AURUM › Gold Arbitrage Table
Global Gold Arbitrage Table
Live tax-adjusted gold price comparison across 20+ cities · Updated every 15 minutes · No competitor publishes this
COMEX Spot: $2,911.40 / oz · Base reference: Dubai (cheapest)
How to read this table: "Net Spread vs Dubai" shows the true cost premium of buying gold in each city vs buying in Dubai (the global cheapest market for investment gold).
Spread includes import duty, VAT, and typical dealer premium estimates. A spread of +$400/oz means you pay $400 more per oz than buying in Dubai — primarily due to import duty.
Disclaimer: Dealer premiums are estimates based on published market data. Verify with local dealers before transacting. Not financial advice.
Last updated: — · Prices update every 15 min
0% duty — global cheapest
Restricted / state-controlled
| # |
City / Market |
Import Duty + Tax |
Price (USD equiv/oz) |
Net Spread vs Dubai |
Dealer Premium (est.) |
Buy Signal |
Dubai — Mumbai Spread
$—
Tax-adjusted cost of buying in Mumbai vs Dubai. Driven by India's 10.75% + 3% GST. Professional dealers exploit this.
Dubai — Singapore Spread
$—
Both 0% duty markets. Spread reflects dealer premium difference and COMEX-LBMA basis.
COMEX — Dubai Spread
$—
Cost of converting COMEX paper gold to physical delivery in Dubai. Typically $2–6/oz.
Vietnam SJC Premium
~15–20%
Vietnam's SJC gold bars trade at the world's highest premium due to state-controlled supply. Not exploitable by retail buyers.
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Why Dubai is the Global Gold Benchmark
Dubai charges 0% import duty on investment-grade gold (bars and coins). The AED is pegged to USD at 3.6725 — eliminating currency risk from COMEX conversion.
The Dubai Gold Souk (Deira) has 300+ competing dealers, creating the tightest dealer premiums globally ($2–5 above COMEX spot).
This combination — zero duty + deepest physical market + USD peg — makes Dubai the global cheapest city to buy physical gold.
The Dubai-India arbitrage is one of the world's most well-known commodity spreads. India's ~14% duty structure means a 100g gold bar costs approximately ₹14,000–16,000 more in Mumbai than in Dubai.
Licensed importers — primarily banks and government agencies — exploit this spread legally. An illegal grey market also operates due to the magnitude of the premium.
◈ DATA METHODOLOGY
Spot price source: COMEX GC futures (Yahoo Finance proxy via AURUM function) · Updated every 15 minutes
Import duty rates: Official government sources — Indian CBIC, UAE Federal Tax Authority, Singapore MAS, HMRC UK
Dealer premiums: Estimated from published dealer rate sheets, LBMA reports, and World Gold Council data. Not live dealer feeds.
VAT treatment: Investment-grade gold (99.5%+ purity) — using most favourable standard rate for each jurisdiction
Currency conversion: Live FX rates from COMEX/Yahoo Finance data · Not financial advice · Verify before transacting
Frequently Asked Questions — Gold Arbitrage
Where is gold cheapest to buy globally? +
Dubai consistently leads as the cheapest city for investment gold — 0% import duty, deep dealer market (300+ dealers in Gold Souk), USD-pegged currency. Singapore and Hong Kong are close seconds with similar 0% duty structures and liquid markets. Switzerland (Zurich) is competitive for large purchases due to 0% VAT on investment gold, but dealer premiums are slightly higher.
What is the Dubai–Mumbai gold arbitrage? +
The Dubai-Mumbai spread is the price difference between buying gold in Dubai (0% duty, ~$4/oz dealer premium) vs the landed cost in India ($406/oz extra at $2,900 spot due to ~14% duty + GST). At scale, licensed Indian banks and agencies import gold from Dubai to exploit this. The grey market also exploits this spread via couriers and non-declared imports — driving India's persistent smuggling issue.
Can I personally buy gold in Dubai and import it to India duty-free? +
Individual Indian residents can bring back gold duty-free up to: male passengers — 20g (max ₹50,000 value), female passengers — 40g (max ₹100,000 value), provided the passenger has been abroad for 6+ months. Above this allowance, full 10.75% basic customs duty + 3% GST applies. Professional-scale arbitrage requires RBI import licence.
Why does Vietnam have the world's highest gold premium? +
The State Bank of Vietnam controls all gold imports through licences it rarely issues. This artificial supply restriction creates a domestic gold price that's 10–20% above international COMEX prices. Only SJC-branded bars are legally tradeable. The premium fluctuates — in high-demand periods it has reached 25%+ above COMEX.
How does Japan's gold price compare to Singapore? +
Japan applies 10% consumption tax on all gold purchases — making it one of the more expensive markets despite 0% import duty. Singapore charges 0% GST on investment gold. At $2,900 COMEX spot, this creates approximately $290/oz extra cost in Japan vs Singapore. Japanese investors often prefer gold savings accounts (exempt from immediate consumption tax) for this reason.
How often is the arbitrage table updated? +
The COMEX spot price reference updates every 15 minutes. Tax and duty rates are updated when governments announce changes (tracked by AURUM's policy monitor). Dealer premium estimates are reviewed monthly using published dealer rate data. Real-time dealer premiums require the AURUM dealer network (Phase 5 feature) — current estimates are based on published data.