Local gold prices: why they differ from the global price

Josef Tufan is the founder of KTsys Solutions.

KTsys Solutions builds software for the physical precious metals business, since 2009.

Last updated 12.11.2026 · Photo altered with AI.

A local gold price differs from the international price, the spot price of gold in USD per ounce, because each market forms it in its own currency and unit, with its own taxes and, in some countries, a margin set by an industry association. In April 2026 Chinese gold traded 12–17 USD/oz (secondary source)¹ above the international price; in March 2026 Dubai sold gold up to −30 USD/oz (secondary source)² below London. In Dubai, Pakistan and Bangladesh an association publishes the price the public sees, such as the Dubai Gold Rate.^3,4,5

Why is the local gold price different from the international price?

The local gold price differs from the international price because each market forms it itself: the Shanghai Gold Benchmark Price is an auction in CNY per gram,⁶ the Dubai Gold Rate is an industry board rate that already includes a retailer markup,³ and India's IBJA rates exclude the 3 % GST.⁷

Converting the international price at the exchange rate therefore does not give the local price. On 30.07.2026 the Shanghai morning fix of 889.32 CNY/g (dealer source)⁸ came to about 4,088 USD/oz (dealer source)⁸ after conversion, while COMEX stood at 4,083 USD/oz (dealer source)⁸.

Gold premiums and discounts by country

Local gold markets trade at premiums or at discounts to the international price, and the sign can change: India moved from a discount to a small premium by 02.04.2026.

Market	Date	Premium (+) or discount (−)
China premium over international price¹secondary source	02.04.2026	12–17 USD/oz
India: from discount to premium¹secondary source	02.04.2026	−8 to 2 USD/oz
Dubai discount to London, up to²secondary source	06.03.2026	−30 USD/oz
India discount over official domestic prices, up to⁹secondary source	12.2025	−61 USD/oz
SGE premium over COMEX⁸dealer source	30.07.2026	5 USD/oz
Pakistan local premium over the international rate, about⁴secondary source	2026	20 USD/oz
Dubai 24K gram price above its spot value, about¹⁰dealer source	05.08.2026	1.6%

Figure 1: Premiums and discounts of local gold markets to the international price, 2025 and 2026, in USD per ounce or percent.

When an association sets the local gold price

In Dubai, Pakistan and Bangladesh an industry association publishes the gold price the public sees: an international reference plus a margin set by the association, converted at an official or interbank exchange rate.

Dubai: the Dubai Gold & Jewellery Group sets a per-gram rate by karat that already includes a retailer markup, reported in 2015 at 3–5% (reported, not confirmed)¹¹.³
Pakistan: the All Pakistan Sarafa Gems and Jewellers Association adds a premium of about 20 USD/oz (secondary source)⁴ to the international rate; on 21.01.2026 its rate stood at 506,362 PKR/tola (secondary source)¹², while jewellers sold at 503,000–505,500 PKR/tola (secondary source)¹².
Bangladesh: the Bangladesh Jewellers Association adds 2,500 BDT/bhori (secondary source)⁵ to the Poddar wholesale price and announced 91 changes (secondary source)⁵ in 2025.

Dubai Gold Rate: what it includes

The Dubai Gold Rate is a per-gram price by karat, set by the Dubai Gold & Jewellery Group, that already includes a retailer markup; retailers in other emirates follow it.³ On 05.08.2026 the 24-karat gram price in Dubai was about 1.6% (dealer source)¹⁰ above its spot value.

How often the Dubai Gold Rate is published is not clear: the sources conflict, and no document of the Dubai Gold & Jewellery Group states it.

Publication of the Dubai Gold Rate	Date of the source
Four times a day, Monday–Friday³sources conflict	30.11.2015
Three times a day: morning, afternoon, evening¹³sources conflict	11.11.2026
Twice daily, based on the London fix and AED–USD¹⁴sources conflict	12.11.2026

Figure 2: Three sources, three schedules for the Dubai Gold Rate. The first official 14-karat rate (29.11.2025) is reported as 301.25 AED/g (sources conflict)¹⁵.

