Gold CHEAPER than India in these 7 places…, not China, Russia or UAE but…
Gold Prices Lower Than India in These 7 Countries: Gold and silver are the two precious metals that are in high demand for centuries. Gold is considered beneficial for any country’s economy because of its role as a stable store of value. It is a hedge against inflation, currency devaluation and a safe-haven asset during times of economic uncertainty. These are the reasons why the prices of the glittery yellow metal are always high. India is also one of the biggest consumers of the precious metal. In India, gold is not just jewellery, but an asset that people can use during their hard times. The prices of gold in India are surging every day. Recently, during Diwali, the prices of the yellow metal touched an all-time high mark, making it difficult for people to buy it. But do you know there are places where gold is cheaper than in India? Let’s check out.
Why Is Gold Expensive?
Gold is universally valued and its price depends on various factors. The price an individual pay for the yellow metal can vary depending on the country. Factors that effect gold prices are taxes, import duties, and local demand. For people who are planning to buy a good amount of gold as an investment, knowing where its cheaper, can make a major financial impact and also save a hefty amount.
7 Places Around The World Where Gold Prices Are Less Than In India
Dubai
It is not wrong if we call Dubai as a shopping paradise of the world. The United Arab Emirates city is also known for its gold shopping because of its minimal taxes and less import duties. This month, the price of 24 carat gold was around Rs 1,14,740 per 10 grams in Dubai, cheaper than India, where 10 gram of 24K gold sold at Rs 1,23,035.
United States
In United States, the prices of gold are comparatively less than India. 10 grams of 24k gold costs Rs 1,15,360. The gold market in US benefits from balanced taxation policies and massive trade volume. Currency strength and strict regulation also plays a vital role in reducing gold prices.
Singapore
In Singapore, gold prices are less, as compared to India because of their government’s tax exemptions. The price of 24k gold stands at around Rs 1,18,880 per 10 grams. The strong financial ecosystem and transparent pricing policies help in reducing the prices of the yellow metal.
Hong Kong
The gold market here benefits from the government’s imposed low import duties and a high volume of gold trading. 10 grams of 24k gold is priced Rs 1,13,140. Notably, Hong Kong tops the list of Asia’s cheapest gold-buying locations.
Turkey
In Turkey, price of the yellow metal for 24K gold is about Rs 1,13,040 per 10 grams. People here purchase gold for investments and jwellery purposes. The government imposed lower tax rates to keep gold rates down.
Kuwait
In Kuwait, 10 grams of 24K gold cost around Rs 1,13,570. Low taxes and import duties keep the cost down. Kuwait’s position as an oil-rich country backs it, stabilising currency fluctuations. It also indirectly supports gold prices.
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