{"id":7336,"date":"2021-03-17T14:13:08","date_gmt":"2021-03-17T10:13:08","guid":{"rendered":"https:\/\/keyonerealtygroup.com\/?p=7336"},"modified":"2025-08-21T11:03:25","modified_gmt":"2025-08-21T07:03:25","slug":"dubai-the-city-of-gold","status":"publish","type":"post","link":"https:\/\/www.keyone.com\/blog\/dubai-the-city-of-gold\/","title":{"rendered":"Dubai: The City of Gold"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Crowned as \u201cThe City of Gold,\u201d Dubai is known as a chief gold trader with major retail markets and hundreds of shops selling gold in its first and oldest Gold souk. Its growth from a quiet Gulf port to a world-famous business hub is one of the reasons why it got its nickname, as well. Raw materials are sourced from Africa and are then melted and sold as finished products.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dubai owns 29% of the gold trade market while China and India follow closely behind. The tax-free status of the city and its geographical location plays a crucial role in making it a central trade hub. Tourists, traders, and residents looking to buy gold can walk in, buy jewelry and even get it customized.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Gold and COVID-19<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the impact of COVID-19 on other commodities, gold prices were up 25% in the last year. This reinforced the message that the yellow metal provides a safe option when all other assets turn sour. \u201cHistorically, this behavior has occurred as investors look for high-quality liquid assets, such as gold, in these risk-off environments,\u201d \u2013 World Gold Council<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to Dubai jewelry retailers, November and December of 2020 recorded the best levels of shoppers. Convincing even first-time buyers that gold can hold its own even as most other asset value drops.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>The City of Gold in Pictures<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Dubai&#8217;s oldest Gold Souk in Deira.<\/p>\n\n\n\n<figure class=\"wp-block-gallery aligncenter columns-3 is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img fetchpriority=\"high\" decoding=\"async\" width=\"481\" height=\"656\" src=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/golden-jewellery-in-golden-market-in-deira-dubai-F6KSTQG-e1615972894132.jpg\" alt=\"Deira Gold Souk market\" data-id=\"7341\" data-full-url=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/golden-jewellery-in-golden-market-in-deira-dubai-F6KSTQG-e1615972894132.jpg\" data-link=\"https:\/\/keyonerealtygroup.com\/?attachment_id=7341\" class=\"wp-image-7341\" srcset=\"https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/golden-jewellery-in-golden-market-in-deira-dubai-F6KSTQG-e1615972894132.jpg 481w, https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/golden-jewellery-in-golden-market-in-deira-dubai-F6KSTQG-e1615972894132-220x300.jpg 220w\" sizes=\"(max-width: 481px) 100vw, 481px\" \/><\/figure><\/li><li class=\"blocks-gallery-item\"><figure><img decoding=\"async\" width=\"620\" height=\"930\" src=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/woman-looking-at-gold-display-in-dubai-gold-souq-87D3WF4-1.jpg\" alt=\"\" data-id=\"7342\" data-full-url=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/woman-looking-at-gold-display-in-dubai-gold-souq-87D3WF4-1.jpg\" data-link=\"https:\/\/keyonerealtygroup.com\/?attachment_id=7342\" class=\"wp-image-7342\" srcset=\"https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/woman-looking-at-gold-display-in-dubai-gold-souq-87D3WF4-1.jpg 620w, https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/woman-looking-at-gold-display-in-dubai-gold-souq-87D3WF4-1-200x300.jpg 200w\" sizes=\"(max-width: 620px) 100vw, 620px\" \/><\/figure><\/li><li class=\"blocks-gallery-item\"><figure><img decoding=\"async\" width=\"1024\" height=\"692\" src=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/saj-shafique-Z7I_YvzvzZM-unsplash-1024x692.jpg\" alt=\"Deira gold