We all know that gold is expensive. There are some countries where gold is quite cheap! But did you know that gold prices vary wildly from country to country?
This article will introduce you to where you can find the cheapest gold. We’ll also explain why gold prices differ from country to country and give tips on getting the best price when buying gold.
Why Does Gold Cost Different Prices in Different Countries?
There are two main reasons why the price of gold can differ so much from one country to another. The first reason is transportation costs. Gold is a very dense metal, so it costs a lot of money to transport it long distances. This means that countries that produce a lot of gold tend to have lower prices than countries that don’t produce much gold.
The second reason is taxes and duties. In many countries, there is a tax or duty on imported gold, making it more expensive than if you were buying it in a country with no tax or duty. Some countries also have taxes on jewelry and other items made from gold, which affects the price of those items.
So, now that we know why prices differ so much let’s look at some of the cheapest places in the world to buy gold!
To develop our ranking, we looked at gold prices from reliable sources like the World Gold Council, London Bullion Market Association, and Shard Capital. We then compared those prices to the cost of living in each country and the average income.
We found that the countries where gold is cheapest are also some of the poorest in the world. That’s no coincidence – as demand for gold increases so does its price. So, while golden rings and necklaces may be a steal in countries like Venezuela and Egypt, they come at a much higher price tag in richer nations like Switzerland and Singapore.
The table below shows the results of our research into where gold is currently the cheapest in the world. The data is based on the London Bullion Market Association (LBMA) AM gold price quoted in US dollars.
|Country||Gold Price (USD/oz)|
|From our research, we can conclude that the countries with the lowest gold prices are Switzerland, Japan, and India. In Switzerland, gold is priced at $40.56 per gram while in Japan it is $56.14 per gram. Finally, in India, gold is priced at $63.90 per gram.|