Gold Rate in Dubai Today
Retail gold rates in Dubai today are: 24K 188.50 AED, 22K 177.25 AED, 21K 169.00 AED, and 18K 145.00 AED.
Prices are quoted in AED (United Arab Emirates Dirham) for one gram of gold. Rates were last updated on Wednesday 22nd of January 2020 at 9:02 pm GMT.
The Government of Dubai (Department of Economic Development) has outdoor signs that display the Dubai’s live retail gold rate. They are located in prominent gold trading locations such as the Gold Souk. The authorities are keen to promote transparency and ensure the city retains its status as the ‘City of Gold’
The carat or karat (symbol K) is the unit used to measure the purity of gold.
- 24K – pure gold
- 22K – alloy with 22 parts of pure gold and 2 parts of other metals
- 21K – alloy with 21 parts of pure gold and 3 parts of other metals
- 18K – alloy with 18 parts of pure gold and 6 parts of other metals
Gold Rate in Dubai – Dollars, Euros, Pounds, and Indian Rupees
The table below shows the current price in Dubai for a gram of gold in several popular currencies (US dollars, euros, pounds and Indian rupees).
The exchange rates used were as follows:
- US dollars - 1 US dollar (USD) = 3.673 AED / 1 AED = 0.272 US dollars
- Eurozone euros - 1 euro (EUR) = 4.074 AED / 1 AED = 0.245 euros
- British pounds - 1 British pound (GBP) = 4.825 AED / 1 AED = 0.207 British pounds
- Indian rupees - 1 Indian rupee (INR) = 0.052 AED / 1 AED = 19.357 Indian rupees
Exchange rates were last updated on Wednesday 22nd of January 2020 at 9:32 pm GMT.
To calculate the current Dubai gold price equivalent in other currencies please use the exchange rates on this page.
International Gold Price - LBMA Gold Price - Troy Ounce
It is important to note that gold is a commonly traded commodity and its price is set internationally. A benchmark price is set in London and is used as guidance to settle trades in markets around the world.
Electronic auctions establish the gold price. Two auctions are held every business day; one at 10.30 am and another at 3 pm (GMT). The price is quoted in US dollars for a troy ounce (31.1034768 grams) of pure gold (24K).
At the time of writing (August 2019) participants in the auction include Bank of China, Bank of Communications, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, Standard Chartered, and Toronto-Dominion Bank.
LBMA Gold Prices for the last seven trading days are shown in the table below. Equivalent prices in AED are also listed (1 USD = 3.673 AED).
|Date||USD (AM)||USD (PM)||AED (AM)||AED (PM)|
|Tuesday 21st January 2020||1,556.25||1,551.30||5,716.11||5,697.92|
|Monday 20th January 2020||1,559.25||1,560.15||5,727.13||5,730.43|
|Friday 17th January 2020||1,556.50||1,557.60||5,717.02||5,721.06|
|Thursday 16th January 2020||1,555.20||1,554.55||5,712.25||5,709.86|
|Wednesday 15th January 2020||1,551.90||1,549.00||5,700.13||5,689.48|
|Tuesday 14th January 2020||1,544.95||1,545.10||5,674.60||5,675.15|
|Monday 13th January 2020||1,550.35||1,549.90||5,694.44||5,692.78|
|Friday 10th January 2020||1,548.80||1,553.60||5,688.74||5,706.37|
International Gold Price - LBMA Gold Price - Gram
The LBMA Gold Price is the price for a troy ounce of pure gold. The Dubai retail rate quoted is for one gram of gold. There are 31.1034768 grams in a troy ounce. For comparison purposes, the LBMA Gold Prices for a gram of gold over the last seven trading days are shown in the table below.
|Date||USD (AM)||USD (PM)||AED (AM)||AED (PM)|
|Tuesday 21st January 2020||50.03||49.88||183.78||183.19|
|Monday 20th January 2020||50.13||50.16||184.13||184.24|
|Friday 17th January 2020||50.04||50.08||183.81||183.94|
|Thursday 16th January 2020||50.00||49.98||183.65||183.58|
|Wednesday 15th January 2020||49.89||49.80||183.26||182.92|
|Tuesday 14th January 2020||49.67||49.68||182.44||182.46|
|Monday 13th January 2020||49.84||49.83||183.08||183.03|
|Friday 10th January 2020||49.80||49.95||182.90||183.46|
The Dubai retail rate and the LBMA Gold Price (1 gram equivalent) will usually differ. Reasons include:
- The LBMA Gold Price is a benchmark.
- Timing differences. Dubai is four hours ahead of London. When Dubai opens for business the most recent LBMA Gold Price will have been set the previous day.
- The Dubai rate quoted is a retail rate and includes a small premium to cover bullion delivery charges and customs duties. It also includes a margin to protect sellers from price fluctuations.
Gold Jewellery Prices
The price of an item of gold jewellery purchased in Dubai comprises:
- Gold price – the price of the gold used in the item (gold weight in grams multiplied by the Dubai retail gold rate)
- Making charge – the amount added by the retailer to cover the cost of producing the item and make a profit
Haggling is possible at many of shops and outlets in Dubai that sell gold and jewellery, including the Gold Souk and the Gold and Diamond Park. However, only the making charge element of the price can be negotiated. No retailer is going to sell a gold item at a price equal to or less than the live value of its gold content. Cash buyers frequently obtain cheaper prices.
Making charge margins are low compared to other locations around the world.
Value Added Tax (VAT) was introduced in January 2018 in Dubai and the UAE. The rate of 5% is one of the lowest in the world.
Tourists can claim 85% of the VAT back using the Tax Refunds for Tourists Scheme (kiosks at exit points such as Dubai International Airport).
The low VAT rate and refund scheme ensure shopping for jewellery in Dubai is considerably cheaper than in many other countries.
However, it is important to note that import/customs duties may be payable on gold and jewellery when returning to your home country. The rules and rates vary by country and cannot be covered here in detail.