There are several countries where gold is bought and sold at cheap prices. Currently, the most popular choice among consumers is Dubai.Varanasi Stock
According to goldpriceindia.com, the price of one gram of 24k gold in Dubai, as of July 10, 2024, is AED 245, around INR 5,579.45Lucknow Investment. 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.New Delhi Wealth Management
The easy availability of gold, lower taxes and charges, competitive marketplace, and sturdy reputation help these countries keep their prices low.
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
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.Udabur Wealth Management
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 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 goldNagpur Stock. 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.
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.
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