Is it better to buy Gold Overseas or in India?

0
19
Buy gold in India or Overseas
Buy gold in India or Overseas

Indians adore gold profoundly. The culture and heritage teach Indians to put aside a percentage of their income to buy gold. Gold can also be used as a credit given to banks to secure loans or to also improve the credit score to get a more significant loan.

Gold prices in the last ten years in India.

In summary, gold has almost doubled in price in the last 10 years . In Year 2009, 10 grams of gold was for ~ INR 14,5000 and in Year 2018 the price reached ~ INR 31,400

Gold prices in Dubai and Singapore in comparison to India.

For benchmarking we have used the price on 18th October 2019 for10 grams of 24 Karats and used the necessary currency conversion

  • The rate of gold in Dubai for 10 grams was equivalent to 34,171.25 rupees.
  • In Singapore the price was 34,188.88 rupees
  • And in India, the price was 34171.14 rupees.

You will notice the price of gold is very similar across the countries therefore there is no major advantage of buying gold overseas.

How much gold can you get into India from abroad?

Well if you are someone that is travelling form a foreign country to India and are a resident of India, then the rules and regulations on getting gold into the country are as follows.

  • Fifty thousand rupees worth of gold is allowed for males and 1 lakh rupees value of gold for females is allowed without any duty
  • Necessary inscriptions on the gold bars.
  • There are other restrictions and rules which you need to abide by , it is best to check the latest customs rules here http://www.cbic.gov.in/htdocs-cbec/customs

Risks of buying overseas.

Despite the marginal difference is prices if for some reason you do buy gold from overseas then please be aware of the following risks;

  • Dealers abroad can try to scam foreign travelers.
  • Sellers might emotionally compromise you into believing that the gold is original and certified. You must get all the gold from authorised dealers and check for certification such that you are not scammed.
  • Taxes and Duties can make your purchase more expensive

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here