Gold Price UK vs UAE: London vs Dubai Gold

The table below shows both countries' rates per gram and per ounce in local currency and in US dollars. In dollar terms, the two rates are nearly identical — London sets the international price, and Dubai tracks it with no import duty. The metal price is the same in both cities.

The difference is in what is added: the UK's bullion market adds a small dealer premium and no VAT; Dubai's souq adds making charges (for jewellery) and 5% VAT on jewellery — but zero VAT on investment bullion. For bars and coins, both markets are effectively tax-free at purchase.

UK: investment-grade gold is exempt from VAT, and British legal tender gold coins (sovereigns and Britannias) are exempt from capital gains tax entirely. A UK investor holding Britannias pays no tax on purchase and no tax on sale — one of the best treatments in the world.

UAE: no import duty on gold, 5% VAT on jewellery, and investment-grade bullion zero-rated (no VAT). There is no capital gains tax in the UAE at all, so a Dubai buyer pays no tax on gains either. For a resident of either country, gold is close to tax-free — the UK through its coin exemption, the UAE through having no CGT.

London offers the world's deepest bullion market: LBMA-approved bars, the Royal Mint's Britannias and sovereigns, and the largest gold ETF market in Europe. It is a market for investors — bars, coins and vault storage, bought online or from established dealers.

Dubai offers the world's most vibrant retail gold market: the Gold Souq's hundreds of shops, every karat and every style, with bargaining expected and making charges negotiable. It is a market for buyers — jewellery and bullion, bought in person, with the daily rate displayed on every shopfront.

In the UK, buy from the Royal Mint, established bullion dealers (BullionByPost, Chards, Atkinsons), or LBMA members. Buy Britannias or sovereigns for the CGT exemption, and store larger holdings in allocated vault storage.

In the UAE, buy from the Gold Souq in Deira, Dubai, or from established mall jewellers in Dubai and Abu Dhabi. Compare making charges between shops, bargain in the souq, and buy bullion (zero-rated) rather than jewellery (5% VAT) if you want gold for value.

Both markets are outstanding, and the choice depends on what you want. For investment gold held long-term, the UK's CGT-exempt coins are hard to beat — no tax on purchase, no tax on sale. For buying gold in person, with the widest choice of jewellery and the pleasure of the souq, Dubai is unmatched.

For a British expatriate in Dubai, the best of both worlds is available: buy bullion in Dubai (zero-rated, no CGT) and buy Britannias in London (CGT-exempt) — and hold both for the long term.