Gold becomes cheaper amidst discussion of PM Modi! Penny prices are available in these 5 countries

Movement in gold prices: What is today’s price?

In today’s bullion market, a mixed effect is being seen in the prices of gold and silver. On the Multi Commodity Exchange (MCX), gold is trading with a slight fall at around ₹ 1,52,443 per 10 grams. Talking about the country’s capital Delhi, the price of 24 carat gold is at ₹ 1,52,490 and the price of 22 carat gold is at ₹ 1,39,790. Talking about the global market, international gold prices have fallen by 0.74% due to the news of peace talks between America and Iran. However, due to heavy taxes and import duties in India, prices are still skyrocketing.

Dubai: Buyers’ Paradise and ‘Gold Hub’

Whenever it comes to cheap gold, the first name that comes to mind is Dubai. Dubai is called the gold center of the world. Here gold prices remain very close to international prices because the import duty here is zero. The famous ‘Gold Souk’ here is not only full of designs, but also offers the facility to bargain on making charges, which makes it the first choice of Indians.

Hong Kong and Switzerland: a confluence of purity and low prices

Hong Kong is also famous for cheap gold because there is no VAT or sales tax on gold here. Due to tax exemption and low making charges, gold is much cheaper here than in other countries. Switzerland, on the other hand, is known for its world class refining industry. The finishing and quality of gold here is unmatched. This is a great place for those buying gold bars or biscuits for investment as the tax here is negligible.

Singapore and Thailand: A combination of transparency and craftsmanship

Gold prices in Singapore are very transparent and there is GST exemption on investment-grade gold. This country also tops in terms of safety standards. Thailand, especially Bangkok, is famous throughout the world for its traditional and intricate workmanship. Here gold is traded at low margins, due to which tourists can get gold at very affordable prices.

Strict rules for bringing gold from abroad: One mistake and the gold will be confiscated

If you are also thinking of bringing a lot of gold to India after seeing cheap gold, then stop! The Indian government has set a strict limit for bringing gold from abroad. According to the rules, a woman passenger can bring with her up to 40 grams of gold jewelery (valued around ₹5-6 lakh) duty-free. At the same time, for male passengers this limit is limited to only 20 grams.

There will be no discount on coins and biscuits

Keep one thing in mind that tax exemption is available only on jewellery. If you bring gold coins or biscuits from abroad, you will have to pay full custom duty from the first gram itself. If you are bringing more gold than the prescribed limit, then it is necessary to declare it in the ‘Custom Declaration Form’. If you hide information and are caught, your gold may be confiscated and you may even have to go to jail.