dubai.
Q. Is it worthy to purchase 18K gold?
A. The gold percentage in 18K gold is 75%. If you are purchasing as an investment option then you can prefer high gold percentage products.