Gold Rate Today in Dubai
The gold rate in Dubai is affected by a variety of national and international factors, such as:
Tax and Import Duties
Since there are only a few nations that produce any significant gold, most of the countries import gold. The changes in tax rate and the import duties on gold can affect the gold price directly.
Central Bank Reserves
Many of the countries including European countries and the US have gold in the form of a reserve for the circulating paper currencies. The recent changes in demand for gold by such central banks have a deep impact on gold prices.
Demand for Gold
Countries such as the US, China and India are the main consumers of gold. During the festive seasons, economic growth and investment preferences of such countries affect the prices of gold.
Production of Gold
Many new large scale mines of gold have come into operation in the past few years. The mining companies often tend to increase the gold price on the basis of their production cost. The effects of the same are reflected in the gold price in Dubai.
Wealth and Investment Protection
Many investors consider gold to be a safe investment that can also be used to hedge against deflation, inflation, currency devaluation, and economic recession.
What are The Measuring Units for Gold across the World?
The gold price varies from the measurement unit. In the market for gold, different countries have different rules, habits and measurement units, which is why the measurement units for gold trading in the world are different. The following table lists common measurement units used in the international gold markets:
|It is commonly used to measure the mass of precious metals such as gold.
1 troy ounce = 31.1034768 grams
|It is a measure of mass that is mainly used for measuring precious metals in North America.
1 dwt = 1.55517384 grams
|It is a metric system unit of mass.
1 gram = 0.001 kilogram
|Tola||It is a traditional South Asian unit of mass. It is defined as a 3/8 troy ounce.
1 tola = 11.6638 grams (approx.)
|Tael/Tahil||It is commonly used in Hong Kong, Chinese, Southeast Asia, etc. It equals to about 50 grams or 1.607 troy ounces.
1 tael = 50 grams (in China)
1 tael = 37.799364167 grams (in Hong Kong)
1 tael = 37.5 grams (in Japan)
|Baht||It is the foremost unit of weight for gold used in Thailand.
1 Baht = 15.244 grams
|Grain||It is the traditional unit of measurement and is based on the weight of a grain of wheat.
1 grain = 0.0648 grams
What is the Difference Between 24K, 22K, 21K and 18K Gold in Dubai?
The purity of gold is measured by Karat. High karat gold implies high purity. The different purities of gold are used to make different items of gold. Below mentioned, is the difference between 24 Karat, 22 Karat, and 18 Karat gold.
A 24 Karat Gold is 100% pure. It does not have any other metal mixed. In the market, it is referred to like 99.9% pure and the color of a 24K gold is bright yellow. 24K gold is more expensive as compared to a 22K or 18K gold. the texture is soft and pliable, which is why it is not used in making regular jewelry. It’s used to make bars, coins and even used in medical and electronic devices.
The 22 Karat gold is commonly used in making jewelry. In this, 22 parts of the metal are gold and the other 2 are metals like silver, nickel, zinc, and other alloys. In the market, it is known as 91.67% pure gold. The mixing of alloys makes the gold texture hard which helps in the durability of the jewelry.
The 21 Karat gold comprises of 87.5% of pure gold mixed with 12.5% of other metals.
The 18 Karat gold contains 75% of gold mixed with 25% of other metals such as silver, copper, and other alloys. This is commonly used in making jewelry that is stone studded and other diamond jewelry. It is more affordable as compared to 22K or 24K gold.
What is the Difference between Gold Rate in Dubai and India?
|Gold Rate in Dubai per gram||Gold Rate in India per gram|
|24K Gold||AED 219.00||INR 4,318.00|
|22K Gold||AED 205.05||INR 4,052.07|
Disclaimer: The prices mentioned are updated as of Monday, June 15, 2020 and are subject to changes.
How Can The Purity of Gold Be Determined in Dubai?
The purity of gold that is retailed in Dubai is ensured by the DCLD – Dubai Central Laboratories Department by awarding the retailer with a Bareeq Certification. The assessment procedure is as follows:
- Checking of retailers’ compliance with the federal and local rules and regulations.
