Gold Rate in Dubai Today
Retail gold rates in Dubai today are: 24K 209.50 AED, 22K 196.75 AED, 21K 187.75 AED, and 18K 161.00 AED.
Prices are quoted in AED (United Arab Emirates Dirham) for one gram of gold. Rates were last updated on Saturday 30th of May 2020 at 10:03 am GMT.
The Government of Dubai (Department of Economic Development) has outdoor signs that display 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’.
Use the calculator below to calculate the retail value of any weight of gold. Enter the weight in grams.
The carat or karat (symbol/abbreviation K) is the unit used to measure the purity of gold.
Pure gold (24K) is malleable (can be deformed) and ductile (can be stretched) and not suitable for jewellery.
Gold is typically mixed with other metals to form an alloy.
- 24K – Pure gold.
- 22K – Alloy with 22 parts of pure gold and 2 parts of other metals. Percentage gold is 91.7 (22/24).
- 21K – Alloy with 21 parts of pure gold and 3 parts of other metals. Percentage gold is 87.5 (21/24).
- 18K – Alloy with 18 parts of pure gold and 6 parts of other metals. Percentage gold is 75 (18/24).
- 14K – Alloy with 14 parts of pure gold and 10 parts of other metals. Percentage gold is 58.3 (14/24).
- 9K – Alloy with 9 parts of pure gold and 15 parts of other metals. Percentage gold is 37.5 (9/24).
In Dubai, Indian and other Asian buyers are typically interested in buying 22K jewellery. European visitors and younger buyers tend to prefer purchasing 18K gold jewellery.
Many European countries use the ‘millesimal fineness’ system to measure purity. This represents the number of parts of gold in a 1000 parts of alloy. So, for example, 18K gold is an alloy containing 75% gold. It’s millesimal fineness is 750. These millesimal fineness numbers are used as hallmark stamps.
Gold purities are summarised in the table below:
|Karat (K)||Parts of Gold||Percentage Gold (%)||Millesimal Fineness/Hallmark|
Inspectors from the Dubai Central Laboratory (part of Dubai Municipality) perform checks on gold and jewellery retailers.
Gold, other precious metals, and gems are meticulously tested for purity and authenticity.
Weighing scales are tested to ensure they are correctly calibrated.
Both regular and unscheduled checks are performed. All retailers are aware of the strict regulations in place, so non-compliance is extremely rare. Any violations are acted upon.
Certificates are issued to compliant retailers.
Gold Rate in Dubai – Dollars, Euros, Pounds, Indian Rupees, and Saudi Riyals
The table below shows the current price in Dubai for a gram of gold in several popular currencies (US dollars, euros, pounds, Indian rupees, and Saudi riyals).
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) = 4.079 AED / 1 AED = 0.245 euros
- British pounds - 1 British pound (GBP) = 4.534 AED / 1 AED = 0.221 British pounds
- Indian rupees - 1 Indian rupee (INR) = 0.049 AED / 1 AED = 20.562 Indian rupees
- Saudi riyals - 1 Saudi riyal (SAR) = 0.978 AED / 1 AED = 1.023 Saudi riyals
Exchange rates were last updated on Sunday 31st of May 2020 at 1:37 am GMT.
To calculate the current Dubai gold price equivalent in other currencies please use the exchange rates on this page.
Historic Retail Gold Rate in Dubai - 1 Gram (AED)
Retail gold rates over the previous 30 days in Dubai are shown in the table below.
On Saturday 30th, May 2020 the retail cost of 1 gram of 24k gold was 209.50 AED. 30 days earlier on Thursday 30th, April 2020 1 gram of gold was trading at 206.00 AED.
This represents an increase of 3.5 AED per gram, or 1.70 %.
The price of 10g of 24k gold in Dubai on Saturday 30th, May 2020 was 2095 AED. 30 days earlier 10 grams of 24k gold would have cost 2060 AED.
