Gold rate today in Dubai (AED)

Gold rate in Dubai today

At the last update, one gram of 24k gold in Dubai works out to about 473.23 AED, and a gram of 22k to about 433.81 AED. Per 10 grams, a common size for small bars and rate boards, that is about 4,732.27 AED for 24k. These are spot-based figures, before any tax, premium or making charge. Dubai built its reputation as the 'City of Gold' on low taxes and huge choice, and tourists can reclaim part of the VAT on jewellery through the official tax-refund scheme when they leave the country.

What moves the gold price in Dubai

Two numbers set the gold price in Dubai: the international price in US dollars, about $4,007.9 per ounce at the last update, and the USD/AED exchange rate, now 3.6725. The dirham has been pegged to the US dollar at 3.6725 since 1997, so the exchange-rate half of the equation barely moves. In practice the dirham gold price is the dollar price multiplied by a constant: when gold rises $40 an ounce in New York, the per-gram rate in the souk rises by almost exactly the same proportion within the hour.

The dollar price itself responds to US interest-rate expectations, the strength of the dollar, inflation data, central-bank buying and geopolitical risk. Our guide to what moves gold prices covers each in turn.

Premiums, making charges and tax in Dubai

The shelf price in Dubai is higher than the converted figure above. A shop adds 5% VAT on jewellery (investment bars of 99% purity or more are zero-rated), making charges and the shop's margin. On jewellery, making charges are charged per gram or as a fixed amount per piece, and usually open to negotiation, so two pieces of the same weight and purity can carry very different prices. Souk jewellery is mostly 22k and 21k, 18k is used for diamond-set and lighter Italian-style pieces, and 24k is sold as bars and coins.

Where gold is bought in Dubai

The covered Deira Gold Souk beside Dubai Creek is the best-known place to buy, with hundreds of shops in a few lanes, and the Gold and Diamond Park on Sheikh Zayed Road and the big malls add more. Shops across the emirate price off the daily rate published by the Dubai Gold and Jewellery Group. When comparing shops, ask for the gold rate per gram, the purity, the making charge and the buy-back price separately; that is the only way to see which offer is really cheaper.

Buying seasons in Dubai

The Dubai Shopping Festival brings raffles and making-charge offers, and Indian festivals such as Dhanteras and Akshaya Tritiya draw long queues in Deira. Across the UAE, demand is strongest around the Dubai Shopping Festival in December and January, Eid, Diwali and Akshaya Tritiya for the large Indian community, and the autumn wedding season. Seasonal demand tends to show up in shop premiums, promotions and queues rather than in the international price, which is set by global flows. Knowing the calendar helps explain why a local quote can look expensive or cheap against this page in a given week.

Gold market hours in Dubai

The international gold market trades almost around the clock on weekdays. In Dubai the London–New York overlap, usually the busiest and most volatile part of the day, runs today from about 16:00–20:00 local time. The two LBMA Gold Price auctions in London, at 10:30 and 15:00 London time, fall at 13:30 and 18:00 in Dubai, and major US data released at 08:30 New York time, such as payrolls and inflation, lands at 16:30 local time. The week's trading closes at 01:00 on Saturday and reopens at 03:00 on Monday, Dubai time; over the weekend the price on this page is the last close. The Dubai Gold and Commodities Exchange lists gold futures, and the DMCC free zone is one of the busiest physical gold hubs in the world. Our gold market hours tool shows the sessions in any time zone.

Dubai compared with Mumbai

A common question is whether gold is cheaper in Mumbai. On the converted spot price neither city is cheaper: Mumbai quotes about 12,246 INR per gram of 24k, which is the same $128.86 per gram as Dubai's 473.23 AED. What differs is what each market adds. In Dubai that is 5% VAT on jewellery (investment bars of 99% purity or more are zero-rated), making charges and the shop's margin; in Mumbai it is customs duty (set in the Union Budget), 3% GST on the gold value, 5% GST on making charges and the jeweller's margin. Buying abroad also means paying an exchange margin and checking the customs allowance at home.

How this AED gold price is calculated

Three numbers decide everything on this page. First, the international gold price in US dollars per troy ounce: $4,007.9 at the last update. Second, the exchange rate: 1 USD = 3.6725 AED. Third, the weight: one troy ounce is 31.1035 grams, and one tola is 11.6638 grams.

1. Price per gram in USD = $4,007.9 ÷ 31.1035 = $128.86.
2. Price per gram in AED = $128.86 × 3.6725 = 473.23 AED (24k, pure gold).
3. Price per 10 grams = 473.23 × 10 = 4,732.27 AED.
4. For a lower purity, multiply by the fineness: 22k = 0.9167, 21k = 0.875, 18k = 0.750.

The gold price comes from COMEX gold futures, which track spot XAUUSD closely but are not identical to it. The exchange rate is a mid-market rate; the rate your bank or money changer gives you will be slightly different. If you want to do the maths yourself, our guide to converting the gold price per gram, tola and kilo walks through every step with worked examples.

What this price does not include

The figures above are the international spot price converted into local currency. They are the starting point for every retail price in Dubai, but they are not the price you will pay or receive at a shop. The retail or "jeweller" price adds some or all of these on top:

• Import duty or customs charges, where the country imports most of its gold.
• Sales tax, GST or VAT, which may apply to jewellery, to bars and coins, or to both, depending on local law.
• Dealer premium: the margin a bullion dealer or bank adds to the spot price for bars and coins, usually larger on small pieces.
• Making charges (labour) on jewellery, often a percentage of the gold value or a fixed amount per gram.
• Local supply and demand, which can push the physical price to a premium or a discount against the international price for weeks at a time.

When you sell, the buyer usually quotes below the spot-based number and deducts for purity testing, wear and sometimes stones. The gap between the buying and the selling price is the real cost of owning physical gold, and it varies a lot between shops, so it is worth asking several.

Frequently asked questions