Live UK Gold Prices Per Gram
Prices updated:
Calculate Your Gold Value
Total Estimated Value
£0.00How to Use This Calculator
- Check your gold hallmark: Look for stamps like 375 (9ct), 585 (14ct), 750 (18ct), 916 (22ct), or 999 (24ct)
- Weigh your gold: Use digital scales for accuracy. Kitchen scales work well for larger items
- Select the carat: Choose the purity shown on your hallmark
- Enter the weight: Input your measurement in grams, ounces, or pennyweight
- View instant valuation: The calculator displays your gold’s current market value
- Add multiple items: Calculate several pieces separately for a total valuation
Gold Purity Explained
Carat vs Fineness
Gold purity is expressed two ways in the UK: carat (parts of 24) and fineness (parts per thousand). Both indicate the proportion of pure gold to other metals.
| Carat | Fineness | Gold Content | Common Uses |
|---|---|---|---|
| 24ct | 999 | 99.9% | Investment bars, coins |
| 22ct | 916 | 91.6% | Sovereigns, wedding bands |
| 18ct | 750 | 75.0% | Fine jewellery, engagement rings |
| 14ct | 585 | 58.3% | Affordable jewellery (less common in UK) |
| 9ct | 375 | 37.5% | Everyday jewellery, popular in UK |
Why Alloy Gold?
Pure 24ct gold is extremely soft and malleable, making it impractical for jewellery that experiences daily wear. Alloying gold with metals like copper, silver, zinc, or palladium increases durability, changes colour (creating white, rose, or green gold), and reduces cost whilst maintaining the precious metal’s beauty.
UK Hallmarking Requirements
In the United Kingdom, any gold item weighing more than 1 gram and described as gold must be hallmarked by an official Assay Office. The hallmark contains four compulsory marks: the sponsor’s mark (maker), fineness mark (purity), assay office mark, and date letter. Items under 1 gram are exempt.
Valuation Methodology
Market Price Calculation
This calculator uses the current spot price of gold traded on international markets, converted to British pounds per gram. The spot price represents the cost of pure 24ct gold. For lower carat gold, the price is proportionally reduced based on actual gold content.
Formula Breakdown
The calculation follows this formula:
Value = (Spot Price × Purity Percentage × Weight) ÷ 31.1035
Where 31.1035 is the conversion factor from troy ounces to grams. For 18ct gold weighing 10 grams with spot price at £2,130 per ounce: (2130 × 0.75 × 10) ÷ 31.1035 = £513.38
Real-World Selling Prices
Calculated values represent the intrinsic metal value. When selling to dealers or refiners, expect offers between 60-90% of this amount. Factors affecting offers include:
- Buyer’s margins and operating costs
- Refining charges for damaged or mixed items
- Market volatility and hedging requirements
- Item condition and whether stones must be removed
- Transaction size (larger amounts often receive better percentages)
Types of Gold Items Accepted
Jewellery
Rings, necklaces, bracelets, earrings, brooches, and chains are all acceptable. Broken or damaged pieces hold the same value as intact items since buyers melt them for the gold content. Hallmarked jewellery provides certainty about purity.
Coins and Sovereigns
British gold sovereigns contain 7.98 grams of 22ct gold. Other accepted coins include Britannias (24ct), Krugerrands (22ct), and pre-1933 circulated gold coins. Numismatic value may exceed scrap value for rare dates.
Dental Gold
Crowns, bridges, and fillings made from gold alloys are valuable. Dental gold typically ranges from 10ct to 22ct. Clean items before calculating weight to exclude porcelain or other materials.
Bullion and Bars
Investment-grade gold bars from recognized refiners carry premiums above spot price. Bars should have stamps indicating weight, purity, and refiner’s mark. Small bars under 1 ounce are commonly traded.
Items NOT Accepted
Gold-plated items, rolled gold, gold-filled jewellery, and costume jewellery have negligible gold content. Plating is typically less than 0.5 microns thick, yielding minimal metal value. Magnets cannot reliably test gold purity.
Selling Your Gold: Best Practices
Obtain Multiple Valuations
Contact at least three buyers for quotes. Reputable dealers include high-street jewellers, specialist gold buyers, and postal services. Compare offers as percentages of spot price rather than absolute amounts.
