The international price is one number. What you pay locally has several more things layered on top.
Last reviewed: 13 November 2026
The international spot price of gold is the same everywhere at a given moment. It is quoted in dollars per troy ounce. Yet if you walk into jewellers in Dubai, Mumbai, Shanghai and London on the same day, you will be quoted different prices for what looks like the same gold. Understanding why is the key to judging whether a quote is fair.
The first difference is simply the money. A price in rupees, riyals or pounds comes from converting the dollar price with the exchange rate. When a currency weakens against the dollar, the local price of gold rises even if the dollar price is unchanged. In countries with large swings or multiple exchange rates, such as some in Latin America and Africa, the local gold price can move sharply for this reason alone.
Different markets quote different units and purities. A price per gram, per 10 grams, per tola or per ounce can look very different. Likewise a price for 24K, 22K, 21K or 18K gold is different by design. Part of any apparent difference between two countries is just that one is quoting 22K per 10 grams and the other 24K per gram. Our units guide helps you convert.
Many countries tax imported gold. Import duty raises the cost of bringing gold in, and VAT or GST is added on sales. Countries with high duties tend to have higher local prices than countries with low or no duty. This is one of the main reasons gold is often described as cheaper in places like Dubai, which have low duty and tax, than in countries that tax imports heavily. Taxes also differ between jewellery and investment bullion in many systems, which affects the final price.
Local supply and demand can push a price away from the international level. When demand is strong and imports are restricted, local prices can trade at a premium to the international price. When demand is weak, or when supply floods in, they can trade at a discount. India, China, South Korea and Vietnam have all seen periods like this. We show a note about the premium on those country pages, and our methodology page explains that our main price is the international value converted to local terms.
Every seller adds a margin. For bars and coins this is the premium over spot, higher for small items and lower for large bars. For jewellery it is the making charge. Both vary by shop, brand, location and the time of year. Tourist areas and airports often charge more. Large chains may have more stable prices than small shops, though not always.
Some countries require hallmarking by a government or approved assay office, which adds cost but gives a trusted purity mark. Others rely on the shop's own stamp. A piece with a certified hallmark may cost a little more, but it is easier to sell and you can trust what you are buying. See how to check gold purity.
Sometimes it is, but you need to compare the full price, including making charges and tax, for the same karat and weight. Our country pages show the spot-based value in each currency so you can compare the gold itself, and our jewellery price calculator lets you add the other costs. When buying abroad, also check your own country's rules on what you can bring back, including duty-free limits and declaration requirements, since the saving can disappear at the border. Our look at Dubai gold goes through one popular case.
It depends on the day, the karat and the shop. Dubai often has lower taxes and duty, while India has hallmarking and wide choice. The only way to know is to compare the full price for the same karat and weight.
A premium is the amount by which a local price is above the international price, often because of demand, import rules or dealer costs. A discount is the opposite. Premiums and discounts change over time.
Our main price is the international value of the gold converted to your currency. Your jeweller's rate may include duty, tax, a margin, and a different time of update. Use our price as a fair reference, not as the shop's price.
Yes. For a floating currency, a few percent move against the dollar changes the local price by about the same amount, even if the dollar price of gold is unchanged.
