A series of countries and territories are classified as the "cheap gold paradise" in 2025. Leading the list is the US - where gold prices are significantly lower than many Asian markets.
The US leads
According to the updated global gold market report up to February 2025, the US is currently the country with the cheapest gold price in the world. At around $2,815 an ounce, gold in the US is nearly $300 an ounce cheaper than in India.
The main reason is the strength of the USD, fierce competition between gold traders, and relatively low taxes. Prestigious gold chains in the US such as APMEX, JM Bullion or SD Bullion are making the market attractive not only to domestic investors but also to international precious metals collectors.
Australia
Second only to the US is Australia, where 24K gold is sold at around $2,870/ounce. As one of the world's leading gold producers, Australia has an abundant supply, tightly managed by reputable institutions such as The Perth mint, helping retail prices to be stable and competitive.
Singapore
In Singapore, gold prices are equivalent to $3,010/ounce, thanks to tax exemptions for investment gold and the world's leading precious metal storage system. This is a familiar destination for investment funds and individuals who want to preserve their assets in the context of global instability.
Switzerland
Meanwhile, Switzerland, commonly known as the gold capital of the world, maintains its $3,070/ounce level. The strength of the Swiss francs and the stability of the financial system make gold here fairly priced, especially for gold bars and gold deposited at major banks.
Indonesia
Indonesia is the only representative of ASEAN in the top 5, with 3,080 USD/ounce. This country has a strong domestic gold supply, favorable trade policies and steady increase in domestic demand. Thanks to that, gold prices here are maintained at a fairly "soft" level compared to many countries in the region.
Dubai (UAE)
Dubai still maintains its reputation as a "golden paradise" thanks to a tax-free market. 24K gold here is around $3,090/ounce - still lower than India but higher than the US and Australia.
Turkey
In Turkey, gold is sold at around $3,100/ounce. Thanks to sophisticated craftsmanship and a bustling gold market in Istanbul, the country attracts a large number of tourists to buy jewelry and gold to invest in.
Hong Kong (China)
Hong Kong (China), the financial center of Asia, listed 24K gold at 3,105 USD/ounce, benefiting from the 0% VAT policy and major brands such as Chow Tai Fook or Luk Fook.
India
In contrast, in India, gold prices are still among the highest globally. In February 2025, 24K gold in this country was trading around 3,460 USD/ounce - about 600 USD/ounce higher than the US.
The reasons are import tax, goods tax (GST) and the weakening of the rupee against the USD. Every holiday and wedding season, demand for gold in India skyrockets, causing domestic gold prices to increase significantly.
Causes of the difference
The difference in gold prices between countries and territories is due to many factors.
First is the strength of currency: A strong USD helps gold prices convert cheaper.
Second is domestic supply: Gold mining countries such as the US, Australia, Indonesia have lower prices due to not dependence on imports.
Third is the tax and import policy: India is subject to high gold import tax, while Singapore and Dubai are tax-free.
Fourth, the cost of circulation and manufacturing standards also have a big impact on the final price that consumers have to pay.