- Checking the product quality and assurance.
- Checking the adequacy of the labeling on the jewelry.
- The inspector captures the findings.
The DCLD’s inspection is supplemented by the voluntary certification. Generally, the inspection by authorities takes place thrice a year. Certification is awarded to stores that follow fair and true practices for jewelry trading. There are many ways to check the purity for the gold bought, such as:
- Examine the Jewelry: When a reputable store sells jewelry, in most cases they stamp the pieces with its purity data. If the piece of jewelry is put under a magnifying glass the stamp can be identified for its purity.
- Look for Bareeq Certification: All the legit stores in Dubai have a Bareeq Certificate.
- Approach a Jeweler: If it is difficult to figure out the purity of the jewelry piece, it can be taken to a jewelry store for inspection.
How To Get a Low Gold Rate In Dubai?
- Know the Gold Rate in Dubai: The gold price in Dubai fluctuates daily. So it is only sensible to know how much it costs in the open market. Being aware of the market price helps in haggling with the vendors.
- Know the Types of Gold: It is important to be aware of the different Karats and weights of gold being sold in the market.
- Choose The Jewelry: Once the piece of jewelry is decided, its Karat and weight should be determined.
- Trying Bargaining: It is good to learn the art of bargaining by studying the Rate and Make.
- Browse Around: Before settling for any piece of jewelry, browse around.
Reasons to Consider Buying Gold Online
Below are 5 reasons why it is a good idea to buy gold online:
- Sales Tax: When purchasing gold at a local seller, a sales tax is levied. There is no tax for buying gold online.
- Overstated Prices: The brick-and-mortar sellers for gold have high overhead costs, which is why they cannot offer wholesale prices.
- Convenience: When buying gold online, it is easy to browse around multiple options and compare prices all just in a click. There are also reviews of companies that are easily accessible.
- Competition: The internet is a global marketplace. The international online gold dealers have a great deal of competition and are forced to adjust their prices accordingly.
- Quality: The best quality can be bought online. However, offline it is difficult to inspect the quality.
Is Gold a Smart Investment For Financial Growth in Dubai?
Regardless of the increase or decrease in the gold price in Dubai, the gold shops are flooded with customers who are not just looking for pieces of jewelry but also for a smart investment mechanism with the help of gold bars or coins.
- A Good Way To Save: Buying gold is a form of savings since the resale value is good. It can be sold at any time and at any place.
- Safe Investment: It helps by acting as a cushion in financially stressful times.
- The Value Increases: The gold can be exchanged for cash at the market price when if funds are required. It can also be used as collateral against a loan.
How is The Price in Dubai for Gold Jewelry Different From Gold Biscuits or Raw Gold?
Raw gold or gold biscuits are made with the 24K gold i.e., the purest form of gold. This is because the texture of pure gold is pliable and soft and therefore, it cannot be used in making pieces of jewelry. The jewelry is usually made out of 22K or 18K gold. Since 22K or 18K gold is more affordable as compared to the pure gold i.e., 24K gold, there is a difference in the prices of gold jewelry and gold biscuits or raw gold.
Can Tourists Purchase Gold in Dubai?
Gold has been since forever a precious metal and people from all around the globe want to save and invest in gold. When it comes to purchasing gold, Dubai is a paradise for gold-buyers, it is also referred to as the ‘City of Gold’ because of the large amount of gold it handles. People prefer purchasing gold from Dubai because of attractive prices.
Tourists can purchase gold in Dubai. However, the amount of gold that can be purchased depends on the country the tourist is residing in. Each country has a set allowance on how much gold can be brought back, both weight-wise and cost-wise.
Why is Gold Used in Electronic Products?
The physical properties of gold make it the ultimate material for use in an extensive range of electronic applications. These properties are:
- It has a high electrical conductivity.
- It does not tarnish or corrode, unlike the other metals that are highly conductive, such as silver and copper.
It has a pliable and soft texture, which can be easily plated into thin coatings or drawn out into narrow wires.