Gold prices inched down to the lowest level in five weeks on Thursday, pressured by an uptick in the dollar ahead of US non-farm payrolls data on Friday.
The precious metal was retailing a lot cheaper on Thursday compared to recent peak prices, with the 24-karat selling at Dhs 145.75 per gram while the 22-karat selling at Dhs 137 per gram. The gold price in Dubai is set daily and displayed prominently across the Gold Souk which creates a more transparent trading process and allows everyone to clearly see what the gold rate is today.
Dubai is known as the ‘City of Gold’ and a hub of gold trade due to no VAT sales taxes which makes for more favourable gold buying conditions. Traders are concentrated in the Gold Souk in Deira, an area dotted with shops selling gold in many forms including jewellery, bullion and bars.
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