The answer, based on current reports, is Dubai, United Arab Emirates, often regarded as the "City of Gold."
While pinpointing the absolute cheapest country for gold is challenging due to fluctuating exchange rates, import duties, and varying purity levels, Dubai consistently ranks as a top contender for affordable gold purchases. Other countries that frequently appear on lists of cheapest places to buy gold include:
- Malawi
- Australia
- Colombia
- Indonesia
However, Dubai offers several advantages that make it particularly attractive:
- Lower Taxes: The UAE generally has lower taxes on gold purchases compared to many other countries.
- Extensive Selection: Dubai boasts a vast selection of gold jewelry, bars, and coins, catering to diverse tastes and budgets.
- Competitive Pricing: The high volume of gold trading in Dubai leads to competitive pricing among retailers.
- Reputation: Dubai has a long-standing reputation as a reputable and secure place to buy gold.
Keep in mind that the "cheapest" option can depend on factors such as the form of gold you're buying (jewelry vs. bullion), the current exchange rate, and any applicable import duties in your home country. It's always advisable to research current prices and compare options before making a purchase.
