UAE Gold Rate
UAE Gold Rate
Shopping for gold is one of the major reason why so many people choose to travel to Dubai for their holidays. It is estimated that there is approximately 25 tons of gold for sale at any given time in jewelry shop windows across the nation. This is not to surprising when you do consider there are well over 600 gold wholesalers and retailers in the whole of the Emirate of Dubai, and there are around 300 gold retailers located in the traditional gold market (Dubai Gold Souk). The Gold Souk is situated at the very heart of Dubai's commercial business district in Deira, there are many small shops that sell gold from many countries around the world there, the Dubai Gold Souk is the ultimate destination for jewellery lovers. There are huge savings to be made for those who stop over in Dubai while visiting the United Arab Emirates.
The average person in Dubai buys approximately 34 grams (1.1oz) of gold each and every year, this is believed to be the most gold bought per capita of any city in the world. In fact more than 2/3 of residents of the city of Dubai buy gold at least once per year.
The UAE gold rate is fixed twice a day by the Dubai Gold and jewellery Group (DGJG). The cost of a piece of jewellery in the DGJG is determined by its weight, plus a small fee for the manufacturing cost. The DGJG was established in 1996 to support the first annual Dubai Shopping Festival, it was originally started with about only 250 members but today has well over 700 members directly involved in the manufacturing, wholesale and selling of gold bullion and jewelry.
Emirati Dirham (AED)
The Emirates Dirham was introduced to the world on 19th May 1973, were it replaced the Qatar and Dubai Riyal at Par. On 28th January 1978, the dirham was pegged to the IMF's special drawing rights (SDRs), but In practice it is pegged against the U.S. dollar for most of the time.
The Gold Dinars and SilverDirhams are called the (Sunnah currencies), this is because they have passed through the blessed hands of the Holy Prophet and are the only two currencies mentioned by name in the Islamic Holy Quran. The approximate weight of the gold dinar is 4.25 grams of gold, and the weight of the silver dirham is 2.975 grams of silver.
Gold Dinar & Silver Dirham
Gold Rates in Dubai, UAE this Month (August 2013)
|Date||Morning Price (AED)||Evening Price (AED)|
|August 2013||22 Carat||24 Carat||22 Carat||24 Carat|