10 Cheapest Countries to Live in 2024 at Affordable Cost

Gold is a precious metal with cultural and investment significance. People buy gold for investment, cultural reasons, and adornment. 

However, gold prices vary due to factors like taxes, import duties, and market demand. Because of this, some countries have become hubs for gold purchases, offering lower prices.

In India, gold is especially significant and plays a crucial role in weddings and festivals. As of February 2025, the price of 24K gold in India is ₹85,370 per 10 grams, while 22K gold costs ₹78,250.27 per 10 grams.

In this article, we’ll explore the top 5 countries to buy the cheapest gold in 2025. These countries offer gold at significantly lower rates compared to India.

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List of 10 Cheapest Countries To Buy Gold in 2025

According to reports and trusted gold websites, here’s the list of the top 5 countries to buy the cheapest gold in 2025. The list includes:

Note: Prices may vary. Data is accurate as of February 4, 2025.

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Cheapest Countries To Buy Gold in 2025

• USA: The United States leads with the lowest price at ₹72,280. This is significantly influenced by the strength of the US dollar. When the dollar is strong, gold becomes more affordable for those using other currencies. Additionally, competition among gold dealers in the U.S. can drive prices down. Some jewellers also offer competitive rates for gold jewellery, making it a potentially attractive option for buyers, even with added customs considerations.
• Australia: Following closely is Australia, with gold priced at ₹73,580. As a major gold-producing nation, Australia benefits from readily available supply, which helps keep prices competitive. The Australian government’s policies on gold mining and export also impact prices. The Perth Mint, owned by the Government of Western Australia, is a significant player in the global gold market.
• Singapore: Singapore, with a price of ₹77,110, stands out due to its favourable tax policies. Investment-grade gold is exempt from the Goods and Services Tax (GST), making it cheaper than in countries with such taxes. Singapore’s reputation for financial stability, secure storage facilities, and robust legal framework also makes it a preferred location for investors and gold traders, further influencing prices.
• Switzerland: Gold in Switzerland is priced at ₹78,660. Switzerland’s status as a global financial centre and its strong currency, the Swiss Franc, influence gold prices. The Swiss National Bank’s monetary policies and the country’s role as a safe-haven asset for investors also affect gold trading and pricing.
• Indonesia: At ₹78,860, Indonesia’s gold market is shaped by its status as a gold-producing country. Local production and the dynamics of supply and demand within the country contribute to its competitive pricing. Government regulations and trade policies related to gold also play a significant role in the Indonesian market.

• Dubai, UAE: Dubai is renowned for its tax-free gold shopping, with 24k gold priced at approximately ₹78,960 per 10 grams and 22k gold at ₹74,690. The city’s famous Gold Souk offers a vast selection of gold products at prices closely linked to international rates. The absence of taxes and duties makes Dubai a favoured destination for gold buyers seeking high-quality products at competitive prices. 

• Turkey: Turkey offers 24k gold at approximately ₹79,310 per 10 grams and 22k gold at ₹70,960. The country’s rich history in gold craftsmanship and its strategic position as a bridge between East and West contribute to its vibrant gold market. Istanbul’s Grand Bazaar is a renowned destination for gold buyers, offering a wide range of products. 

• Hong Kong: In Hong Kong, 24k gold is priced around ₹79,400 per 10 grams, with 22k gold at ₹72,800. Hong Kong’s status as a major financial hub, coupled with the absence of VAT, or sales tax on gold, keeps prices competitive. The city’s reputable gold shops, such as Chow Tai Fook and Luk Fook, offer a wide selection of high-quality gold items.

• Malawi: Malawi offers 24k gold at approximately ₹79,400 per 10 grams and 22k gold at ₹72,460. The country’s favourable market conditions and minimal additional costs contribute to its competitive gold pricing. Malawi’s emerging status provides opportunities for buyers seeking affordable options.

• Colombia: In Colombia, 24k gold is available at approximately ₹79,500 per 10 grams, while 22k gold is priced at ₹72,440. Colombia’s rich natural resources and evolving mining regulations contribute to its affordable gold prices. Bogotá, the capital city, hosts a bustling gold market with numerous dealers offering a variety of products.

How Does India’s Gold Price Compare to Other Major Gold-Buying Countries?

As of February 2025, gold prices in India are experiencing an upward trend. Here’s a comparison of India’s gold prices to other major gold-buying countries, based on recent data:

Recent Gold Rates in India (February 2025):

• 24K gold: ₹8,793 per gram or ₹87,060 per 10 grams
• 22K gold: ₹8,060 per gram or ₹79,800 per 10 grams

Comparison with other countries: A direct comparison of gold prices in other major countries as of February 2025 is not available in the search results. However, one source provides today’s 22-carat gold rate in major countries (1 gram):

• Bahrain: ₹6,916
• Kuwait: ₹7,550
• Malaysia: ₹7,058
• Singapore: ₹6,658
• United Arab Emirates: ₹6,394
• United States: ₹6,252

Factors Affecting Gold Prices in India:

• Global gold rates: Influenced by international market trends and the strength of the US dollar.
• Rupee-dollar exchange rate: A weaker rupee increases import costs, raising domestic gold prices.
• Government policies: Import duties and taxes can significantly impact the final price of gold.
• Inflation: Gold is often seen as a hedge against inflation, leading to increased demand and higher prices during economic instability.
• Seasonal demand: Demand surges during festivals and weddings, affecting market supply and prices.
• Geopolitical factors: Political instability and global conflicts increase gold’s appeal as a safe-haven asset, driving up prices.

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