The recent arrest of Kannada actor Ranya Rao at the Bengaluru airport for allegedly trying to smuggle 14.2 kg of gold from Dubai has put the spotlight on the price difference of the precious yellow metal in different countries. While Dubai is often considered a go-to destination for buying gold, it surprisingly ranks 6th on the list of places offering the cheapest gold rates.
Here are the top five countries where gold is currently the cheapest:
As of February 2025, here are the latest gold prices per gram in the top 5 cheapest countries:
- United States: The price of 24K gold is Rs 8,586 per gram, while 22K gold costs Rs 7,874 per gram.
- Australia: 24K gold is priced at Rs 8,602 per gram, and 22K gold is available for Rs 7,889 per gram.
- Singapore: The cost of 24K gold stands at Rs 8,667 per gram, whereas 22K gold is priced at Rs 7,949 per gram.
- Switzerland: 24K gold is sold at Rs 8,682 per gram, while 22K gold costs Rs 7,963 per gram.
- Indonesia: The price of 24K gold is Rs 8,704 per gram, with 22K gold available at Rs 7,983 per gram.
Dubai ranks 6th among the countries with the cheapest gold prices. As of last month, the price of 24K gold in Dubai was Rs 8,718 per gram while 22K gold stood at Rs 7,996 per gram.
The prices vary based on market fluctuations.
Customs Restrictions In India
Import Duty On Gold
Despite lower prices, bringing a large quantity of gold from abroad may not be a profitable option since such imports are subjected to customs duty. As of the Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, the import duty has been reduced from 15% to 6%.
The customs duty is calculated based on the tariff value of gold, which is periodically revised by the Central Board of Indirect Taxes and Customs (CBIC). As of February 28, the tariff value stands at $927 per 10 grams, reduced from the previous $938.
Duty-Free Allowance
Indian citizens returning from abroad are allowed to bring a certain amount of gold jewellery duty-free:
Male Passengers: Up to Rs 50,000 worth of gold jewellery.
Female Passengers: Up to Rs 1 lakh worth of gold jewellery.
This allowance applies only to gold jewellery – gold coins, bars, or other forms are subject to customs duty. There is also a limit on the quantity of gold you can import. The maximum allowable quantity is up to 1 kg per person.
Travellers must declare any gold exceeding the duty-free allowance upon arrival in India and provide proper documentation, including proof of purchase. Failure to declare can result in confiscation and legal penalties.