There are several countries where gold is bought and sold at cheap prices. Currently, the most popular choice among consumers is Dubai.
According to goldpriceindia.com, the price of one gram of 24k gold in Dubai, as of July 10, 2024, is AED 245, around INR 5,579.45. Malawi, Colombia, Australia, and Indonesia are also on the list for comparatively lower prices than 61 countries worldwide.
The price for one gram of 24k gold in Malawi is INR 6,346.63, INR 6,347.32 in Australia, INR 6,351.73 in Colombia, and INR 6,359.47 in Indonesia.
The easy availability of gold, lower taxes and charges, competitive marketplace, and sturdy reputation help these countries keep their prices low.
Comparison Table of Cheapest Countries to Buy Gold
The following countries are some of the world’s cheapest for gold. The price per gram of 24-karat and 22-karat gold is listed below as of July 10, 2024.
Source: GoldPriceIndia
Tips To Buy Gold Internationally
As tempting as buying cheap gold is, it’s essential to exercise caution when buying it abroad. For instance, security, logistics, and taxes are all things you would want to consider before flying to another country to purchase gold. Here are tips to ensure the purchase process is as smooth as possible.
- Familiarize yourself with laws and regulations regarding purchasing and carrying gold from the country that you are eyeing.
- Learn about customs fees and any other charges levied during the transportation phase.
- Remember that current exchange rates have a bearing on the fair price of gold.
It’s also important to buy gold from sources that are trustworthy and have credibility in the market.
Read more: How Much Gold is Allowed From Dubai to India
Gold Stock vs. Gold Bullion vs. Gold Jewelry
Gold stocks are market-linked instruments and are more volatile than bullion or jewelry. If the mining company goes bankrupt, you can lose money. However, stocks are safer and don’t need the insurance that physical gold might require.
The price of jewelry is higher compared to bullion because you pay up for art, craft, and craftsmanship over the price of gold. For bullion, you pay the spot price and a small premium. Also, bullion’s purity is higher than jewelry’s, though the price is lower. Therefore, for investment purposes, people prefer bullion over jewelry.
However, jewelry is a more sought-after option for people looking for aesthetics or personal enjoyment of gold and investment. Remember that the resale value of jewelry is lower because when selling, only the value of gold is considered, not the craftsmanship.
Buying Gold Abroad: Sources
There are ample sources available to buy gold in any country’s marketplace. Most countries have these three trustworthy options. However, we still advise caution regarding dealers and new or discredited jewelers.
Banks: Swiss, Austrian, Saudi Arabian, and Hong Kong banks sell gold and offer great deals. The trust factor with banks is usually higher.
Online and Offline dealers: Some dealers also offer great deals on gold purchases and might have varied options. Online dealer offers in places like the UAE are usually more attractive than offline dealers.
Jewelers: Jewellers are convenient to find, have an established reputation, and are an excellent option for jewelry seekers. They also keep coins and bullion.
Next steps: Insuring Your Gold
Keeping your gold safe is imperative; therefore, keeping it insured might be a good next step. Get your gold appraised to ensure you get proper coverage. Also, we advise you to read the insurance documents carefully to know what is covered. Some insurers only cover theft, while some also cover damage and loss. So ensure there is as much coverage for your gold as you need.
Frequently Asked Questions (FAQs)
Can tourists abroad buy gold?
Tourists can buy gold. Places like Dubai are known for their bustling gold markets, which attract tourists. However, ensuring the commodity is purchased from a reputed source in foreign lands is vital. It’s also important to be cautious of counterfeit gold.
Does the choice of country matter while purchasing gold?
The country you select will affect the credibility of the purchase. Some countries have a better reputation than others. The government also changes tax regulations, customs rules, and the safety of your purchase.
Is buying gold a good investment?
It’s a good investment in times when the financial markets are faltering. It can keep you safe when the economy is marred by inflation or political turmoil in the country.
What are the benefits of buying physical gold?
The benefits of owning physical gold include holding tangible assets and protecting assets in times of monetary crisis when banks might pay out in cash instead of metal. Additionally, gold stocks are more volatile than physical gold.
What is 100% pure gold called?
It’s called 24k gold.
