Market
The Dubai gold market in figures — and the reference we price against.
The hub
Dubai sits at the crossroads of the physical gold trade.
By the Dubai Multi Commodities Centre’s (DMCC) account, between 13 and 15 per cent of the gold traded globally passes through Dubai each year, making the emirate the world’s second-largest physical gold trading hub after Switzerland. In 2024, the UAE’s foreign trade in precious metals reached nearly AED 625 billion — roughly USD 170 billion.
The market is deep on infrastructure as well as flow. DMCC’s free zone concentrates vaulting, refining and trading; the Dubai Gold & Commodities Exchange (DGCX) lists gold contracts priced loco Dubai; and the sector is regulated at the federal level by the UAE Ministry of Economy, with national standards such as the UAE Good Delivery Standard setting quality and transparency specifications for traders and refiners.
We trade inside this flow as a Dubai-mainland licensed company. In a hub this deep, access to metal is rarely what separates counterparties — the integrity of the record behind the metal is. That is the premise of GTM.
Market statistics: DMCC, Gold & Precious Metals Business Fact Sheet (2025).
One benchmark, two expressions
| Global benchmark | The LBMA Gold Price (PM), set in London, is the reference used across the global wholesale market — and the pricing reference named in our Order Confirmations. |
|---|---|
| Loco Dubai | Physical gold in Dubai trades around the global reference, with local premiums or discounts reflecting logistics, bar format and demand. DGCX lists gold contracts deliverable in Dubai. |
| Local quotation | Dubai’s retail market quotes gold in UAE dirhams per gram, by karat (24K / 22K / 21K / 18K). The dirham is pegged to the US dollar at AED 3.6725. |
| Conversion | 1 troy ounce = 31.1035 grams. An indicative AED-per-gram figure is the USD spot price × 3.6725 ÷ 31.1035. |
Two expressions, one benchmark: our transaction prices are fixed only by the Order Confirmation issued by the Seller, referencing the LBMA Gold Price (PM). Dubai’s dirham-per-gram quotations are the same market, seen through the local lens.