In which Country Gold is Cheap in 2025?

By Team Gullak

Last updated : Aug 21, 2025

4 min read

When buying Gold in Bulk, one of the most frequently asked questions is, "Which country has cheapest gold?"

Here's a list of countries where Gold is comparatively cheaper than in India:

In this article, we'll go over the current gold price in these countries and compare them to Gold Price in India.

Countries with the Cheapest Gold and Price comparison

In this section we will compare Gold price in India against Gold price in these countries. For instance, the current Gold Price in India is ₹10,234/gm. Now let's compare using a table:

From the table above, we can see that Switzerland, Hong Kong, Turkey, Indonesia, Colombia & Malawi have the cheapest gold rates in the world.

Dubai (UAE): Known as the “City of Gold,” Dubai is one of the world’s biggest gold trading hubs. The government has kept import duties extremely low, and with no VAT on gold jewellery until recently, it remains a popular destination for Indians to buy gold.

Malawi, Colombia & Indonesia: These countries don’t have as large gold jewellery markets as India, but they are gold-producing nations. Local availability and lower import tariffs make gold prices comparatively cheaper here.

Australia: Being a major gold-mining country, Australia benefits from domestic production. This reduces the need for imports, and hence gold prices are slightly lower compared to India.

Bahrain, Kuwait, Oman, Qatar & Saudi Arabia: Gulf countries usually sell gold at prices close to international spot rates. With minimal taxes and high-volume trading, their prices often undercut India’s.

Singapore: Singapore is considered Asia’s “gold vault.” As a global financial hub with transparent markets, gold trades at nearly international rates, making it a safe and slightly cheaper buying point compared to India.

USA & Switzerland: Both are global financial powerhouses with established bullion markets. Switzerland, in fact, is home to some of the world’s largest gold refineries. Gold trades close to international benchmarks, which often makes it cheaper than Indian retail prices.

Hong Kong: A duty-free gold market with highly competitive pricing. Hong Kong has long been a hub for gold traders in Asia, and prices are very close to global spot rates.

Turkey: Known historically for its strong jewellery market, Turkey is also a gold producer. Prices here are competitive and often cheaper than India because of strong local demand and supply balance.

Here's what you need to know before buying Gold from outside India

When you bring in Gold from outside India in bulk quantity, it gets subjected to Custom Duties on the buy price of the Gold. Here's how much custom duty you'll be paying -

For Men:

For Women & Children:

So, let's say, you buy 60 gms gold from Malawi at ₹9376.81/gm. Your total bill comes out to ₹5,62,608. When bringing it to India, you'll be subjected to 6% custom duty and your total amount paid(custom duty + gold price) will be ₹5,96,365. Hence, the price difference between the price outside and Indian gold price won't be a lot. Read more about custom duty on gold and other taxes here.

TL;DR

Gold is often cheaper in countries like Switzerland, Hong Kong, Turkey, Indonesia, Colombia, Malawi, and Dubai compared to India, mainly because of lower taxes, import duties, and local supply advantages. While India’s gold price is around ₹10,234/gm, many of these countries sell at ₹9,300–9,600/gm, creating a visible price gap. However, once you factor in custom duties (3–10%) and other import regulations when bringing bulk gold back into India, the effective price difference shrinks significantly. In most cases, buying abroad isn’t drastically cheaper unless you’re making small, personal purchases within duty-free limits.