India: IBJA gold rate vs. MCX gold price

The IBJA rate is India's reference price for physical gold, compiled twice a day from bullion dealers and banks and excluding the 3 % GST,⁷ while the MCX gold price is the price of a futures contract; the two differ every day.

Price on 10.07.2026	INR per 10 g
MCX Aug-26 gold future settlement¹⁶secondary source	143,478 INR/10 g
IBJA 24K evening rate¹⁶secondary source	143,363 INR/10 g
Gap MCX vs. IBJA¹⁶secondary source	115 INR/10 g
IBJA move between its two fixings¹⁶secondary source	452 INR/10 g

Figure 3: MCX futures settlement and IBJA evening rate on the same day; neither MCX nor the IBJA publishes new rates on weekends.¹⁶

Shanghai Gold Benchmark Price and the China gold premium

The Shanghai Gold Benchmark Price is an auction of the Shanghai Gold Exchange at 10:15⁶ and 14:15⁶ Beijing time for 1 kg bars of at least 99.99 % gold, priced in CNY per gram;⁶ the China gold premium is the difference to the international price after conversion into USD per ounce.

The calculation on 30.07.2026: 889.32 CNY/g (dealer source)⁸ × 31.1035 g per ounce ÷ about 6.77 CNY per USD gives about 4,088 USD/oz (dealer source)⁸; COMEX stood at 4,083 USD/oz (dealer source)⁸, a premium of 5 USD/oz (dealer source)⁸.

Gold prices in Moscow and Brazil

Moscow has two official gold prices in roubles per gram, the Moscow Exchange gold fixing at 12:30¹⁷ and the accounting price of the Bank of Russia; on 10.11.2026 the exchange closed at 10,840 RUB/g¹⁸, the Bank of Russia set 10,774.32 RUB/g¹⁹.

Brazil has no exchange for physical gold since B3's last trading day for gold as a financial asset on 28.03.2024²⁰; B3's GLD gold future, traded since 21.07.2025 (secondary source)²¹, settles in cash against the LBMA Gold Price.²²

How to convert local gold prices to USD per ounce

A local gold price converts to USD per troy ounce by multiplying the price per gram by 31.1035 g (secondary source)²³ per ounce and dividing by the exchange rate in local currency per USD:

Shanghai: USD/oz = CNY/g × 31.1035 ÷ CNY per USD
India: USD/oz = INR per 10 g ÷ 10 × 31.1035 ÷ INR per USD
Dubai: USD/oz = AED/g (24 karat) × 31.1035 ÷ 3.6725 AED/USD (secondary source)²³ per USD (the dirham's peg)
Pakistan: a tola is about 11.66 g (secondary source)²⁴, implied by the association's rates per tola and per 10 g
Bangladesh: a bhori is about 11.7 g (secondary source)⁵

Converter · local gold price to USD per ounce

Local price Unit Exchange rate, local currency per USD Reference price, USD/oz (optional)

Figure 4: The converter uses 31.1035 g per troy ounce; tola and bhori weights are approximate. Enter the exchange rate yourself: the page uses no live data. In the Shanghai example the source rounds the rate to about 6.77, so the result differs slightly from its 4,088 USD/oz.

Frequently asked questions about local gold prices

Why is gold more expensive in China or India than in London?

Gold in China and India is not always more expensive than in London: both markets trade at premiums or discounts that change with demand. In April 2026 Chinese gold traded 12–17 USD/oz (secondary source)¹ above the international price, while in late December 2025 India stood at a discount of up to −61 USD/oz (secondary source)⁹.

Why is the gold price in Dubai different from the international price?

The Dubai Gold Rate is a board rate by karat that already includes a retailer markup; in March 2026, when the war grounded flights, Dubai sold gold up to −30 USD/oz (secondary source)² below London.³

What is the difference between the IBJA rate and the MCX price?

The IBJA rate is India's reference for physical gold, compiled from dealers and banks twice a day and excluding GST; the MCX price is a futures price. On 10.07.2026 they were 115 INR/10 g (secondary source)¹⁶ apart.⁷

Sources for this article on local gold prices

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bdnews24, BAJUS pricing. Secondary source, EN, published 22.10.2026, accessed 11.11.2026.
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