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Dubai - City of Gold

Now-a-days, specially in 2013, Dubai is referred as the "City of Gold". This is due to its spectacular growth from a small Gulf port to a world renowned business junction all in a very short span of time. The new name of Dubai mentioned above has a truthful meaning for precious metal traders from all around the globe. It is regarded as the center of gold trade in between African sources and consumers from rising economies such as India and China. From statistical agencies we come to know that Dubai has now 32% of market share of global gold trade with about 1500 tons of gold worth above $50 billion changing hands in the city’s markets. This massive growth is no doubt due to the geographical location of UAE in this region.

find live prices of gold

Moreover, this city is tagged with the tax free status which makes it one of the cheapest place to buy gold on earth. Gold refineries, vaults and jewelry making facilities are established where it is imported from several countries in scrap form where they are melted and refined to produce pure bars and commodities exchangers, traders and speculator buy and sell gold on the futures market. Last year, 2012 the gold prices remained fairly stable close to 1750$ per ounce but traders now predict that central governments and investors look towards gold as a safe bet in the unsteady world’s economy. Dubai has more than 600 shops selling gold and half of them are inside the Gold Souk which attracts tourist, expats, traders as well as the local emariti residents.

Current Gold Rate in Dubai

dubai-written-in-gold The gold rate in Dubai is divided into the “Retail Gold Price” and “Gold Price for Derivatives” for instance, options and futures. The gold rate for derivatives is set by the Gold & Commodities Exchange center of UAE. Prices are set on daily basis in the morning and also in the evening by retail dealers. Usually the rates are set in four different purity levels, which are namely, 18 Carat, 22 Carat and 24 Carat gold.

The table below shows the latest gold price in Dubai live in the currency United Arab Emirates dirham (AED) and United States dollar US$.

 
 

Feburary 1ST, 2014

 
 

Currency Type >

Arab Emirates Dirham (AED)

United States Dollar (US$)

Today

Yesterday

Today

Yesterday
TT Bar

17325

17325

4,528.87

4,528.87

24 Carat

151.25

151.25

39.54

39.54

22 Carat

143.25

143.25

37.50

37.50

21 Carat

137.25

137.25

35.9

35.9

18 Carat

118.75

118.75

31.10

31.10

Prices are Per Gram of Gold -- (TT Bar = Ten Tola Bar)
Source : Dubai Gold & Jewelry Group - (Rates are Updated on Daily Basis.)

You can find the individual prices in US Dollars, Pakistan Rupee, Indian Rupees divided into tables of gram, kilogram, ounce and tola on other pages of this website.

Financial experts from all types of businesses regard gold as a sure investment. This is because its value remains strong as compared to money and paper currencies which depreciate against it. That’s the reason why gold rate of Dubai is regarded as an important factor for investors from all over the world especially during the bad recession times when all types of other investments seem to fail.