Gold price in pounds
Gold price per gram in the UK in pounds for 24, 22, 21 and 18 carat, with a weight calculator, VAT rules on gold and why shop prices differ from spot.
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This tool shows the gold price per gram in the UK, in pounds, for 24, 22, 21 and 18 carat gold, and works out the metal value of any weight you enter. It takes the latest spot price for an ounce of gold in US dollars, converts it to pounds, divides by the weight of a troy ounce in grams and multiplies by the purity of the carat. The result is the value of the raw metal only. The live price and its time stamp appear in the result box above; we do not print a fixed price here because it changes during the day.
Who it is for
Anyone buying, selling or valuing gold jewellery, bars or coins in the UK who wants a starting point before speaking to a dealer.
How the price per gram is calculated
- Spot price. The ounce price comes from the market data provider Gold API and is refreshed on our side about every 15 minutes.
- Into pounds. The dollar price is converted with the pound-to-dollar rate from ExchangeRate-API.
- Ounce to gram. It is divided by 31.1034768, the number of grams in a troy ounce.
- Purity. It is multiplied by carat ÷ 24, then by your weight in grams.
The tool shows the time of the price and of the exchange rate. If the data is too old or the provider cannot be reached, it shows no figure rather than a guess. While markets are closed, the last available price may stay on screen.
Carats and gold content
| Carat | Parts gold out of 24 | Gold content (approx.) |
|---|---|---|
| 24 | 24 | 100% |
| 22 | 22 | 91.7% |
| 21 | 21 | 87.5% |
| 18 | 18 | 75% |
UK hallmarks show fineness in parts per thousand. The UK gold standards in the official hallmarking guidance are 999, 990, 916.6, 750, 585 and 375. 21 carat (875) is not on that list, so ask the seller which mark is actually stamped on the piece. Gold items under 1 gram do not have to be hallmarked.
Grams and troy ounces
World gold prices are quoted per troy ounce, which is heavier than the everyday ounce (1/16 of a pound). The Weights and Measures Act 1985 defines the troy ounce as 0.0311034768 kg, or 31.1034768 grams. Divide any “per ounce” price by that number to get the price of a gram of pure gold.
VAT on gold in the UK
- Investment gold is exempt. HMRC VAT Notice 701/21 covers bars and wafers of at least 995 thousandths purity, in a weight accepted by the bullion markets.
- Investment gold coins are exempt if minted after 1800, at least 900 thousandths pure, legal tender in their country of origin, and normally sold at no more than 180% of the value of their gold. HMRC lists recognised coins in Notice 701/21A.
- Jewellery is standard-rated. Gold that is not investment gold is charged VAT at the standard rate of 20%.
Why a shop price differs from the spot price
- Making charges for design and craftsmanship, often large on small pieces.
- Dealer margin, the gap between buying and selling prices.
- VAT on jewellery.
- Stones and other metals: not all of the weight is gold.
- Buy-back price: a dealer may offer less than the metal value, so ask before selling.
What the tool does not include
- Making charges, dealer margin and VAT.
- Any particular dealer’s buying or selling price.
- Stones, antique value, silver or platinum.
Frequently asked questions
Is this the price I will pay in a shop?
No. It is the metal value. A shop adds making charges, its margin and usually VAT on jewellery.
Why hasn’t the price moved for hours?
Markets may be closed, so the tool shows the last available price with its time. Always check the time under the result.
How do I know if a gold coin is VAT-free?
It is exempt if it is on HMRC’s list in Notice 701/21A or meets the four conditions above. The list is updated from time to time, so check it before you buy.
How can I check the purity of a piece?
Look for the hallmark. A UK hallmark means the item has been independently tested and meets the legal standard of fineness.
Sources
- HMRC VAT Notice 701/21: gold ↗
- HMRC VAT Notice 701/21A: investment gold coins ↗
- VAT rates ↗
- Weights and Measures Act 1985, Schedule 1 ↗
- Hallmarking guidance summary ↗
- Hallmarking guidance notes (PDF) ↗
- Gold API ↗
- ExchangeRate-API ↗
Next step
If you plan to move savings, see money transfer services; for tax questions, find accountants. To plan monthly spending, use the living cost planner.
Reviewed 24 September 2026.