Dubai is a famous city, known worldwide for its shopping malls and markets. It is one of the most beautiful tourist destination of the world. People all over from the world love to spend their vacations in this beautiful destination. Dubai is also famous as the largest gold market. The name of this market is Dubai Gold Souk. It is the largest exporter of gold in the world also. International gold exchange is influenced by the availability of gold reserves in Dubai and the prevailing prices in this city. Dubai Gold Exchange rates are considered most reliable and trustworthy.
Gold is a precious and expensive metal. It is considered as a symbol of beauty and prestige. Gold is also used for the accumulation of wealth. This trend still exists in some parts of the world especially in Muslim Countries. Dubai gold is renowned worldwide for its finest quality. Retailers of Dubai have great expertise in calculation of Dubai Gold Exchange rates. There are so many methods of its calculation and the most common, reliable and the trustable method of determination of gold exchange rates is invented basically by gold dealers of Dubai. Now this method is widely used in the world. Dubai Gold Exchange rate is an important phenomenon. A little fluctuation in this rate puts a great influence on international gold rates.
Exchange rate is the price at which gold is purchased or sold in international markets. Prices of Gold in Dubai are determined in UAE Dirham. In United Arab Emirates especially Dubai, gold prices are determined by dividing it into two categories. One is Dubai retail gold exchange rate and the other one is the exchange rate of its derivatives. Retail Dubai Gold Exchange rates of gold are determined by their retailers twice a day. Firstly, it is fixed in the morning at the start of the day and the other rate is fixed on the closing of the markets in the evening. Dubai Gold Exchange rate for derivatives are fixed by Dubai Gold and Commodities Exchange Centre.
Dubai Gold Exchange rates are fixed for four different market measurement standards which are Gold Bar, 18 Carat Gold, 22 Carat Gold, and 24 Carat Gold. The 18-carat gold is normally traded in the city. Gold And Jewellery Group announces Dubai Gold Exchange rates officially and these rates are considered full and final. Dubai Gold Exchange rate of 24 Carat gold rate per gram in United Arab Emirates is calculated on the basis of fixed price of gold in London or the bidding price of 24 Carat gold per gram at the spot in UAE Dirham which is rounded up to the closest quarter approximately.
The additional 2 Dirham are then added to the price and total sum is fixed as the final exchange rate. This further addition of 2 Dirham is a significant part of Dubai Gold Exchange Rate. This 2 Dirham is added to the gold exchange rate because it sets the base premium of gold bars and gold coins. Dubai Gold Exchange rates are also influenced by prevailing oil prices in the region and the stability of the world. Gold in this modern era is also considered as a medium of exchange. It is an important part of our lives. It is the most lovable item for women especially. Women are really crazy about gold jewellery. Dubai is a valley of gold. Prices of Dubai in Dubai are relatively cheaper as compared to rest of the world.