UAE Gold Rate
In Dubai the role of gold trading is extremely strong as being among the main export of Dubai whether in bars or in form of jewellery. Dubai Gold trading follows the international norms and all is under the control of the Dubai Multi Commodities Centre the subsidiary of which is responsible for all gold related actions in Dubai. UAE Gold rates are partly subject to the international gold market and partly made by the Dubai Gold and Commodities Exchange with the help of the codex of the Dubai Good Delivery. UAE gold rates as all the gold rates in the world are published twice a day.
How gold rate is measured and in what ways is it published?
UAE Gold rates are normally better than the global rates. Being one main export material of both Dubai and the whole UAE of course, they have chosen to regulate the gold market in a way for it to be the most attractive for global buyers. UAE gold rate publishing follows the international standards. The measuring system of gold is in troy weight or troy ounce for the British and American markets. Currently one troy ounce equals roughly 31,1035 grams. Upon alloyment of gold with other materials (all gold which has lower carat than 24) then its measurement will be carat. The whole gold rating system was founded in London which came out first with its Gold Fixing rates and publishing. Gold rates do still count a lot. The reason for this is the fear of anything which can ruin the monetary system of a country. Big banks still have their own gold reserves for this reason and so do states. Gold rates are posted twice a day for a while now, same as stock markets. It’s because of the opening of the American stock market in the late afternoon hours.
UAE gold rate measuring system and publishing methods:
UAE gold rate is always featured in United Emirates Dirhams. Different rates apply to gold bars first. So, how is a gold bar measured and what is that exactly? A gold bar is a piece of pure gold, which you can often see in bank robbery movies. The shape although is not standard varies between the tile and coffin shapes as this way they can be stored a lot more conveniently. A gold bar is made by special gold bar producing manufacturers and always should meet the local conditions, must be labelled with a serial number and kept record of. Standard gold bars are the most often used as gold reserves as they represent the purest gold in one. Their millesimal measuring system varies from 0 to 1, 1 being an unreachable quantity. Usually a bar with 0.9995 quality is considered one of the purest gold bars. The standard gold bar weights 400 troy ounce which is roughly 12,5 kilograms. This is considered a semi-small gold bar. After bars come the 24, the 22 and the 18 carat gold rates with the 24 carat priced per one troy ounce and the latter per carat. Silver and sterling silver is also enlisted right after the UAE gold rates.
In order to know more on UAE gold rates, check out the websites of the regular Dubai business magazines such as Khaleej Times. You can also try to check out the website of DMCC where all commodity and UAE gold rates are enlisted daily or multiple times daily.