Top 5 Countries To Buy Cheapest Gold in 2024
Gold has been a preferred investment for centuries, and even in 2024, it remains a top choice for investors. Gold’s appeal lies in its intrinsic value and ability to act as a safe-haven asset, providing stability against market volatility. If you're looking to buy gold at the best possible rates, understanding where to shop is crucial. Here’s a list of the top five countries where gold is most affordable this year.
Gold can be purchased at lower prices in several countries, with Dubai remaining the top destination for consumers due to its tax-free gold market. As of July 10, 2024, the cost of one gram of 24k gold in Dubai is AED 245, equivalent to about INR 5,579.45. Other countries offering competitively priced gold include Malawi, Colombia, Australia, and Indonesia, which all feature in the list of nations with lower gold prices compared to 61 countries globally.
List of 5 Cheapest Countries To Buy Gold in 2024
Gold demand is primarily driven by four major sectors: jewellery, retail investment (in the form of bars and coins), central banks (the net official sector), and industrial manufacturing. Jewellery represents the largest portion of gold consumption globally, particularly in regions where gold is seen as both a cultural symbol and a store of wealth. In many parts of the world, gold is regarded as the only true storehouse of value, often passed down through generations. As a result, families tend to purchase more gold as their financial situation improves, viewing it as a secure and tangible form of wealth preservation. Here is the list:
|
Country |
1 gram of 24K gold price |
1 gram of 22K gold price |
||
|
Dubai |
245.00 AED |
INR 5,570.45 |
227.00 AED |
INR 5,161.20 |
|
Malawi |
131,905.00 MWK |
INR 6,346.63 |
120,825.00 MWK |
INR 5,813.51 |
|
Australia |
112.76 AUD |
INR 6,347.32 |
103.28 AUD |
INR 5,813.69 |
|
Colombia |
307,720.00 COP |
INR 6,351.73 |
281,872.00 COP |
INR 5,818.20 |
|
Indonesia |
1,236,900.00 IDR |
INR 6359.47 |
1,133,000.00 IDR |
INR 5825.27 |
The price for one gram of 24k gold in various countries shows slight variations due to factors like local market conditions, taxes, and demand. In Malawi, the price stands at approximately INR 6,346.63, while in Australia, it's slightly higher at INR 6,347.32. Colombia follows closely with INR 6,351.73 per gram, and in Indonesia, the price is around INR 6,359.47. These countries can offer competitive gold prices because of factors such as easy access to gold, lower taxes and import duties, a competitive marketplace, and a well-established reputation in the gold trade.
Dubai, often hailed as the "City of Gold," is a renowned destination for affordable gold. The absence of taxes on gold purchases, coupled with a competitive marketplace and strong demand, keeps prices low. As of July 2024, the price of 24k gold in Dubai stands at approximately AED 245 per gram, making it a top destination for gold shoppers worldwide. The city's famous Gold Souk offers a wide variety of choices from gold jewelry to bullion.
A surprising entry on this list, Malawi offers competitively priced gold thanks to favourable market conditions and minimal additional costs. As of July 2024, the price of 24k gold in Malawi is around MWK 131,905 per gram (approximately INR 6,346). With fewer taxes and a less regulated market, Malawi is emerging as an attractive option for savvy investors looking for bargain gold buys.
Australia's mining industry plays a huge role in keeping local gold prices reasonable. The country has vast gold reserves, and the competitive market, particularly in cities like Perth and Melbourne, offers some of the best rates for 24k gold, which is priced at around AUD 112.76 per gram (approx. INR 6,347). While the overall price is still higher than in some Asian markets, Australia's high quality of gold and secure trading practices make it a solid choice for gold purchases.
Known for its rich natural resources, Colombia offers affordable gold, particularly in its bustling capital, Bogotá. Prices for 24k gold are around COP 307,720 per gram (approx. INR 6,351), making Colombia one of the cheapest places to buy gold in South America. The country's evolving mining regulations and local tax benefits contribute to the attractive prices.
Indonesia has become a prime destination for buying gold in Southeast Asia. As of July 2024, the price of 24k gold is around IDR 1,236,900 per gram (approx. INR 6,359), thanks to the country’s abundant gold production and competitive market conditions. In key markets like Jakarta, local jewellers offer an extensive selection of gold at lower prices compared to Western markets.
Source: https://www.jagranjosh.com/