Investing in Gold can be a wise decision to protect against government spending gone awry, fiscal uncertainty, money printing, political unrest and more. These precious metals are like an insurance policy for your investments, and there are many good reasons to invest in gold.

But what would you say if we told you that the best place in the world to Buy Gold was not in your home country? It’s true. The prices for gold vary from country to country, and depending on your citizenship, you may be able to get a better deal buying gold in another country.

Let’s take a look at the cheapest countries to buy gold worldwide. So, whether you’re looking to invest in gold or just want a place to store your savings, read on for some great tips.

Cheapest Countries to Buy Gold

Due to volatility in the stock market and global economic uncertainty, people are turning to gold as a safe investment. If you’re looking to invest yourself, we’ve created a list of the cheapest countries to buy gold.

However, there are a few things to note:

• Keep in mind precious metal prices are constantly changing. This information is accurate at the time of publishing but is meant to serve more as a general reference guide.
• For the purpose of comparison, we’ve focused on coins only as it’s easy to compare universally recognized gold prices.
• The prices can vary over time depending on supply and demand and economic stability. As you are shopping for gold, you may find deals that are even lower, but often these sell quickly and the supplies will run out of stock.
• Any information in this article was deemed accurate at the time of publication and is meant as a reference. The price and premiums on gold are constantly changing.
• Wherever you are in the world, it is worth checking your local banks and gold dealers. Compare those prices to the cheapest options available online.
• The list of countries is in no particular order. Always do your own due diligence.

Without further ado, here are the cheapest countries to buy gold based on our research.

Hong Kong

Hong Kong could be the country with the cheapest gold price in the world. You can walk into a number of banks and purchase gold coins, often with a lower premium compared to other countries.

There are several places you can buy physical gold in Hong Kong. The most well-known is the Hang Seng Bank, which has a variety of options for purchasing gold bullion bars, coins, and other products. You can also purchase gold through jewelers or other dealers, but it’s important to do your research to make sure you’re getting a good price and that you’re buying from a reputable source.

Options

• Hang Seng Bank
• Wing Lung Bank
• CMB Wing Lung Bank
• OCBC Wing Hang Bank
• HSBC

United Arab Emirates

Gold can be bought in the UAE from a number of different sources, including jewelers, banks, and online dealers. The price of gold will vary depending on the form in which it is purchased (bars, coins, etc.), as well as the weight and purity of the metal.

One of the cheapest ways to buy physical gold in the UAE is through an online dealer. These dealers often offer lower premiums over spot prices than jewelers or banks, and they usually have a wider selection of products to choose from. Be sure to compare prices between different dealers before making a purchase.

Options

• RAKBank
• Emirates Gold
• Gold Standard DMCC

Saudi Arabia

Gold can be bought in Saudi Arabia from a number of different sources, including jewelers, banks, and gold souks.

The cheapest place to buy gold is usually from jewelers, who will often offer lower prices than the banks or gold souks. However, it’s important to make sure that you’re getting a good deal and not being overcharged.

Gold can also be bought online from a number of different websites, although it’s important to do your research before purchasing any gold online. Be sure to compare prices between different websites to get the best deal.

Options

• Alrajhi Bank
• The Saudi National Bank
• Malabar Gold & Diamonds

Switzerland

Gold can be purchased in Switzerland from a number of different sources, including banks, jewelers, and online dealers. However, the cheapest way to buy gold is often through online dealers who sell bullion or coins.

Options

• Degussa Goldhandel
• Sincona AG

United States

This one might seem a bit surprising, but the US is actually one of the cheapest places to buy gold. There are times when the US offers special deals and very low prices – sometimes even lower than Hong Kong. Generally, you can find gold coins in the United States for as low as $1,948. NoteL banks don’t sell gold here. https://firstquarterfinance.com/list-of-banks-that-sell-gold-coins/

Options

• Augusta Precious Metals
• Leader Bank
• United States Mint

Austria

Gold can be bought at a number of places in Austria, including banks, other financial institutions, and jewelry stores. The cheapest way to buy gold is usually through a bank, as they will offer lower premiums than other retailers. However, it’s important to make sure that you’re buying from a reputable source, as there have been a number of cases of fraud in the physical gold market in recent years.

