5 Countries with the Cheapest Gold Prices – UAE Not on the List

Post by: Elena Malik

Dubai is widely known as a popular destination for buying gold due to its lower prices and high-quality standards. However, it may come as a surprise that Dubai is not the cheapest place to buy gold. In fact, it ranks 6th on the list of countries where gold prices are the lowest.

The topic of gold prices gained attention recently when Kannada actress Ranya Rao was arrested at Bengaluru airport for allegedly attempting to smuggle 14.2 kg of gold from Dubai. This incident has brought focus to the price differences of gold in various countries.

Top 5 Countries with the Cheapest Gold Prices

As of February 2025, the following countries offer the lowest gold prices per gram:

• United States: The price of 24K gold is Rs 8,586 per gram, while 22K gold is priced at Rs 7,874 per gram.
• Australia: The price of 24K gold is Rs 8,602 per gram, and 22K gold costs Rs 7,889 per gram.
• Singapore: The price of 24K gold stands at Rs 8,667 per gram, whereas 22K gold is available for Rs 7,949 per gram.
• Switzerland: The cost of 24K gold is Rs 8,682 per gram, while 22K gold costs Rs 7,963 per gram.
• Indonesia: The price of 24K gold is Rs 8,704 per gram, with 22K gold available at Rs 7,983 per gram.

Dubai ranks just below these countries, coming in at 6th place. As of last month, the price of 24K gold in Dubai was Rs 8,718 per gram, while 22K gold was priced at Rs 7,996 per gram. These prices fluctuate based on international market trends.

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Gold Import Rules in India

Even though gold is cheaper in some countries, bringing large quantities to India is not easy due to customs restrictions and import duties.

Import Duty on Gold

The Indian government imposes taxes on gold imports. In the Union Budget 2024-25, Finance Minister Nirmala Sitharaman reduced the import duty on gold from 15% to 6%.

The customs duty is calculated based on the tariff value of gold, which is updated regularly by the Central Board of Indirect Taxes and Customs (CBIC). As of February 28, 2025, the tariff value of gold is $927 per 10 grams, slightly lower than the previous rate of $938 per 10 grams.

Duty-Free Gold Allowance

• Indian citizens returning from abroad can bring a limited amount of gold without paying duty:
• Men can carry up to Rs 50,000 worth of gold jewellery.
• Women can bring up to Rs 1 lakh worth of gold jewellery.

This rule applies only to jewellery. If someone brings gold bars, coins, or other forms, they must pay import duty. Additionally, passengers cannot bring more than 1 kg of gold per person.

If a traveller carries gold above the permitted limit, they must declare it at customs upon arrival and provide valid purchase documents. Failing to do so may result in confiscation of gold and legal action.

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