Gold is an asset that has maintained its popularity for centuries. Even now, with multiple investment options and asset classes available, gold, being a tangible asset, remains one of the top choices for investors due to its intrinsic value. It has consistently competed well against other high-return instruments, including equities, and has often outperformed them in the medium to long term.
India has been one of the leading importers of gold in the world for many decades. What drives Indians to buy gold? Beyond its role as an investment and wealth creation tool, gold holds significant cultural value. India is one of the few countries where gold jewelry for brides is essential across all regions, from north to south, which contributes to domestic gold prices. Special festivals like Dussehra and Diwali also see a surge in gold purchases, with prices typically rising during the festive season.
Gold prices vary globally, differing from country to country. In this story, we will explore the countries with the cheapest gold prices.
Also read: Gold Rates Before Dhanteras and Diwali: Check out gold prices from top jewellers
Top 5 countries with the cheapest gold rates: Prices significantly lower than India
Indonesia
Indonesia is an East Asian country. The gold rate in the country is among the cheapest in the world, and its quality is also good. The 24-karat gold rate in Indonesia stands at 1,330,266 IDR (Indonesian Rupiah) per 10 grams, which is approximately Rs 71,880 per 10 grams.
Malawi
Malawi is an East African country. The 24-karat gold rate in that country stood at 1,482,660.70 MWK (Malawian Kwacha) per 10 grams, translating to Rs 72,030 per 10 grams. Compared to today’s 24-karat gold rate of Rs 77,700 per 10 grams in India, there is a difference of Rs 5,670 per 10 grams.
Hong Kong
Hong Kong is a special administrative region of the People’s Republic of China. 24 karat gold price in the country was HKD 665 per 10 grams or Rs 72,050 per 10 grams. Compared to today’s 24-karat gold rate of Rs 77,700 per 10 grams in India, there is a difference of Rs 5,650 per 10 grams.
Cambodia
Cambodia is also known for its good quality gold. The price of 24-karat gold is much lower than in India. As of October 12, the price of gold in Cambodia is 347,378.43 KHR (Cambodian Riel), or Rs 72,060 per 10 grams.
Dubai, UAE
Dubai is one of the 7 Emirates that make up the United Arab Emirates (UAE). Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al-Quwain, Fujairah, and Ras Al Khaimah are other 6 Emirates. Dubai has the cheapest gold rate even compared with other Emirates in the UAE, thanks to its tax-friendly regulations. Also, gold in Dubai is considered to be of high quality and safe to buy.
On October 12, 2024, gold price of 24-karat purity in Dubai was quoted at AED 3180.25 per 10 grams (around Rs 72,840). Compared to 24-karat gold price in India, there is a price difference of Rs 4,860 per 10 grams.
Note: The source for these gold prices is livepriceofgold.com.
Conclusion:
There are several other countries where gold prices are lower than that of India. In this article, we learnt that countries like Indonesia, Malawi, Hong Kong, Cambodia, and Dubai offer gold at rates considerably lower than those in India, presenting appealing opportunities for savvy investors. Understanding these global price differences can help consumers make informed decisions.