Options

• Münze Österreich
• Bank Austria
• ERSTE Private Banking
• Gold & Co.

Cayman Islands

Gold can easily be bought in the Cayman Islands. You can go to any of the jewelry stores or banks and purchase gold coins or bullion. The prices will vary depending on where you buy it, but generally speaking, it is one of the cheapest places to buy gold in the world. Make sure to shop around and compare prices before making a purchase.

Options

• Strategic Wealth Preservation

Singapore

Gold can be bought from banks, dealers or pawnbrokers. The spread between the buying and selling prices is usually lowest when buying from banks. Gold can also be bought online but at a higher premium. Buying gold in small quantities will give you a wider choice of sellers and might get you a better price. When choosing a dealer, it is important to check that they are licensed by the Singaporean authorities. Pawnbrokers are not regulated so exercise caution when dealing with them.

Options

• UOB
• Silver Bullion
• Bullion Star

Australia

There are a few options when it comes to buying physical gold in Australia. The two cheapest options are buying gold bullion or coins from a bullion dealer, or buying gold ETFs.

Bullion dealers usually sell gold in the form of bars or coins. The price of gold is usually cheaper when you buy in bulk, and you can often get a discount if you buy online. You can find a list of Australian bullion dealers on the website of the Perth Mint.

Gold ETFs are investment funds that hold physical gold on behalf of investors. The price of an ETF is usually more expensive than the price of physical gold, but it can be easier and faster to buy and sell than physical gold.

Austria also is has a lot of great options for gold storage.

Options

• The Perth Mint
• ABC Bullion
• KJC

Canada

Gold can be bought from Canadian banks, but it is important to note that the banks will charge a premium for their services. Most Canadian banks will buy back gold that was originally purchased from them, and some also sell gold directly to the public.

Gold can also be bought from other dealers, such as jewelers or pawn shops, but it’s important to make sure that the seller is reputable and has a good reputation. Finally, online dealers are another option for buying gold, and many of these dealers offer competitive prices and a wide selection of gold coins and bars.

Options

• Royal Canadian Mint
• TD Canada Trust
• RBC
• CIBC

United Kingdom

The UK offers those looking to invest in gold plenty of options, from trusted dealers and banks all the way up to mints.

The Royal Mint is a prime source for bullion bars, however, purchasing them does incur higher fees than what’s known as spot price.

If coins are preferred, there are two excellent choices from The Royal Mint: Sovereign (22-carat) featuring an image of Her Majesty Queen Elizabeth II or Britannia (24-carat) complete with its iconic depiction of Britain itself – available in multiple denominations ranging between tenth and half ounce measures. Legal tender status that comes with each coin purchase means no Capital Gains Tax or VAT will be due on purchases made by British residents.

Options

• ATS Bullion
• The Royal Mint
• Gold Bank

India

India is a country rich in gold reserves. In fact, it is the second largest producer of gold in the world. Gold can be purchased in India through jewelry stores, banks, and other dealers.

The most common form of gold purchased by Indians is jewelry. Jewelry is available in a variety of weights and prices to suit any budget. Gold coins and bars are also popular purchases and can be found at many different outlets throughout the country. The price of gold will vary depending on the weight, purity, and dealer. However, gold is generally a little more expensive in India than it is in some of the other countries on this list.

The best way to find the cheapest price for physical gold bullion in India is to shop around at different dealers until you find the best price.

Options

• Union Bank of India
• ICICI Bank
• Axis Bank
• HDFC Bank

Cheapest Places to Buy Gold Online

Looking for the best deal on gold coins? Consider purchasing from a large retail website that specializes in gold bullion, as prices tend to be more competitive.

