Gold Price United Arab Emirates
The United Arab Emirates is a federal absolute monarchy sometimes referred to simply as the Emirates. The nation is located at the southeast end of the Arabian Peninsula along the the Persian Gulf. The country borders both Saudi Arabia and Oman, and shares maritime borders with Qatar and Iran. The capital city of the UAE is Abu Dhabi , and the country’s official language is Arabic. The nation has a population of approximately 9,400,000 and its largest city is Dubai.
The official currency of the UAE is the United Arab Emirates Dirham. The dirham can be subdivided into 100 smaller units called fils. The dirham derives its name from the Greek word drachmae. The UAE Dirham was introduced in 1973, replacing the Qatar and Dubai Riyal. The dirham was pegged to the IMF’s Special Drawing Rights, or SDR, in the late 1970s. Since 1997, the dirham has been pegged to the U.S. Dollar with one dirham equaling approximately .272294 dollar.
The UAE Dirham is issued and controlled by the nation’s central bank known as the Central Bank of the United Arab Emirates. The central bank was established in 1980, and is headquartered in Abu Dhabi. Like other global central banks, the Central Bank of the UAE has responsibilities in addition to currency management, including maintenance of monetary policy and oversight of the country’s banking system.
Since its founding in 1980, the central bank has minted numerous commemorative coins to celebrate key events, rulers and people of the country.
If you are looking to buy gold in the UAE, prices will be quoted in dirham. Quotes may also be available in other major global currencies such as Great British Pounds, euros, Japanese yen or U.S. Dollars. Gold is most often quoted by the ounce, gram or kilo, although sometimes other local units of measure may be used.
The economy of the UAE is the second largest in the Arab world, and the nation has made significant strides in diversifying its economy. Despite such strides, however, the nation’s economy remains heavily petroleum-oriented. Dubai has smaller oil reserves compared to the other emirates, and has therefore made more progress in economic diversification.
The tourism industry within the UAE is booming, with many of the world’s most luxurious hotels being built in the region. In fact, tourism’s contribution to overall GDP has climbed sharply in recent years, and now accounts for a more significant portion of economic activity. The region features some of the tallest hotel buildings anywhere in the world, and many of these hotels have been built with the utmost attention to detail and design.
Outside of oil, gas and tourism, the region is also involved in ship repair, cement, textiles, fishing, petrochemicals and more.
Gold for investment purposes may be purchased in various forms, including bullion bars, coins, collectible coins and even jewelry. Gold bars may potentially offer investors the most cost effective solution for investment, as bars tend to have some of the lowest overall per-ounce premiums compared to other bullion products.