Gold bar prices in the Gulf
The price of a gold bar is the value of the pure gold in it, its weight times the current 24K gram price, plus a premium the dealer adds for minting, assay, packaging and margin, plus VAT where it applies. In the UAE, bars and coins of 99% purity or more that are tradeable on world bullion markets are zero-rated from any seller under Article 36 of the Executive Regulation. In Saudi Arabia, Article 36 of the Implementing Regulations limits the zero rate to the first supply by the producer or refiner, and we read the Omani rule the same way. Kuwait and Qatar had no VAT as of our review, and for Bahrain we did not find the rule in the bureau pages we read, so the standard 10% applies in our calculator. The calculator gives the final bar price by weight, country, seller and the premium you enter, at the current ounce price. Expats in Dubai often find this is the cheapest way to hold gold in the Gulf, and the figures show why.
Expected bar price
AED 4,992
At the zero VAT rate
| Pure gold value | AED 4,894 |
| Seller premium | AED 98 |
| VAT | AED 0 |
| Rule applied | Zero on every sale |
Checked by Radif Partners · How we calculate · Editorial policy
From weight to price
Gold value of a bar = weight in grams × 24K gram price. We take the gram price from the ounce price divided by 31.1034768 g and multiplied by the country’s exchange rate. Then comes the dealer premium, usually quoted as a percentage over the market price or an amount per bar, then VAT on the total where due. The calculator takes the premium as a percentage; if the dealer names an amount, divide it by the gold value to get the percentage.
UAE: zero from any seller
Article 36 of the UAE Executive Regulation zero-rates the supply and import of investment precious metals, meaning gold, silver and platinum of 99% purity or more in a form tradeable in global bullion markets. Nothing restricts who the seller is. A bar in Dubai therefore costs the gold plus the premium only, and the gap with jewellery is wide for anyone saving.
Saudi Arabia and Oman: the first supply
In Saudi Arabia, Article 36 of the Implementing Regulations zero-rates the first supply of a qualifying metal by its producer or refiner. In Oman, the VAT Law in Article 51 lists investment gold among zero-rated supplies within the conditions of the regulations, which we read as limiting it to the first supply after extraction or refining. The calculator asks whether the seller is the refiner or producer: answer yes and we apply zero, otherwise the standard rate. The tax invoice is what settles it.
Bahrain, Kuwait and Qatar
In Bahrain the standard rate is 10% per the National Bureau for Revenue, and we did not find the investment gold rule in the pages we read, so we do not apply zero and leave you to check with the seller. Kuwait and Qatar had no VAT as of our review, so a bar costs the gold plus the premium.
Common sizes
Gulf dealers mostly sell bars of 1, 5, 10, 20, 50 and 100 g, one ounce, ten tolas and one kilo. The calculator lists the metric sizes and the kilo; for ounces and tolas use the ounce and tola calculator. The bigger the bar, the lower the premium per gram, but a large bar cannot be partly sold, so some savers prefer several mid-size bars.
When you sell
A dealer buying a bar pays the market price minus a deduction that is usually smaller than on jewellery, especially if the bar is still sealed with its invoice. Work out the immediate loss between buying and selling in the buy and sell gap calculator, and remember that any VAT paid does not come back on resale.