Cheapest Gold in India? Find Out Which State Offers the Best Prices!

Gold price in India: There are several reasons behind the variation in gold prices across different states. Let's find out which state sells gold at the lowest price and the reason behind it.

Gold price in India

Gold prices vary everywhere in the world. However, you cannot buy as much gold as you want in foreign countries; you can only bring a certain amount of gold from foreign countries to India. Even within India, gold prices differ between states and cities.

Buy gold at cheapest price in India

Several factors, such as import duties, transportation costs, and local demand, contribute to the variation in gold prices across different states in the country. But did you know that there is one state in India where you can buy gold at a cheaper price? This state also ranks highest in terms of individuals holding the most gold.

Price of gold

Gold is available at the lowest price in Kerala, India. There are several reasons for the low price of gold in Kerala. Importing gold from nearby ports is a major reason. This significantly reduces transportation costs. Also, tax evasion is said to occur among gold traders.

Cheapest gold in India

They offer gold to customers at a lower price through savings from tax evasion. As a result, the price of gold in Kerala is lower compared to other parts of the country.

Kerala's per capita gold consumption is the highest in India. According to the World Gold Council (WGC), Kerala's gold consumption is 200-225 tons per year. This proves how much the people of Kerala love gold.

Gold consumption in India

After Kerala, states like Karnataka, Tamil Nadu, Andhra Pradesh, and West Bengal are also on the list of cheaper gold. However, due to its economic and geographical conditions, which make it an effective hub for gold trade, Kerala's name continues to be at the top. For this reason, the people of Kerala are considered the biggest patrons of gold.