Gold Rate in the UAE

The United Arab Emirates (UAE) is one of the world’s most lucrative gold markets, and no city more so than Dubai.

Known in many circles as the ‘City of Gold’, it’s famous for having extremely competitive and attractive gold trading conditions, which people travel from all over the world to take advantage of.

In order to get the best price for their gold investments, many people find themselves asking ‘What’s the gold rate in the UAE?’ In fact, the gold price in AED (United Arab Emirates dirham) is similar to the global gold price.

The gold rate in the UAE and the AED

Like in other regions, the gold rate in the UAE is heavily influenced by market trading conditions on a global scale. Political and economic uncertainty have a big impact on the gold price and the gold rate in the UAE is no exception.

The price itself is given in the local currency – the AED. It’s worth noting the dirham is pegged to the US dollar at the rate of 3.6725 AED = $1. On a practical level this means that even if the contemporary spot price of gold changes in both currencies, its value in AED will be 3.6725 times its value in the dollar.

For a simple estimation of the contemporary trading price of gold in Dubai, simply multiply its price in dollars by the currency exchange figure.

A tax haven for precious metals

Much has been said recently about the introduction of a five per cent VAT on gold jewellery and diamonds. However, it’s vital to understand that this does not cover precious metals traded for investment purposes.

What does that mean? Well, essentially the purchase of a bar of gold bullion or certain gold bullion coins is still subject to tax-free status.

The UAE and Dubai in particular have long been heralded as investment havens due to the fact that they have little to no taxes. While the introduction of the VAT on jewellery has been a big hit to that market, the investment markets are still going strong and offer plenty of opportunity to both domestic and foreign investors.

Your trusted gold partner in the UAE

At Kuber Jewellery we only sell the finest gold bullion and gold coins from internationally renowned refineries including Umicore, PAMP and Emirates Gold. If you’re looking to buy gold in Dubai, we’d be happy to talk you through the gold rate in the UAE and any other elements that could affect your investment.

Contact us today to find out more about buying and selling gold in Dubai.