souk\" data-id=\"7343\" data-full-url=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/saj-shafique-Z7I_YvzvzZM-unsplash.jpg\" data-link=\"https:\/\/keyonerealtygroup.com\/?attachment_id=7343\" class=\"wp-image-7343\" srcset=\"https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/saj-shafique-Z7I_YvzvzZM-unsplash-1024x692.jpg 1024w, https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/saj-shafique-Z7I_YvzvzZM-unsplash-300x203.jpg 300w, https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/saj-shafique-Z7I_YvzvzZM-unsplash-768x519.jpg 768w, https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/saj-shafique-Z7I_YvzvzZM-unsplash.jpg 1077w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"blocks-gallery-item__caption\">Photo by Saj Shafique on Unsplash<\/figcaption><\/figure><\/li><li class=\"blocks-gallery-item\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"756\" height=\"1008\" src=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/ken-s-TPZgnaOU-2g-unsplash.jpg\" alt=\"Deira Gold Souk\" data-id=\"7345\" data-full-url=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/ken-s-TPZgnaOU-2g-unsplash.jpg\" data-link=\"https:\/\/keyonerealtygroup.com\/?attachment_id=7345\" class=\"wp-image-7345\" srcset=\"https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/ken-s-TPZgnaOU-2g-unsplash.jpg 756w, https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/ken-s-TPZgnaOU-2g-unsplash-225x300.jpg 225w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><figcaption class=\"blocks-gallery-item__caption\">Photo by Ken S on Unsplash<\/figcaption><\/figure><\/li><li class=\"blocks-gallery-item\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/golden-jewellery-at-golden-market-in-deira-dubai-QFSLW2U-1024x683.jpg\" alt=\"Deira gold souk\" data-id=\"7346\" data-full-url=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/golden-jewellery-at-golden-market-in-deira-dubai-QFSLW2U.jpg\" data-link=\"https:\/\/keyonerealtygroup.com\/?attachment_id=7346\" class=\"wp-image-7346\" srcset=\"https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/golden-jewellery-at-golden-market-in-deira-dubai-QFSLW2U-1024x683.jpg 1024w, https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/golden-jewellery-at-golden-market-in-deira-dubai-QFSLW2U-300x200.jpg 300w, https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/golden-jewellery-at-golden-market-in-deira-dubai-QFSLW2U-768x512.jpg 768w, https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/golden-jewellery-at-golden-market-in-deira-dubai-QFSLW2U.jpg 1296w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/li><\/ul><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Guinness World of Record for the world&#8217;s largest ring showcased in Dubai and the Gold ATM that can be found in Dubai Mall, Burj Khalifa and Atlantis the Palm.<\/p>\n\n\n\n<figure class=\"wp-block-gallery columns-2 is-cropped wp-block-gallery-2 is-layout-flex wp-block-gallery-is-layout-flex\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"603\" height=\"403\" src=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/Gold-ATM-Burj-Khalifa-Dubai-UAE_thumb.jpg\" alt=\"Gold ATM in Burj Khalifa\" data-id=\"7349\" data-full-url=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/Gold-ATM-Burj-Khalifa-Dubai-UAE_thumb.jpg\" data-link=\"https:\/\/keyonerealtygroup.com\/?attachment_id=7349\" class=\"wp-image-7349\" srcset=\"https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/Gold-ATM-Burj-Khalifa-Dubai-UAE_thumb.jpg 603w, https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/Gold-ATM-Burj-Khalifa-Dubai-UAE_thumb-300x200.jpg 300w\" sizes=\"(max-width: 603px) 100vw, 603px\" \/><figcaption class=\"blocks-gallery-item__caption\">Photo by manonthelam<\/figcaption><\/figure><\/li><li class=\"blocks-gallery-item\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"352\" height=\"469\" src=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/gold-ring-1.png\" alt=\"Guinness world record for world's largest gold ring\" data-id=\"7340\" data-full-url=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/gold-ring-1.png\" data-link=\"https:\/\/keyonerealtygroup.com\/?attachment_id=7340\" class=\"wp-image-7340\" srcset=\"https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/gold-ring-1.png 352w, https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/gold-ring-1-225x300.png 225w\" sizes=\"(max-width: 352px) 100vw, 352px\" \/><figcaption class=\"blocks-gallery-item__caption\">Photo by Khaleej Times<\/figcaption><\/figure><\/li><\/ul><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Enjoy an evening at Gold on 27, Burj Khalifa.