Why does the gold price vary so much?
Buying gold abroad is a popular strategy for investors and jewelry lovers. The price difference often comes down to taxes.
While India imposes high import duties (approx. 15%) and GST (3%), many other countries have zero taxes on investment-grade gold, making them significantly cheaper.
Here is your definitive list of the cheapest places to buy gold right now.
Top Countries With Cheapest Gold Rates
| Rank | Country | Local Price (22K per gram) | Price in INR (22K per gram) | Local Price (24K per gram) | Price in INR (24K per gram) |
| 15 | Singapore | SGD 165.80 | ₹11,274 | SGD 182.00 | ₹12,376 |
| 14 | Hong Kong | HKD 990.00 | ₹11,266 | HKD 1,079.00 | ₹12,279 |
| 13 | Australia | AUD 193.30 | ₹11,128 | AUD 210.90 | ₹12,141 |
| 12 | Saudi Arabia | SAR 462.00 | ₹10,915 | SAR 502.00 | ₹11,860 |
| 11 | USA | USD 126.50 | ₹11,208 | USD 133.50 | ₹11,828 |
| 10 | Oman | OMR 47.95 | ₹11,049 | OMR 51.35 | ₹11,832 |
| 9 | UAE (Dubai) | AED 453.25 | ₹10,934 | AED 489.25 | ₹11,803 |
| 8 | Bahrain | BHD 46.80 | ₹10,999 | BHD 50.20 | ₹11,798 |
| 7 | Switzerland | CHF 96.50 | ₹10,726 | CHF 105.50 | ₹11,726 |
| 6 | Kuwait | KWD 37.11 | ₹10,712 | KWD 40.55 | ₹11,705 |
| 5 | Malaysia | MYR 529.00 | ₹11,275 | MYR 549.00 | ₹11,701 |
| 4 | Qatar | QAR 438.50 | ₹10,650 | QAR 478.35 | ₹11,617 |
| 3 | Turkey | TRY 5,070 | ₹10,596 | TRY 5,532 | ₹11,561 |
| 2 | Thailand | THB 3,850 | ₹10,510 | THB 4,200 | ₹11,466 |
| 1 | Indonesia | IDR 2,015,000 | ₹10,652 | IDR 2,192,000 | ₹11,589 |
Disclaimer - Gold prices are highly volatile and change constantly based on the global spot market and daily currency exchange rates. The prices listed above are only indicative snapshots. Always check the live rate on the day of purchase.
Learn the simple way to understand making charges so you know exactly what you’re paying for when buying gold.
Why is gold cheaper here?
The price of gold varies so much because of local taxes, currency exchange rates, and regional market structures. Here's a simple reason why each country offers great value:
Singapore: The Safe House with Zero Tax
Singapore offers 0% tax on qualifying investment-grade gold through its "Investment Precious Metals" (IPM) scheme.
It is considered one of the safest places globally to store physical gold, making it ideal for buying and storing pure bullion in high-security vaults.
Hong Kong: Asia's Duty-Free Port
Hong Kong is a duty-free port with a fantastic 0% Import Duty and 0% VAT on gold, offering one of the most transparent markets in Asia.
This makes it a great destination for high-end luxury jewelry and investment bars.
Australia: Buying Close to the Source
As a major global gold miner (home to The Perth Mint), buying in Australia means you are closer to the source, which helps you avoid many of the transport and import costs seen in non-mining countries.
It is best known for its Australian Nugget coins and raw gold nuggets.
Saudi Arabia: Driven by Bulk Volume
While there is a VAT, it is lower than many global averages.
The immense size of the Saudi wedding and retail market creates strong competition and drives prices down through sheer bulk volume. This is an excellent place for heavy bridal sets and 21K gold.
USA: The Dollar Benchmark Advantage
The US dollar is the benchmark for gold prices, so buying here eliminates secondary currency conversion losses.
Fierce competition among online bullion dealers also helps keep premiums low on investment products. It is best for popular investment coins like American Eagles or Buffalos.
Oman: The Stable Low-Tax Haven
Oman maintains a stable exchange rate (pegged to the dollar) and keeps taxes on gold negligible to remain competitive in the Gulf region. This makes it a reliable option for buying handcrafted Omani silver and gold jewelry.
UAE (Dubai): The Flat-Fee King
Known as the "City of Gold," Dubai’s zero import duties on raw gold and high sales volume allow dealers to accept tiny profits.
Crucially, their "making charges" are often a low, flat fee rather than a high percentage, leading to significant savings on heavier items.
Bahrain: Competitive Trading in its DNA
Similar to its Gulf neighbors, Bahrain has very low taxes on gold trading.
It is historically a major trading hub, so competitive pricing and razor-thin dealer margins are central to its market. It is best for 22K jewelry with traditional Gulf designs.
Switzerland: The "Factory Gate" Price
Switzerland refines about 70% of the world's gold. When you purchase here, you are buying directly from the refineries (like Valcambi or PAMP), which eliminates shipping and handling markups.
