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List Of Countries With Cheapest Gold Prices: The recent arrest of Kannada star Ranya Rao at the Bengaluru airport for allegedly smuggling 14.2 kg of gold from Dubai has highlighted the disparity in gold prices between countries. Although Dubai is known as a hub for gold purchases, it is not the cheapest place to buy the yellow metal; in fact, it ranks sixth in the world. Even the UK, where many countries reserved their gold, is not amongst the top 5. 

Where can I find the cheapest gold?

The five countries with the lowest gold prices per gram as of February 2025 are:

- United States: Rs 8,586 for 24K gold, Rs 7,874 for 22K gold

- Australia: Rs 8,602 for 24K gold, Rs 7,889 for 22K gold

- Singapore: Rs 8,667 for 24K gold, Rs 7,949 for 22K gold

- Switzerland: Rs 8,682 for 24K gold, Rs 7,963 for 22K gold

- Indonesia: Rs 8,704 for 24K gold, Rs 7,983 for 22K gold

With 24K gold priced at Rs 8,718 per gram and 22K gold priced at Rs 7,996 per gram, Dubai comes in sixth place.

International markets influence gold prices, which makes certain countries more attractive to gold buyers. However, due to customs laws and duties, buying gold from outside at a lower price does not always result in greater savings when imported into India.

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Rules for importing gold into India

Customs duty on gold

To control inflows, India levies an import tax on gold. Finance Minister Nirmala Sitharaman reduced the import tax from 15% to 6% in the Union Budget 2024-2025. Despite this reduction, importing gold into India is still expensive.

The Central Board of Indirect Taxes and Customs (CBIC) periodically updates the tariff value of gold, which is used to determine customs duty. Earlier fixed at $938 per 10 grams, the tariff value has now been fixed at $927 till February 28, 2025.

Duty-Free Gold Allowance

Subject to the following restrictions, Indian citizens returning from abroad are allowed to carry gold jewellery without paying duty:

Men: Gold jewellery worth up to Rs 50,000

Women: Gold jewellery worth up to Rs 1 lakh

Gold coins, bars and bullion are not eligible for this exemption and will have to pay customs duty; this applies only to jewellery. Additionally, travellers are allowed to bring up to 1 kg of gold per person; however, anything more than this has to be declared. It is important to have the correct paperwork, including proof of purchase. Failure to declare gold may result in legal action and confiscation.

Legitimate buyers need to understand gold import rules and taxes to prevent legal issues and monetary losses.

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