|Saturday 30th, May 2020||209.50||196.75||187.75||161.00|
|Friday 29th, May 2020||209.25||196.50||187.50||160.75|
|Thursday 28th, May 2020||208.50||196.00||187.00||160.25|
|Wednesday 27th, May 2020||206.00||193.50||184.50||158.25|
|Tuesday 26th, May 2020||208.00||195.50||186.50||160.00|
|Monday 25th, May 2020||209.00||196.50||187.50||160.75|
|Sunday 24th, May 2020||210.00||197.25||188.25||161.25|
|Saturday 23rd, May 2020||210.00||197.25||188.25||161.25|
|Friday 22nd, May 2020||210.50||197.75||188.50||161.75|
|Thursday 21st, May 2020||210.00||197.25||188.25||161.25|
|Wednesday 20th, May 2020||211.75||199.00||190.00||162.75|
|Tuesday 19th, May 2020||211.00||198.00||189.00||162.00|
|Monday 18th, May 2020||210.25||197.50||188.25||161.50|
|Sunday 17th, May 2020||211.00||198.00||189.00||162.00|
|Saturday 16th, May 2020||211.00||198.00||189.00||162.00|
|Friday 15th, May 2020||210.00||197.25||188.25||161.25|
|Thursday 14th, May 2020||209.50||196.75||187.75||161.00|
|Wednesday 13th, May 2020||206.75||194.25||185.25||158.75|
|Tuesday 12th, May 2020||207.25||194.50||185.75||159.25|
|Monday 11th, May 2020||206.00||193.50||184.75||158.25|
|Sunday 10th, May 2020||206.25||193.75||185.00||158.50|
|Saturday 9th, May 2020||206.25||193.75||185.00||158.50|
|Friday 8th, May 2020||208.25||195.50||186.75||160.00|
|Thursday 7th, May 2020||205.75||193.25||184.50||158.00|
|Wednesday 6th, May 2020||205.25||192.75||184.00||157.75|
|Tuesday 5th, May 2020||206.75||194.25||185.25||158.75|
|Monday 4th, May 2020||206.75||194.25||185.25||158.75|
|Sunday 3rd, May 2020||206.25||193.75||185.00||158.50|
|Saturday 2nd, May 2020||206.25||193.75||185.00||158.50|
|Friday 1st, May 2020||204.50||192.00||183.25||157.00|
|Thursday 30th, April 2020||206.00||193.50||184.50||158.25|
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. This price setting mechanism is known as the London Gold Fixing.
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).
The price set in the morning is referred to as the LBMA Gold Price AM. The price set in the afternoon is called the LBMA Gold Price PM.
At the time of writing (May 2020) participants in the auction include Bank of China, Bank of Communications, Coins ‘N Things, Goldman Sachs, HSBC, Industrial and Commercial Bank of China, INTL FCStone, JPMorgan Chase, Morgan Stanley, Standard Chartered, The Bank of Nova Scotia (Scotiabank), and Toronto-Dominion Bank.
This benchmark is regulated by the UK Financial Conduct Authority (FCA).
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)|
|Friday 29th May 2020||1,725.65||1,728.70||6,338.23||6,349.43|
|Thursday 28th May 2020||1,723.30||1,717.35||6,329.59||6,307.74|
|Wednesday 27th May 2020||1,705.15||1,694.60||6,262.93||6,224.18|
|Tuesday 26th May 2020||1,722.75||1,720.25||6,327.57||6,318.39|
|Friday 22nd May 2020||1,732.45||1,733.55||6,363.20||6,367.24|
|Thursday 21st May 2020||1,732.80||1,724.90||6,364.49||6,335.47|
|Wednesday 20th May 2020||1,750.05||1,748.30||6,427.85||6,421.42|
|Tuesday 19th May 2020||1,735.25||1,737.95||6,373.49||6,383.40|
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)|
|Friday 29th May 2020||55.48||55.58||203.78||204.14|
|Thursday 28th May 2020||55.41||55.21||203.50||202.80|
|Wednesday 27th May 2020||54.82||54.48||201.36||200.11|
|Tuesday 26th May 2020||55.39||55.31||203.44||203.14|
|Friday 22nd May 2020||55.70||55.73||204.58||204.71|
|Thursday 21st May 2020||55.71||55.46||204.62||203.69|
|Wednesday 20th May 2020||56.27||56.21||206.66||206.45|
|Tuesday 19th May 2020||55.79||55.88||204.91||205.23|
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
Making charge margins are low compared to other locations around the world. Retailers have lower costs to cover than elsewhere.
In January 2020, the Dubai Police announced that there had been no thefts at all in the prior year from any jewellery shops. Jewellers in the city consequently benefit from low insurance costs.
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).
Haggling is possible at many of shops and outlets in Dubai that sell gold and jewellery. 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.
Competitive making charges, the low VAT rate, and the 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.