• Source:JND
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Gold prices rose Rs 350 to trade near a record high at Rs 89,100 per 10 grams in the national capital on Monday amid firm global trends, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity had closed at Rs 88,750 per 10 grams on Friday. Gold of 99.5 per cent purity increased Rs 350 to Rs 88,700 per 10 grams from the previous close of Rs 88,350 per 10 grams. 

Amid record-breaking prices in India, you can try these 5 destinations for cheaper gold prices:

Dubai, UAE – The Country is popularly known as the "City of Gold". It offers the most affordable gold due to lower taxes and duties. Here, gold is typically around 10-15 per cent cheaper than in India. It is worth mentioning that the UAE has no Value Added Tax on gold. Besides, there are lower import duties, making gold a more affordable and lucrative market for Indians who are willing to buy gold at much lower prices.

Thailand– Thailand, especially Bangkok and Pattaya, is another popular spot for purchasing gold. The country offers gold jewellery at relatively lower prices compared to India, largely due to lower making charges and taxes. Gold in Thailand is usually 5-10 per cent cheaper than in India. The country has low manufacturing costs and lower taxes on gold. Gold jewellery is widely available with relatively lower making charges.

Singapore – Singapore is a key destination for gold shopping due to its lower taxes and competitive gold pricing. The country also has a well-established reputation for selling high-quality gold. Here, the prices are about 5-8 per cent cheaper than in India because the country has no GST on investment-grade gold, and it offers competitive pricing due to its well-established gold market.

Malaysia– Malaysia, particularly Kuala Lumpur, has affordable gold prices, attracting Indian buyers who are looking for lower making charges and taxes. The country has many reputable gold shops offering competitive pricing. Gold in Malaysia is around 5-10 per cent cheaper than in India because it offers lower taxes and making charges for gold, making it more affordable for buyers compared to India.

Hong Kong – Hong Kong is known for its tax-free status on gold and precious metals, which results in lower prices. The country is a major hub for gold trading, and many Indians purchase gold here due to the competitive pricing and variety of options. Gold in Hong Kong is generally 5-10 per cent cheaper than in India as it has a tax-free regime on gold and precious metals, contributing to more competitive prices and a broader selection for buyers.

Why is gold expensive in India?

The cost of gold is influenced by factors like import duties, GST, and making charges, which generally result in higher prices compared to other countries. Additionally, gold prices can fluctuate depending on global market trends.

These pricing differences make countries like Dubai, Thailand, Singapore, Malaysia, and Hong Kong attractive options for Indians seeking more affordable gold. However, it's important to consider additional expenses, such as travel costs, taxes, and duties, when purchasing gold abroad.

(With inputs from agency)