Gold has had a big impact on both the United Arab Emirates‘ rich cultural heritage and economic climate.
The growing gold market in the United Arab Emirates is a key international hub for gold trading and jewelry, attracting both locals and tourists. In this article, we look at the intricate details of the UAE gold rate, its current state, and the factors that influence it.
UNDERSTANDING THE UAE GOLD MARKET:
The United Arab Emirates has a renowned gold market with a wide range of options. Due in particular to its spectacular gold souks and prominent jewelry merchants.
Dubai has distinguished itself as a top place for gold dealing. By functioning in accordance with international norms, the Dubai Multi Commodities Centre (DMCC), which regulates the gold market in the UAE, promotes transparency and high standards of quality.
THE FOLLOWING FACTORS AFFECT GOLD RATES:
The price of gold varies both locally and internationally due to a number of variables. The dynamics of the gold market may be better understood by being aware of these elements. The following prominent figures:
State of the world economy:
Gold prices frequently reflect movements in the world economy. Investors seek for gold as a safe haven asset during periods of economic instability or inflation, which increases demand and subsequently lowers price.
Exchange rate for US dollars:
There is an inverse link between gold and the US currency. Gold prices often increase when the US currency weakens and vice versa.
Due to the peg between the US dollar and the UAE dirham, changes in the US currency may have an indirect effect on gold prices in the UAE.
Demand and Supply:
Like any other commodity, the dynamics of supply and demand are a major factor in setting the price of gold.
The overall balance of the gold market is influenced by a variety of elements, including mine output, reserves held by central banks, and consumer demand.
Global Rate of Gold:
The price of gold in the UAE is strongly correlated with the price of gold globally. The price of gold increases in the UAE when the price increases globally. On the other hand, as the price of gold declines globally, so does its rate in the United Arab Emirates.
Strength of the US dollar:
The US dollar is the currency in which gold is priced. When the US dollar is strong, the gold rate in UAE tends to be lower.
This is because it becomes more expensive for buyers in other countries to purchase gold.
check the current gold rates in the UAE
- Online Financial News Websites: Websites like Bloomberg, CNBC, or Reuters often provide up-to-date information on commodity prices, including gold rates.
Here you check updated rates https://www.goodreturns.in/gold-rates/dubai.html - Financial News Apps: Mobile apps from reputable financial news providers may offer real-time updates on gold prices.
- Bank Websites: Many banks in the UAE provide information on gold rates as part of their financial services.
- Local Gold Market: You can also visit local gold markets or jewelry shops in the UAE to inquire about the current gold prices.
- Gold Rate Websites: There are specific websites dedicated to providing current gold rates in different regions. You can search for such websites online.
Demand for gold in the UAE:
Demand for gold in the UAE has an effect on gold prices as well. When there is a lot of demand for it in the UAE, gold prices frequently increase. This happens as a result of a higher price brought on by an increase in market demand.
The price of gold in the United Arab Emirates can also be influenced by political and economic factors. As investors seek safe havens for their money, the price of gold may rise, for instance, if there is political turmoil in the region.
GOLD RATES IN UAE:
Let’s now examine the current gold prices in the UAE while noting the various units of measurement:
24-Karat Gold (AED/gram):
The price of 24-karat gold per ounce serves as a crucial yardstick for determining gold prices. It acts as a standard for other measurements and symbolizes the finest form of gold.
22-Karat Gold (AED/gram):
The price of 22-karat gold per gram is widely used in jewelry transactions in the United Arab Emirates. This measurement indicates that there are 8.33% additional metals for added strength and 91.67% pure gold particles.
Gold Bullion Coins and Bars:
In addition to jewelry, gold bullion coins and bars are popular investments in the UAE. Pricing for these items is influenced by factors including weight, purity, and going market rates.
The gold rate in UAE is updated daily and is based on the international gold price. The current gold rate in UAE as of July 11, 2023, is as follows:
| GOLD UNITS | PRICE /GRAM |
|---|---|
| 24 KARATS GOLD | 232.5 AED / gram |
| 22 KARATS GOLD | 215.750 AED /gram |
| 21 KARATS GOLD | 209.50 AED /gram |
| 18 KARATS GOLD | 179.4 AED / gram |
Factors Influencing Gold Rates:
Some of the factors influencing the gold rate in the UAE include the price of gold on the global market, the strength of the US dollar, and the demand for gold in the UAE.
UAE Impacts on Gold Prices:
The UAE’s demand for gold has an impact on gold prices as well. The price of gold often rises when demand for it is high in the United Arab Emirates. This occurs as a result of their being more consumers, which raises the price.
The gold rate in UAE is a dynamic market and can change frequently. It is important to stay up-to-date on the latest gold rates before making any purchases.
