In 2024, an increasing number of savvy investors have been turning to gold. Central banks around the world — with China leading the way — have been increasing their gold reserves at a fast pace. Since 2015, China (often called the “Red Dragon”) has been buying large amounts of gold every year. This has made it one of the most critical countries in the global gold market. But China is not alone in this. For thousands of years, people have trusted gold to protect their wealth during political and economic troubles, times of high inflation, and even strange government rules.
Even today, gold remains a safe and dependable investment in uncertain times. Whether you want to buy gold bars (bullion), coins, or even jewellery, having some gold can be a smart way to diversify your investments and make your portfolio stronger. If you’re thinking about buying gold in 2025, it’s essential to know where it’s cheapest. Below is a list of the Top 10 countries where gold is more affordable rates, along with the reasons why prices are lower there. Prices are given in Indian rupees for 10 grams of 24k gold unless mentioned otherwise.
1. United States
The USA tops the list as the cheapest place to buy gold in 2025. This is mainly because of the strong US dollar. When the dollar is strong compared to other currencies, gold becomes cheaper for people who use different currencies. There’s also a lot of competition among gold dealers in the U.S., which helps keep prices low. Some jewellers even sell gold jewellery at very competitive rates, making it an attractive option for buyers, even if they have to consider customs duties when taking it abroad.
2. Australia
Australia comes in second place. As one of the world’s largest gold-producing countries, it has a steady and abundant supply of gold. This helps keep prices competitive. The Australian government’s policies on gold mining and exports also affect pricing. The Perth Mint, owned by the Government of Western Australia, is one of the most famous gold mints in the world and plays a big role in the global gold trade.
3. Singapore
Singapore is known for its favourable tax policies. Investment-grade gold is exempt from the Goods and Services Tax (GST), which makes it cheaper compared to countries that charge taxes on gold. It is also considered one of the most stable financial centres in the world, with secure storage facilities and a strong legal system. These factors make Singapore a popular place for investors and gold traders.
4. Switzerland
Switzerland is a major global financial hub and has a long history in the gold trade. The country’s strong currency, the Swiss Franc, affects gold prices, as do the policies of the Swiss National Bank. Switzerland is also seen as a “haven” for investors, which adds to its importance in the gold market. Many people buy gold here for its quality and the country’s trusted reputation in refining and trading precious metals.
5. Indonesia
Indonesia is another gold-producing country, and this helps keep gold prices competitive. Local mining production and the balance of supply and demand in the domestic market play a big role in pricing. Government regulations and trade policies around gold also influence the market. The result is that Indonesia can offer lower prices than many other countries.
6. Dubai, UAE
Dubai is world-famous for its tax-free gold shopping. Gold prices here are closely linked to international market rates, and buyers don’t have to pay additional taxes or duties. The city’s Gold Souk is one of the most famous gold markets in the world, offering a huge selection of gold bars, coins, and jewellery. This combination of competitive prices and high-quality products makes Dubai a top choice for gold buyers.
7. Turkey
Turkey has a long history of gold craftsmanship and a vibrant gold market. It sits at a strategic location between Europe and Asia, which makes it an important gold trading hub. Istanbul’s Grand Bazaar is one of the most famous markets for gold in the world, offering everything from investment bars to handmade jewellery. Prices in Turkey are competitive, especially for 22k gold.
8. Hong Kong
Hong Kong is a major financial centre and, importantly, has no VAT or sales tax on gold. This helps keep prices lower compared to countries where taxes are added to gold purchases. Reputable jewellery and gold retailers like Chow Tai Fook and Luk Fook are well-known for their quality products. Hong Kong is also popular among buyers who want a wide variety of gold designs and investment options.
9. Malawi
Malawi might not be the first place that comes to mind when thinking about gold, but it offers surprisingly competitive prices. This is partly because of favourable market conditions and minimal extra costs like taxes or high dealer markups. As Malawi’s gold market develops, it could become a good option for those looking for affordable gold purchases.
10. Colombia
Colombia is rich in natural resources, including gold. Changes in mining regulations have helped create competitive prices in the market. The capital city, Bogotá, has a lively gold market with many dealers offering a variety of products, from investment-grade gold to locally crafted jewellery.
Final Thoughts
Gold continues to be one of the most reliable investments, especially in times of uncertainty. Whether you’re buying gold bars, coins, or jewellery, knowing where to find the best prices can help you get more value for your money. In 2025, the United States, Australia, and Singapore stand out as some of the cheapest places to buy gold, thanks to strong currencies, favourable tax policies, and strong local supply. Other countries, such as Dubai, Turkey, and Hong Kong, also offer competitive prices along with vibrant gold markets.
