While gold prices are skyrocketing in India, in some countries gold is still so cheap that you will find it hard to believe. People in India constantly think about buying cheap gold, wish they could get it at a lower price. Dubai is famous for its cheap gold, that is why it is called the “City of Gold”, because tax-free gold is available here. But now one country has left all others behind in terms of cheap gold.
Where is gold cheaper than Dubai?
Yes, you must be wondering where gold can be found cheaper than Dubai? Let us tell you that gold is so cheap in Venezuela that to buy one gram of gold you will have to pay only the price of one cup of tea or coffee. Due to Venezuela’s economic crisis and hyperinflation, its currency (the bolivar) has almost lost all of its value. People there use gold extracted from local mines to buy daily needs.
Price of 1 gram gold in India is more than Rs 14,000
At present, the price of 1 gram of 24-carat gold in India is approximately Rs 14,048. But in Venezuela, the same 1 gram of gold is equal to just Rs 181.65. This means that gold is 75-80 times cheaper than in India. With gold being so cheap, you might be wondering what is the reason for this? Can you bring such cheap gold to your country? Let us know the answers to these questions.
Cheaper than Dubai, but why?
Gold is tax-free and pure in Dubai. However, due to the economic recession in Venezuela, gold has become a “cheap currency”. The people there are forced to use gold as cash. This is the reason why its price has fallen significantly. Following the global economic transformation in 2026, Venezuela has emerged as a new “gold hub”.
Can you bring gold from Venezuela?
If you too are dreaming of buying cheap gold in Venezuela, then Indians should know that the customs rules for bringing gold from there to India are quite strict. Travelers (men) who have stayed abroad for more than a year can bring 20 grams of jewelery duty-free, and women can bring 40 grams. However, this exemption does not apply to coins or bars. People who have stayed abroad for more than six months can bring up to one kilogram of gold. But 6 to 15% custom duty will be imposed on it. The rules are different for jewelry containing diamonds, pearls or gemstones. Gold may be cheaper in Venezuela, but before bringing gold from there to India, understand the customs rules carefully.