A few things to note when buying gold online:

• Be sure to check if there are any dealing fees associated with different payment methods, as sometimes credit cards can come at an additional premium.
• When ordering such heavy metals as part of a bulk purchase, make sure free shipping is thrown into the bargain – otherwise it may not be worth paying for such heavy shipments vs buying in person
• Ensure that all packages sent out by your chosen retailer are securely insured before committing to buy – no one wants their expensive investments going missing along the way!

Here are some of our top recommendations for buying gold online.

How the Price of Gold is Determined

Futures contracts have been used for many years to provide stability to miners despite volatile market conditions — a practice still alive today. By using gold futures, sellers are able to lock in future prices for gold that hasn’t even hit their mines yet. This provides them with much needed certainty about what they will get paid for months ahead for supply already discovered but not excavated.

To track the value of gold today as well as tomorrow’s potential return on investment, contracts based on the value of the underlying gold bars must be established.

These contracts are traded daily. But despite this constant activity between multiple buyers and sellers every day, such volatility doesn’t necessarily imply physical gold moving around. Most transactions occur without any intention of actually taking possession over it. Most buyers simply close their positions before the contract’s settlement date.

The spot price of gold is the focal point for buyers and sellers on the futures market. To account for costs like minting, transporting, and storage, this “paper” value becomes a physical cost which we call the premium. The premium depends on what you’re buying (coins vs bars).

Physical gold or silver will always trade at its respective spot plus markup but it’s important to note that there can be times in which prices significantly diverge from each other.

Tips for Buying Gold Internationally

Beware of European VAT Laws

When it comes to investing in gold in Europe, the continent has special rules that make it attractive.

Investment-grade gold bullion and approved coins are exempt from VAT across all member countries of the European Union due to their status as an investment vehicle – but beware! Any capital gains made through selling those same assets will be subject to tax depending on where you live or transact your metals purchases. This is why looking for predetermined territories with no such taxes can prove beneficial.

Opt for Universally Recognizable Gold

If you want to make the best investment in gold, always be on the hunt for the cheapest prices from countries across the globe. Of course, bear in mind that it doesn’t matter how cheap you can buy a coin or bar if its design isn’t widely accepted by worldwide markets. Do your research and ensure those bullion purchases pay off when reselling time comes around.

You can ensure this by purchasing only universally recognizable gold.

With gold bullion in the form of coins, in-demand selections include:

Frequently Asked Questions About Buying Gold Cheaply Abroad

Where is the best place to buy gold?

There are a few places that are considered the best places to buy gold. Hong Kong is one of them, because there are no taxes on gold purchases and it is a very liquid market. Online dealers are another good option, since they typically have lower prices than brick and mortar stores. Be sure to compare prices before making a purchase, and be aware of any shipping costs that may apply.

What is the cheapest country to buy gold in?

The cheapest country to buy gold in is Hong Kong. The price of gold in Hong Kong is typically lower than the global average. This is because there is a large amount of gold trading activity in Hong Kong and it is one of the leading centers for gold refining and vaulting. You can purchase physical gold directly from the major banks.

Where is the cheapest place to buy gold coins?

You can find some good deals on gold coins online. Be sure to compare prices between different dealers to get the best deal. Also, make sure you are buying from a reputable dealer.

Parting Words

While the price of gold is predicted to rise in the coming years, there are still plenty of countries where you can get a good deal on this precious metal. Whether you’re looking to invest in gold or just want a safe place to store your savings, these 12 countries offer some great options.

While the prices of gold vary from day to day and country to country, this list provides a general idea as to where investors can find the best deals when it comes time to buy.

In your experience, which are the cheapest countries to buy gold? Leave a comment below and share your experience!

The post The 12 Cheapest Countries to Buy Gold in 2022 appeared first on Flâneur Life.