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The following are latest rates:
The following are latest rates:
|
GOLD UNITS |
GOLD PRICE IN UAE |
|---|---|
| OUNCE | 7108.79 |
| 1 Gram 24 K | 233.750 |
| 1 Gram 22K | 216.250 |
| 1 Gram 21K | 209.500 |
| 1 Gram 18K | 179.500 |
The following are the rates of last 30 days: June & July 2023
The following are the rates of last 30 days:
| Days | 24KT Gold price | 22KT Gold price | 21KT Gold price | 18KT Gold price |
|---|---|---|---|---|
| 11-07-2023 | 233.75 AED | 216.25 AED | 209.50 AED | 179.50 AED |
| 10-07-2023 | 232.75 AED | 215.50 AED | 208.50 AED | 178.75 AED |
| 09-07-2023 | 233.00 AED | 215.75 AED | 209.00 AED | 179.00 AED |
| 08-07-2023 | 233.00 AED | 215.75 AED | 209.00 AED | 179.00 AED |
| 07-07-2023 | 231.75 AED | 214.75 AED | 207.75AED | 178.00 AED |
| 06-07-2023 | 232.25 AED | 215.00 AED | 208.25 AED | 178.50 AED |
| 05-07-2023 | 233.25 AED | 216.00 AED | 209.00 AED | 179.25 AED |
| 04-07-2023 | 233.25 AED | 216.00 AED | 209.00 AED | 179.25 AED |
| 03-07-2023 | 232.50 AED | 215.25 AED | 208.50 AED | 178.75 AED |
| 02-07-2023 | 232.50 AED | 215.25 AED | 208.50 AED | 178.75 AED |
| 01-07-2023 | 232.50 AED | 215.25 AED | 208.50 AED | 178.75 AED |
| 30-06-2023 | 231.00 AED | 214.00 AED | 207.25 AED | 177.50 AED |
| 29-06-2023 | 230.75 AED | 213.75 AED | 206.75 AED | 177.25 AED |
| 28-06-2023 | 231.25 AED | 214.00 AED | 207.25 AED | 177.75 AED |
| 27-06-2023 | 233.00 AED | 215.75 AED | 209.00 AED | 179.00 AED |
| 26-06-2023 | 234.00 AED | 216.75 AED | 209.75 AED | 179.75 AED |
| 25-06-2023 | 232.50 AED | 215.25 AED | 208.50 AED | 178.75 AED |
| 24-06-2023 | 232.50 AED | 215.25 AED | 208.50 AED | 178.75 AED |
| 23-06-2023 | 232.75 AED | 215.50 AED | 208.50 AED | 178.75 AED |
| 22-06-2023 | 233.75 AED | 216.25 AED | 209.50 AED | 179.50 AED |
| 20-06-2023 | 236.25 AED | 218.75 AED | 211.75 AED | 181.50 AED |
| 19-06-2023 | 236.75 AED | 219.25 AED | 212.25 AED | 182.00 AED |
| 18-06-2023 | 238.00 AED | 220.25 AED | 213.25 AED | 182.75 AED |
| 17-06-2023 | 238.00 AED | 220.25 AED | 213.25 AED | 182.75 AED |
| 16-06-2023 | 238.00 AED | 220.25 AED | 213.25 AED | 182.75 AED |
| 15-06-2023 | 234.25 AED | 216.75 AED | 209.75 AED | 180.00 AED |
| 14-06-2023 | 236.00 AED | 218.50 AED | 211.50 AED | 181.25 AED |
| 13-06-2023 | 237.50 AED | 219.75 AED | 212.75 AED | 182.50 AED |
| 12-06-2023 | 238.00 AED | 220.50 AED | 213.25 AED | 182.75 AED |
RATE TRACKING FOR GOLD:
There are several sources available, including the following, to remain up-to-date on the gold rate in the UAE:
- Gold Rate websites online
- Regional Papers
- Gold Merchants
FAQ’S
What does 22K gold cost in the UAE today?
|
Gold Unit |
UAE AED |
|
24 Karat |
2329 |
|
22 Karat |
2195 |
|
18 Karat |
1798 |
|
14 Karat |
1358 |
How much does a tola of 24 karat gold cost in the United Arab Emirates?
|
Gold-Unit |
Gold-Price in UAE |
Gold Price in US Dollar (USD) |
|
Gold 24K per Tola |
2,663.71 AED |
725.14$ |
|
Gold 22K per Tola |
2,441.73 AED |
664.71$ |
Why is gold more affordable in Dubai?
Due to its lack of taxes, Dubai has long enjoyed favor. It is a major factor in both people’s decision to purchase gold and migrate to the city. Prices for gold in Dubai have always been lower because buyers simply had to pay for the worth of the gold jewelry because taxes are not charged in the emirate.
CONCLUSION:
Due to the UAE’s tight ties to the gold trade and its active gold market, the country’s gold rate is a key issue of interest to both residents and tourists.
Understanding the market dynamics that affect gold prices, such as supply and demand dynamics, currency exchange rates, and the state of the world economy, can be extremely helpful in understanding market variations.
As a gold aficionado, you may choose wisely when it comes to investments and jewelry purchases by keeping up with the most recent gold prices through online sources, newspapers, and neighborhood shops.
Due to its illustrious past and thriving gold industry, the UAE remains to be a fascinating site for all gold enthusiasts.