It is the best place to buy bullion only; avoid jewelry due to high labor costs.
Kuwait: Famous for Strict Purity
Kuwaiti gold is famous for its strictly enforced purity regulations.
The local market views gold as an essential saving, which drives competition and keeps dealer margins incredibly thin. It is best for high-purity 21K and 22K jewelry.
Malaysia: Low Premiums for Investors
Malaysia offers a very competitive market for investment gold, such as the Kijang Emas coins, often carrying very low premiums over the international spot price.
It is an ideal place for investment coins and gold savings accounts.
Qatar: The Tax-Friendly Wealth Standard
Qatar maintains a tax-friendly environment for precious metals to cater to its wealthy population and expats, and the government strictly enforces purity.
It is primarily recommended for pure 24K investment bars.
Turkey: The Manufacturing Hub
Turkey is one of the world's largest jewelry manufacturers, offering incredibly low labor costs.
You can often find massive deals on high-quality designs in places like the Grand Bazaar, especially due to the volatility of the Turkish Lira. It is best for intricate, heavy jewelry designs.
Thailand: Low Workmanship Cost
Thailand is known for its extremely low labor costs, meaning you pay almost nothing for the workmanship of the jewelry.
Note that Thai gold is typically 96.5% pure (23K), which is very soft and has a different resale market than standard 22K Indian gold.
Indonesia: The Currency Advantage
The low price is largely driven by a favorable exchange rate between the Indian rupee and the Indonesian rupiah.
Indonesia also benefits from a strong domestic gold mining industry. It is best for 24K gold bars and local artisan jewelry.
Get a clear, simple comparison of Hallmark, KDM, and 916 gold to help you choose the right purity for your purchase.
Customs Charges On Gold
Your savings disappear if you get caught at the airport. Here is the exact breakdown of what you can bring and what you pay.
Duty-Free Limit
If you carry less than this, you walk through without paying a single rupee.
| Passenger | Max Weight | Max Value Cap | Condition |
| Men | 20 Grams | ₹50,000 | Must have stayed abroad for more than 6 months. |
| Women | 40 Grams | ₹1,00,000 | Must have stayed abroad for more than 6 months. |
| Children | Same as adults | Same as adults | Must have stayed abroad for more than 6 months. |
Understand the key factors that influence gold rates so you can make smarter investment decisions.
Paying Duty on Excess Gold
If you bring more than the limit above (e.g., you bought a 50 g bar), here is what you pay on the EXTRA weight.
| Your Stay Abroad | Duty Rate | Is it worth it? |
| More than 6 Months | 6% + Cess (Concessional Rate) | YES. Since India's market price includes ~15% duty, paying ~6% duty still saves you money! |
| Less than 6 Months | 36% - 38.5% (Standard Duty) | NO. You will end up paying more than the Indian price. |
Pro Tip: If you are a couple returning after living in Dubai for a year, you can legally bring 60g of gold jewelry (20g + 40g) worth up to ₹1.5 Lakhs absolutely tax-free!
Explore which nations dominate global wealth in 2025 and what drives their economic power.
The price of gold varies significantly around the world due to a mix of local taxes, currency exchange rates, and regional market structures (like refining hubs or massive retail volumes).
While the Gulf and Asian countries (like UAE, Qatar, and Turkey) offer the lowest retail price on jewelry due to negligible taxes and low making charges, countries closer to the source or with favorable investment laws, like Switzerland, Australia, and Singapore, are often the best for buying pure investment-grade bullion.
For Indian buyers, the potential savings abroad are substantial, but the advantage is entirely negated by Indian customs duty if you exceed the minimal tax-free limit.
The key to maximizing your savings is a simple trade-off: accept the duty-free limit on jewelry from a low-tax haven, or prepare to pay the concessional 6% duty to still save on gold purchased at a lower pre-tax international spot rate.
Global prices may vary, but you can start buying in 100% pure, secure digital gold on Jar in just 30 seconds.
Buy gold now on Jar and start building your wealth today!
Frequently Asked Questions
I'm just going for a 4-day holiday to Dubai. Can I bring gold back cheap?
Technically, no. Since you haven't stayed for 6 months, you don't get the "Duty-Free Allowance."
However, many tourists wear a small chain or ring (personal effects) without issues, but legally, customs can charge you ~38% duty on it. Be careful.
Is 22K or 24K better for investment?
If you want to sell it later for cash, buy 24K bullion (bars/coins). You don't lose money on "making charges." If you want to wear it, buy 22K. 24K is too soft for jewelry and will bend/scratch easily.
Why is 'Making Charge' such a big deal?
In India, if gold is ₹70,000, a jeweler adds ~15% making charge = Total ₹80,500.
In Dubai, on the same gold, they might add a flat ₹2,000 fee = Total ₹72,000. That is where the real saving is, not just the gold price!
Can I pay in Indian rupees in these countries?
In Dubai and some parts of Thailand, yes, but the exchange rate will be terrible. Always use a Zero-Forex Markup Card or local currency for the best deal.
