Gold Price in Arab Emirates Dirham
When it comes to setting the price of gold, the standard currency for doing so is the US dollar. However, if you’re trading gold in the United Arab Emirates, dealing with dollars when you use the dirham for everything else can be a headache.
The chart below seeks to bridge the gap a bit. We have three decades of daily closing prices for gold, expressed in AED.
In addition, you can monitor today’s progress of gold’s price in real time with our interactive chart. We have near constant updates for the bid, ask, high, and low prices for the day, and you don’t have to calculate how much gold would be in dirhams. Read on for all the reasons why using an AED gold price chart is the right thing to do.
Why Monitor Gold in AED?
Obviously, we already mentioned the first benefit, as it negates the mental gymnastics of contextualizing the USD price in terms of dirhams. Now, normally, there would be more discussion about the effect that exchange rates can have on investors.
Generally, a weaker currency against the US dollar drops gold prices due to decreased demand. A stronger currency against USD has the opposite effect, and its inspirational effects on investors usually results in more expensive gold.
HOWEVER, since 1997, the Arab Emirate dirham has been pegged specifically to the value of the US dollar. According to the policy, the exchange rate between the two is set in stone as 3.6725 dirhams to 1 dollar.
Thus, while using this chart in AED is undeniably useful, there isn’t a separate dimension for trading opportunities yielded from floating exchange rates on currencies.
How to Use the Gold Price Chart
Our chart is an interactive model that allows you to customize your views as your trading goals demand. You can hover your cursor or finger over any of the chart’s data points to get more specific information about the price and date associated with that point.
The only tricky thing is that you may have to shorten the timeframe of the chart in order to drill down to specific dates and prices. Larger periods of time may give you prices from the week or month, rather than an individual day. You can reduce the time period using the slider underneath the chart or by entering specific dates into the blanks on the dashboard.
You can also select preset timeframes on the dashboard, if you like. If you want to compare one period to another, you can set the amount of time you want on the slider and then move the entire slider to fit.
Finally, you can select from the radio buttons to compare the performance of various stock exchanges or commodities against gold’s performance. This ability makes it much easier to detect trends and correlations between two tangential or disparate events.
See more: Gold per gram – Gold per kilo
Gold Price in AED vs USD
Although the UAE has pegged its currency value to the dollar for almost three decades, there is some concern about the effectiveness of the policy as time passes. The goal of the policy is actually to make international oil trading easier for the UAE, rather than gold or any other commodity.
However, the lack of control over the situation can create headaches for the UAE central bank in the strict maintenance over the ratio. Big swings in global oil prices can create uncomfortable shortages or surpluses.
Now, for the gold investor, none of that really matters much. On the other hand, were the UAE to do away with the pegging policy, investors might suddenly find themselves with the opportunity to buy gold much cheaper or sell it much more expensively, depending on what the open market would have to say about the value of the dirham.
Notable Events that Caused the Price to Shift
Because the fortunes of the dirham are directly pegged to those of the American dollar, there is often quite a bit of crossover between the performance of gold in both of those currencies. However, there are several events that have shaped the path of gold’s price in dirhams, regardless of its relationship with the dollar. So, the table below is a chronicle of some of the most notable price shifts in gold’s price history.
| Date | Closing price (AED) | Notes |
|---|---|---|
| March 17, 2008 | د.إ3,688.28 | Almost two years to the day that gold could be purchased for less than 2,000د.إ, crude oil prices and inflation fears push the dirham to a new all-time high. |
| September 5, 2011 | د.إ6,982.96 | After a brief decline from 2008’s record, gold surged to a pair of all-time highs only two weeks apart in August and September 2011. The first record on August 22 placed a mark at د.إ6,971.31, only to be surpassed slightly on September 5. Both spikes reflected the ongoing Great Recession and European debt crisis that plagued the world’s markets for almost five years. |
| August 6, 2020 | د.إ7,600.88 | After setting the record in 2011, gold’s price fell beneath 5,000د.إ for most of the 2010s. It only began rising again in May 2019, but the COVID-19 pandemic created a singular bit of economic uncertainty for the entire world. As a result, gold shot up more than 2,000د.إ in just over a year and established a first-ever high at more than 7,600د.إ. |
| March 8, 2024 | د.إ8,004.46 | After pandemic fears leveled off, the price for an ounce of gold followed suit. At one point in 2022, gold could be purchased for less than 6,000د.إ. However, rising inflation fears, wars in Ukraine and Gaza, and growing unease about the outcome of the upcoming US presidential election pushed gold to its first close above the 8,000د.إ mark. |
| April 21, 2025 | د.إ12,577.44 | Gold’s price positively exploded over the next 13 months because of the persistence of all the elements present in March 2024 and an additional factor – the US enacting massive tariffs and essentially provoking a trade war with the entire rest of the world. With no one able to predict what may be coming next for the world economy, gold became the last hope for many investors seeking to preserve their net worths. |
What Influences the Price of Gold?
As we mentioned above, supply and demand are the key determinants of the price of gold. However, there are several different factors that can affect at least one of these drivers and cause a change in the price for a troy ounce of gold. So, let’s go through a few of them, though this list is not comprehensive:
- Economic stability: This metric is probably the most meaningful, as it bears a strong inverse relationship with the demand for gold. If times are good, optimistic investors tend to stick with fiat currency and more conventional investment classes. If things are feeling shaky, gold becomes more attractive, and its price tends to increase.
- Interest rates: Higher interest rates make investors more likely to pursue the returns with low-risk vehicles like bonds or treasury bills, and the price of gold usually dwindles in response. On the other hand, lower interest rates make investors seek the stability of gold.
- Inflation: Inflation occurs when a government increases its money supply without a corresponding productivity increase. As a result, each new piece of currency devalues both itself and all the other ones in circulation. Almost by definition, stable gold gains value in this way, but the effect is magnified as investors look for refuge against rising inflation.
- Central banks: The official banks of sovereign governments have the resources to make major statements with their actions. Big purchasing sprees can constrict the supply of available gold and increase demand as investors attempt to follow suit – both of which lead to an increase in the price of gold. Big sell-offs from central banks have the opposite effect and usually observe sizable declines in the price of gold.
- Geopolitical situations: Any kind of conflict can cause investor timidity and send them into the warm embrace of gold’s safe haven – leading to an increase in price. Wars of any kind, harsh regime changes, or trade dispute create a similar effect that economic instability does – investors pumping up the price of gold as they buy as much as they can.
The United Arab Emirates Economy
The economy of the United Arab Emirates is the second largest in the Arab world behind Saudi Arabia. Despite taking steps to diversify its economy, the UAE remains heavily dependent on oil sales. In fact, oil sales provide for much of the state’s budget as the UAE has some of the largest oil reserves in the world.
The real estate and construction boom in the region has resulted in some of the world’s tallest tourist hotels. These hotels feature unique designs and extreme elegance. Tourism has become a key component of the nation’s GDP, and the state continues to make various investments to aid in increasing tourism.
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