- Gold is a widely traded commodity with London Gold Fixing responsible for setting the daily gold price as a benchmark for trading.
- The price of gold varies depending on the market that it is being traded in and on the purity of the gold itself.
- 24 K gold is the purest form of gold available meaning all 24 parts that make up the gold are 100% gold. 22 K, 21 K and 18 K gold have 22, 21 and 1
8 parts of pure gold respectively with the balance being made up of other metals. This alters the price of the gold as well as its chemical composition and tensile strength. 22 K gold is most commonly used for jewellery making. Gold is also available in lesser karats but these are not as common.
- Dubai is known as the ‘City of Gold’ and a hub of gold trade due to no VAT/GST/sales taxes which makes for more favourable gold buying conditions. Traders are concentrated in the Gold Souk in Deira, an area dotted with shops selling gold in many forms including jewellery, bullion and bars.
- The gold price in Dubai is set daily and displayed prominently across the Gold Souk which creates a more transparent trading process and allows everyone to clearly see what the gold rate is today.
- This daily Dubai gold rate also applies to the rest of the UAE however the rate per gram may differ which ultimately alters the gold price you will finally pay.
- When buying gold, always compare the rate per gram and shop around to get the best deal. Using the tabular data above you can find out what the price of gold is today and where you will get the most value for money.
