Gold has been around for centuries. It’s one of the oldest metals used by human beings for varying purposes. Once used as a currency, when our forefathers would exchange goods for gold, gold is considered a precious metal today.
With paper currency becoming prevalent all around the globe, and every nation has its own currency, gold is no more as common as it used to be. You won’t see people carrying gold coins in their pockets to do grocery shopping.
In fact, with the passage of time, gold’s value has increased. It’s considered a sign of grandeur. Gold jewelry is being used as a gift. And people even use gold as a safe haven during inflation. In Dubai too, gold’s value has increased over the years.
If you have made up your mind to buy gold in Dubai, be it for investment purposes or for gifting it to a friend or relative, we recommend gold bars and gold coins. They are easier to maintain and considered more valuable than other forms.
But the question is, where should you buy these in Dubai?
5 Places to Buy Gold Bar and Gold Coins in Dubai
1. From a Gold Exchange
Chances are you already know a few gold exchanges in Dubai. A gold exchange buys gold from you and pays you in cash, or vice versa.
Buying gold through an exchange is a convenient way to buy gold coins and gold bars in Dubai, or you can even cash your gold coins from the same exchange later.
But make sure the exchange is:
- 100% Safe
- Offers the best rate
- Has a reimbursement policy in case of theft
If you have multiple options in this regard, to pick the best exchange for trading gold, you will have to do a bit of research. Like which exchange has better reviews on the website, where you can expect a better customer experience, reliability, etc.
Ask around in your friend circle if they have traded gold with one of those exchanges you are considering. If yes, how was their experience?
2. From a Jewelry Shop
Your second option is a jewelry shop. Almost all gold jewelers sell gold coins, and some might have gold bars as well. To buy from a jeweler, you will have to visit the shop first, check the purity of gold, its quality, and bargain for the best price.
Your biggest worry will be the purity of the gold. And if you have never purchased gold, you are unaware of the ways to confirm the purity of gold, it can be quite risky.
Moreover, you will have to bargain. Unlike gold exchanges, gold jewelers don’t have a set price for gold trading. Like any shopkeeper, they will try to sell you gold with maximum profit for their business. And as a customer, you should bargain until you feel you are getting a fair deal.
3. Online Gold Trading Platforms
We are in 2021, and there’s nothing you can’t purchase online. When it comes to gold, not only can you buy/sell it online but also store it in a secure vault.
Several online gold trading platforms let you buy gold bars and gold coins on a go. You can sign up on the platform, create an account, and buy as much gold in any form as you want to.
Some of these platforms are even willing to send your gold to your doorstep if you want to. But before trusting any of such platforms you must make sure that they are credible. At least they have an office that you can visit to inquire about your gold’s value or any other information.
From Brokers or Individual Sellers
You can also buy gold from gold brokers or someone you know who’s selling his gold coins or bars. While there’s no such risk involved when you are buying from a friend or relative, you have to be careful when you pay a broker to buy any form of gold on your behalf.
First of all, you are better off avoiding brokers. Even if they are trustworthy, they will charge a commission. The same amount of gold you can buy for AED 2000 directly would cost you AED 200-500 extra.
But if you manage to find a direct seller, through the internet or a reference, it would be much safer and convenient.
5. From Bank
Another option is to buy from a bank. Some banks in Dubai do sell gold coins and bars, and also give you the option to store your gold in their vaults.
However, dealing with banks in this regard would require paperwork. It’s not that simple; you walk in, pay for the gold, get your coins, and take them home.
And it’s the same as buying from a middle-man who keeps his share while buying gold on your behalf. You will learn that the price of gold in banks is much higher than the gold rates in Dubai on the given day.
Whatever your objective is for buying gold coins or bars, make sure you choose a trustworthy place to buy these. Though scams in gold trading are rare, people who have no prior experience of buying gold easily fall prey to them.
Further, your best option in terms of price for buying gold in Dubai is buying directly from an exchange or a gold shop with no third party involved.