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What are some tips to buy gold in Dubai?

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Quick Answer

When buying gold in Dubai, compare prices of similar gold purities, and haggle with the vendor to get the best price offered. The main shops, otherwise called the gold souks, are located in Deira. Try to make it to the shops early to get the best deals. There are also stores across the UAE that offer competitive rates, so don't limit the options to only the gold souks.

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Full Answer

Dubai has a large number of shops that sell a vast assortment of gold. Because there is so much competition, buyers must haggle with different sellers to get the best prices. Though many shops do accept credit cards, cash, in the form of Dirham, is more valuable when it comes to bargaining. Dirham is the UAE's form of currency and is worth significantly less than a U.S. dollar as of October 2015.

The shops operate in shifts and close between 2 and 5 in the afternoon. Get to the shops as early as possible, or aim to visit in the evening before 10:30 p.m. for the best options.

Though the gold souks are the most popular locations to purchase gold, there are many branded shops located across Dubai and the United Arab Emerates. Take into account these other outlets, since gold prices around other areas of the UAE are comparable to prices in the gold souks marketplace. Some locations include the Madinat Zayed Shopping Centre, located in Abu Dhabi, and gold shops on Hamdan Street.

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