Where is Gold cheaper than in India?
If you’re considering buying
gold internationally, you’re not alone. Many gold buyers, especially from
countries like India, where gold prices are relatively high, are looking abroad
for better deals.
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As of February 2025, the
price of 24K gold in India is around ₹86,667 per 10 grams.
But in several other countries, gold can be significantly cheaper. Let’s take a
look at six countries where gold prices are lower than in India, and explore why.
1. United States
Price: ₹72,280
per 10 grams
Difference
from India: ~₹14,387 cheaper
Why
It’s Cheaper:
- Strong U.S. dollar and local gold production
- Lower taxes (India has 10% import duty + 3% GST)
- Highly competitive market among dealers
The U.S. offers a favorable environment for gold
buyers due to efficient pricing and minimal extra charges.
2. Australia
Price:
₹73,580 per 10 grams
Difference
from India: ~₹13,087 cheaper
Why
It’s Cheaper:
- Australia is one of the world’s top gold producers
- The Perth Mint plays a global role in gold pricing
- Lower import duties and robust supply chains
Australia’s steady production and streamlined
gold market make it a smart destination for gold buyers.
3. Indonesia
Price:
₹71,880 per 10 grams
Difference
from India: ~₹14,787 cheaper
Why
It’s Cheaper:
- Minimal taxes and a competitive jewelry market
- Lower premiums on gold in places like Jakarta
- Local gold refining helps keep costs low
If you're in Southeast Asia, Indonesia offers
some of the best prices for 24K gold.
4. Hong Kong
Price:
₹79,400 per 10 grams
Difference
from India: ~₹7,267 cheaper
Why
It’s Cheaper:
- No VAT or sales tax on gold
- Efficient, open trading markets
- Easy access to global gold rates
Hong Kong remains a gold-trading hub with
prices that closely follow international trends, minus the taxes.
5. Dubai, UAE
Price:
₹78,960 per 10 grams
Difference
from India: ~₹7,707 cheaper
Why
It’s Cheaper:
- No import duty or VAT (tourists can even get VAT
refunds)
- Prices linked directly to global rates
- World-famous Gold Souk and tax-free shopping
Dubai is a hotspot for gold shopping,
especially for Indian travelers looking to buy quality gold at lower rates.
6. Cambodia
Price:
₹72,060 per 10 grams
Difference
from India: ~₹14,607 cheaper
Why
It’s Cheaper:
- Lower taxes and government levies
- A growing gold market with increasing competition
- Reasonable pricing, especially for bulk purchases
Cambodia might not be on everyone's radar,
but it’s an emerging player in the gold scene with very competitive prices.
A Few Things to Keep in Mind
💱
Prices Fluctuate Daily
Gold prices are influenced
by global market trends, currency exchange rates, and local supply-demand
dynamics. Always check the latest prices before making a purchase.
💼
Factor in Additional Costs
When buying gold abroad, consider:
- Customs duties (India currently charges 6% on gold
bars up to 1kg)
- Currency conversion fees
- Transport and insurance risks
- Local taxes (where applicable)
🇮🇳
Why Is Gold Expensive in India?
- Strong cultural demand (e.g., weddings, Diwali)
- A weaker rupee compared to the U.S. dollar
- Heavy reliance on gold imports with high duties
These factors increase domestic prices,
making foreign gold appealing for savvy buyers.
⚠️
Buy Smart, Buy Safe
- Always buy from reputable dealers
- Ask for authenticity certificates
- Keep invoices and paperwork
- Be aware that importing rules, smuggling is illegal and
carries serious penalties
For instance, while Dubai
allows a 5% VAT refund for tourists, bringing gold back to India above the
duty-free limit without declaration is not worth the risk.
Final Thoughts
·
Gold shopping abroad can save you money, especially
if you’re traveling to places like the U.S., Australia, or Dubai. Remember to weigh the total cost, including duties and travel, before buying. And most
importantly, stay legal and informed.
·
For real-time rates, check trusted sources
like local jewelers, financial websites, or gold exchanges in your destination
country.
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