Dubai is one of the world's largest gold trading hubs, and the Gold Souk is a global destination for gold buyers. The UAE Dirham is pegged to the US Dollar, so the gold price in AED moves closely with the international USD spot price. The UAE has no VAT on investment gold, making it one of the most cost-effective places to buy gold globally. 22K and 24K gold jewelry are the most popular choices in the region.