<\/p>\n\n\n\n<figure class=\"wp-block-gallery columns-1 is-cropped wp-block-gallery-3 is-layout-flex wp-block-gallery-is-layout-flex\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"550\" height=\"367\" src=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/gold-on-27.jpeg\" alt=\"Burj al Arab\" data-id=\"7347\" data-full-url=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/gold-on-27.jpeg\" data-link=\"https:\/\/keyonerealtygroup.com\/?attachment_id=7347\" class=\"wp-image-7347\" srcset=\"https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/gold-on-27.jpeg 550w, https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/gold-on-27-300x200.jpeg 300w\" sizes=\"(max-width: 550px) 100vw, 550px\" \/><figcaption class=\"blocks-gallery-item__caption\">Photo by Dubai Night<\/figcaption><\/figure><\/li><\/ul><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A whopping AED 73 million gold and diamond shoes unveiled in Dubai.<\/p>\n\n\n\n<figure class=\"wp-block-gallery columns-1 is-cropped wp-block-gallery-4 is-layout-flex wp-block-gallery-is-layout-flex\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"563\" src=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/Moon-star-shoes_16dc4678b4d_large.jpg\" alt=\"gold and diamond shoes in Dubai\" data-id=\"7348\" data-full-url=\"http:\/\/127.0.0.1:8000\/blog\/wp-content\/uploads\/2021\/03\/Moon-star-shoes_16dc4678b4d_large.jpg\" data-link=\"https:\/\/keyonerealtygroup.com\/?attachment_id=7348\" class=\"wp-image-7348\" srcset=\"https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/Moon-star-shoes_16dc4678b4d_large.jpg 750w, https:\/\/www.keyone.com\/blog\/wp-content\/uploads\/2021\/03\/Moon-star-shoes_16dc4678b4d_large-300x225.jpg 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><figcaption class=\"blocks-gallery-item__caption\">Photo by Gulf News<\/figcaption><\/figure><\/li><\/ul><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>sources: <a href=\"https:\/\/gulfnews.com\/business\/retail\/will-gold-prices-favour-uaes-shoppers-or-investors-in-2021-1.1610601460734\" target=\"_blank\" rel=\"noreferrer noopener\" style=\"color: #E74D57!important;\">https:\/\/gulfnews.com\/business\/retail\/will-gold-prices-favour-uaes-shoppers-or-investors-in-2021-1.1610601460734<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crowned as \u201cThe City of Gold,\u201d Dubai is known as a chief gold trader with major retail markets and hundreds of shops selling gold in its first and oldest Gold souk. Its growth from a quiet Gulf port to a world-famous business hub is one of the reasons why it got its nickname, as well. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60,440,3],"tags":[38,39,40,9,41,42,43,14,15,30,17,44],"class_list":["post-7336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dubai-communities-guide","category-news","category-real-estate","tag-deira-gold-souk","tag-dubai-city-of-gold","tag-dubai-gold","tag-dubai-real-estate","tag-gold-atm","tag-gold-trade-market","tag-guinness-world-record-for-largest-ring-in-the-world","tag-luxury-lifestyle","tag-luxury-properties-in-dubai","tag-property-for-sale-in-dubai","tag-property-management-companies-in-dubai","tag-the-city-of-gold"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Dubai: The City of Gold - Key One blogs<\/title>\n<meta name=\"description\" content=\"Crowned as \u201cThe City of Gold,\u201d Dubai is known as a chief gold trader with major retail markets and hundreds of shops selling gold.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.keyone.com\/blog\/dubai-the-city-of-gold\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dubai: The City of Gold - 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