Dubai, known for its luxurious lifestyle and glamour, also has a thriving gold market. As of today, October 7, 2023, the price of 24-Karat Gold per 10 Grams in Dubai is 2164.10 AED (UAE Dirham). For those seeking a slightly lower price point, 22-Karat Gold is being sold for 1983.80 AED per 10 grams. Looking for larger quantities? The rate of 24-Karat Gold per 1 Tola is 2524.21 AED, while the price of 22-Karat Gold per 1 Tola is 2313.90 UAE Dirham. Whether it’s for investment or to add some sparkle to your jewelry collection, Dubai’s gold market is worth checking out.
Gold Price in Dubai 7 Oct 2023
|Gold Prices||Gold Rate in AED|
|Gold 24K per 1 Gram||AED.216.41|
|Gold 22K per 1 Gram||AED.198.38|
|Gold 24K per 10 Grams||AED.2164.10|
|Gold 22K per 10 Grams||AED.1983.80|
|Gold 24K per Tola||AED.2524.21|
|Gold 22K per Tola||AED.2313.90|
Gold Rate in Dubai UAE Today 7th October 2023
The price of gold is a topic that garners much attention and interest, especially in the financial world. As one of the most valuable and sought after precious metals, gold plays a crucial role in various industries, including jewelry making, electronics, and investment. And when it comes to buying or selling gold, one of the top destinations for investors is Dubai.
Dubai has established itself as a hub for gold trade, with its famous Gold Souk in Deira being the largest gold market in the world. The city is known for its high-quality gold craftsmanship and competitive prices, making it an attractive destination for buyers from all over the world.
On 7 October 2023, the price of gold in Dubai was AED.216.41 for 24K gold per gram, and AED.198.38 for 22K gold per gram. For those looking to purchase a larger quantity, the price of 10 grams of 24K gold was AED.2164.10, while the same amount of 22K gold cost AED.1983.80.
If we look at the price of gold per Tola (a traditional unit of measurement for gold in the Middle East and South Asia), 24K gold was priced at AED.2524.21, while 22K gold came in slightly lower at AED.2313.90.
One reason for Dubai’s popularity as a gold trading destination is its favorable tax policies. Unlike many other countries, there is no value-added tax (VAT) on gold purchases in Dubai. This makes buying gold in the city more cost-effective for investors.
Another factor contributing to the city’s thriving gold market is its strategic location. Situated between Europe and Asia, Dubai serves as a trading hub connecting these regions. This allows for easy access to both raw materials and finished goods, making it an ideal location for gold traders.
Understanding Gold Prices
Gold prices are determined by a variety of factors, including supply and demand, economic conditions, and geopolitical events. Gold is considered a safe haven asset and is typically seen as a hedge against inflation and uncertainty. This makes it a popular investment choice for many.
Gold Prices in Dubai on October 7th, 2023
On October 7th, 2023, the price of gold in Dubai was recorded at AED.216.41 for one gram of 24K gold and AED.198.38 for one gram of 22K gold. This is a significant increase compared to previous years, where the prices have been relatively stable.
Gold Rate Today Sharjah October 7th, 2023
As of October 7th, 2023, the gold rate in Sharjah is as follows:
- The price of 24K gold per gram is AED.216.41, and per 10 grams it is AED.2164.10. In the Tola unit, 24K gold is priced at AED.2524.21.
- For 22K gold, the rate is AED.198.38 per gram and AED.1983.80 for 10 grams. The price per Tola for 22K gold is AED.2313.90.
Please note, the prices might vary slightly due to market conditions.
Factors Affecting Gold Prices in UAE
There are several factors that can affect the price of gold in Dubai, including:
Global Economic Conditions
As a global hub for trade and commerce, Dubai is greatly affected by global economic conditions. Any major changes in the world economy can impact the price of gold in Dubai.
Demand and Supply
The demand for gold in Dubai is constantly increasing, especially with the rise of tourists who visit the city to purchase gold. This high demand can drive up prices, while a decrease in supply can also cause an increase in prices.
Since gold is traded globally, fluctuations in exchange rates can also affect the price of gold in Dubai. A weaker currency can make gold more expensive for buyers, while a stronger currency can reduce the cost.
Inflation and Interest Rates
Gold is often seen as a safe investment during times of high inflation or when interest rates are low. As such, any changes in these economic factors can impact the demand and price of gold in Dubai.
Future Predictions for Gold Prices in Dubai
While it’s difficult to accurately predict the future prices of gold, many experts believe that the trend will continue to rise due to ongoing global economic uncertainty. As such, investing in gold in Dubai may prove to be a profitable decision in the long term. However, it’s important to keep track of market trends and seek professional advice before making any investment decisions.
Investing in Gold
For investors, understanding the gold rate today in uae can help make informed decisions about buying or selling gold. It is important to research and monitor market trends and consider all factors before making any investment decisions.
The price of gold in Dubai is affected by various economic factors and has seen a steady increase over the years. As one of the world’s leading gold markets, Dubai continues to be an attractive destination for gold buyers and investors alike. Overall, it’s important to stay informed and make careful decisions when it comes to buying or investing in gold.