Dubai, renowned as the “City of Gold,” attracts investors and jewelry enthusiasts alike with its bustling gold souks and competitive prices. If you’re looking to buy gold in Dubai today, 8 October 2024, it’s essential to stay informed about the current gold rates.
Current Gold Rate In Dubai Today 8 October 2024
| Karat | Price per gram (AED) |
|---|---|
| 24K | 320.50 |
| 22K | 296.75 |
| 21K | 287.25 |
| 18K | 246.25 |
Please note: These prices are approximate and based on the latest available data. Gold rates fluctuate constantly, so it’s always advisable to check with local jewelers for the most up-to-date pricing before making a purchase.
Factors Influencing Gold Rates in Dubai
Several factors contribute to the dynamic nature of gold prices in Dubai:
- International Gold Prices: Dubai’s gold rates are closely linked to global gold prices, which are influenced by factors like economic conditions, geopolitical events, and investor demand.
- Currency Exchange Rates: Fluctuations in the USD/AED exchange rate can impact gold prices in Dubai, as gold is typically priced in US dollars.
- Local Demand and Supply: Demand from local consumers and jewelers, as well as the supply of gold in the Dubai market, can influence prices.
- Making Charges and VAT: In addition to the gold price itself, retailers may add making charges for jewelry and a 5% Value Added Tax (VAT) on purchases.
Tips for Buying Gold in Dubai
- Check with multiple jewelers: Compare prices from different retailers to ensure you’re getting the best deal.
- Negotiate: Bargaining is a common practice in Dubai’s gold souks, so don’t hesitate to negotiate for a better price.
- Verify purity and hallmarking: Ensure the gold you’re buying is hallmarked and certified for its purity.
- Consider making charges: Factor in making charges when comparing prices, as they can vary significantly between jewelers.
- Be aware of VAT: Remember that a 5% VAT will be added to your final purchase price.
Where to Buy Gold in Dubai
- Dubai Gold Souk: This historic market is a must-visit for gold buyers, offering a vast selection of jewelry and competitive prices.
- Gold and Diamond Park: A more modern shopping complex with a wide range of jewelry stores.
- Shopping malls: Many shopping malls in Dubai have dedicated jewelry sections with reputable retailers.
