Everyone wishes to buy gold. It is considered the best option for investment purposes and to provide yourself with financial security during unstable times. It offers true diversification and protects against government debt and deficits.
There are numerous advantages to investing in gold and other precious metals if you know the right place to buy them. If you are searching for good-quality gold jewelry either for business or to add to your jewelry collections, then you have come to the right place.
This article is intended to provide you with appropriate information regarding places offering cheap gold prices to facilitate you.
Table Of Contents
The Cheapest countries to buy gold
Hongkong
Hong Kong is the cheapest country to purchase gold from. You can get gold at a lower price than what’s common in other countries. The gold rate depends on the number of people interested in buying gold in a particular area.
As there are more purchasers of gold in Hong Kong, there is a big price difference between Hong Kong and the mainland, when buying gold jewelry in the same brand of the gold jewelry shop.
In addition to this, there is no value-added tax and tariff which contributes to the reduced prices of gold.
Generally, the price of gold jewelry on the mainland entails the listing price and the labor fee. Whereas in Hong Kong, the total rate involves firstly the pure gold price, then the commission which is normally 0.5%-1% of the real gold price. The shop will print each price on the bill.
The premium on Australian nuggets in Hong Kong costs around $1936 for a one-ounce gold coin. If you are willing to buy gold from Hong Kong, then your expenditure would be 2,195 Dirham for 24 karats and 2,062.50 Dirham per 10 grams for 22 karats.
So, if you are a jeweler searching for incredible deals then all you have to do is to visit a bank in Hong Kong to take advantage of the most reasonable prices.
Dubai
The country has become one of the reasonable places to purchase gold and other precious metals. In Dubai, 24 karat gold is sold at 2195 dirham per 10 grams and 22 karats of gold are retailed at 2062.50 per 10 grams.
Therefore, Dubai is a good starting place for those looking for the cheapest gold jewelry as some enormous shops and markets show expertise in dealing with the best gold jewelry.
Switzerland
Switzerland is not only known for having the best financial system or being the watch capital in the world but also for its low prices of gold. It has very encouraging gold-holding laws. Gold bullion is classified as a currency equivalent in Switzerland.
Therefore, gold for purchasers is free from customs duties and value-added tax, and after all Tiffany and Co. has set up in Switzerland. You can get one ounce of gold coin for $1,943. Moreover, the country offers multiple options for gold storage.
United States
The United States is the world’s leading financial and military power. Its economy generates around one-quarter of the world’s revenue. This might be unexpected for you, but it is one of the best places to buy inexpensive gold.
Due to financial stability, the country manages to offer good contracts and very low prices for gold even lower than Hong Kong sometimes.
Austria
Just like the US, Austria offers very good deals on gold. Consumers are benefitted by getting gold coins at economical prices such as $1948. Newly minted gold coins are available in Vienna.
Liechtenstein
Liechtenstein is a small country that offers gold coins for as low as $1,972.
Canada
Gold coins are sold in Canada at a low price as compared to other countries. You will discover gold prices as low as $1,978.
Saudi Arabia
Saudi Arabia is also known for selling gold at much low prices. If you are interested in buying 10 grams of 24 karat gold in Saudi Arabia, then they will charge you 2,184.30 Riyal. Whereas for 22 karats of gold, you will have to pay 2,002.30 Riyal which is quite low compared to other countries such as India.
Conclusion:
It is beneficial to buy gold from places that offer low prices to get great profits in business. Hong Kong gives gold at the lowest prices around the world which are 2,195 Dirham for 24 karats.
Dubai is the second-best place where prices are comparatively lower and the purity of the metal is guaranteed. The rates are nearly equal to Hong Kong.
Other countries such as Switzerland, Canada, Austria, United States also offer reasonable gold prices. Now that you have the information about the cheapest places concerning gold prices, make pocket-friendly choices for the next items in your jewelry box.
Check out our article on whether gold is expensive in Japan
