A Guide to Buying Gold in Dubai

The Gulf’s most vibrant city – its modern heart and soul – is Dubai. This emirate is situated south of the Persian Gulf and owes its remarkable economy to the oil reserves that were found there during 1960’s which then led to a surge of investors and businessmen.  Dubai, United Arab Emirates has always been the center of gold trading since the 19^th century. Buying gold in Dubai became more widespread after the establishment of the well renowned Gold Souq market. Today, this is considered as one of the major gold markets around the world.

The spotgold price in Dubai is presented in the national currency of the UAE Dirham (AED) twice each day according to the International rates of gold and currency exchange rates of the Dubai Gold & Commodities exchange (DGCX). The rate of gold in Dubai is also classified by the gold’s purity, namely 22 or 24 karat composition in troy ounces. There are several sources around the Internet that show the gold rates in Dubai per gram daily. The main and perhaps biggest attraction of the Dubai gold market over other markets is the low prices it offers. Compared to the other markets, such as the European gold market, the price is a lot lower by up to 60%.Demand of gold trading in Dubai is increasing rapidly.

Dubai Gold Souq

The gold souq is located in Dubai’s business district in Deira. You can find hundreds of gold dealers here that offer a wide array of gold jewelry ranging from gold necklaces, rings, ear rings, chains, brooches, bangles, amulets, and many others. Most travelers would agree that the Dubai gold souq is a dazzling feast for the eyes. At any given time, this market displays anywhere between 10 and 20 tons of gold. Aside from gold, some of the stores here also offer platinum, diamonds and other precious gems.

Tips for Buying Gold Jewelry in the Dubai Gold Market.

1. Shop around Dubai gold markets to get a feel of the prices offered and the average asking prices. As a general rule, never buy at the first store you visit.
2. Given that there are numerous retailers to choose from, consider haggling for the best rate depending on your budget. It is customary for visitors to haggle over prices and most retailers always expect customers to negotiate prices with them.
3. Keep yourself updated about the gold rates in the Dubai market. A lot of jewelry retailers will list daily gold rates in grams for 22 and 24 karat gold. This will help customers evaluate whether a certain piece of jewelry is worth its current asking price. Moreover, consider the craftsmanship value of the gold piece that you are looking to buy.
4. The best time to visit the souq is in the evening. However, allow plenty of time to browse through the stores to make sure you get the best deal at the end of the day. 
5. you can go for trading gold online as well. For that , you should have knowledge about <a forex Dubai.