Verify Credentials
Check that buyers are members of trade associations like the British Jewellers’ Association (BJA) or National Association of Jewellers (NAJ). Read independent reviews on Trustpilot or Google. Avoid buyers pressuring immediate decisions.
Postal vs In-Person Sales
Postal services offer convenience but require sending items via insured, tracked delivery. In-person sales at shops provide immediate payment and peace of mind. Some buyers offer both options.
Documentation Required
Sellers must provide photo identification (passport or driving licence) and proof of address dated within three months. This requirement stems from money laundering regulations and protects against handling stolen goods.
Tax Implications
In the UK, selling personal jewellery typically incurs no Capital Gains Tax (CGT) due to the chattels exemption for items worth less than £6,000 each. Investment gold coins like Britannias and sovereigns are CGT-exempt regardless of value. Consult HMRC guidance for specific situations.
Frequently Asked Questions
The calculator provides market value based on current spot prices. Actual offers will be lower (typically 60-90% of calculated value) to account for buyer margins, refining costs, and operating expenses.
Unmarked gold can still be valuable. Professional buyers test purity using acid tests or X-ray fluorescence (XRF) machines. Expect offers to be conservative until testing confirms purity.
Most scrap gold buyers pay only for gold content, not stones. If your jewellery contains valuable diamonds or gemstones, consider having them independently valued. Removing stones yourself risks damage; jewellers can do this professionally.
Yes, gold prices change constantly based on currency exchange rates, economic conditions, inflation concerns, and geopolitical events. Check prices daily if selling significant amounts. Timing sales during price peaks maximizes returns.
Absolutely. Although 9ct contains only 37.5% gold, it remains valuable. Many UK jewellery pieces are 9ct, making it the most commonly sold carat. Accumulated weight from multiple items adds up significantly.
Digital kitchen scales accurate to 0.1 grams work well. For small items, jewellery scales with 0.01-gram accuracy are ideal. Remove stones, clasps, or non-gold components before weighing. Clean items to remove dirt affecting weight.
White gold and rose gold are alloys created by mixing pure gold with different metals. An 18ct white gold item contains 75% gold (same as yellow 18ct gold), so value is identical per gram regardless of colour.
Yes, particularly for rare dates or pristine condition coins. Pre-1900 sovereigns or those from branch mints (Melbourne, Sydney, Perth) may carry numismatic premiums. Consult coin dealers alongside scrap gold buyers.
In-person sales typically provide immediate payment by cash, cheque, or bank transfer. Postal services usually pay within 24-48 hours of receiving and testing your items. Always use tracked, insured postage with clear terms for declining offers.
Scrap gold goes to refineries where it’s melted and purified to 99.9% purity. The refined gold is recast into bars, used for new jewellery manufacturing, or sold to investment markets. Nothing is wasted in the recycling process.
Gold Market Factors
What Drives Gold Prices?
Multiple interconnected factors influence gold’s value:
- Currency strength: Gold prices inversely correlate with the US dollar and pound sterling. Weaker currencies push gold higher
- Inflation concerns: Gold serves as an inflation hedge, gaining value when purchasing power erodes
- Interest rates: Lower rates make gold more attractive versus interest-bearing assets
- Geopolitical uncertainty: Wars, elections, and crises drive investors toward gold’s perceived safety
- Central bank purchases: National banks buying gold reserves increases demand
- Jewellery demand: Asian markets, particularly India and China, significantly impact prices through seasonal buying
Historical UK Gold Price Trends
Gold prices have risen substantially over recent decades. In 2000, gold traded around £180 per ounce. By 2011, prices peaked near £1,200 per ounce during the financial crisis aftermath. The 2020s have seen prices consistently above £1,500 per ounce, reaching all-time highs above £2,000 in 2024 due to inflation concerns and geopolitical tensions.
Best Times to Sell
Whilst timing markets is challenging, certain patterns exist. Gold often rises during:
- Economic recessions or market crashes
- Periods of high inflation
- Major geopolitical conflicts
- Currency devaluation concerns
- Wedding seasons in India (typically September-November) when jewellery demand peaks
Monitor prices for several weeks before selling significant amounts. Setting a target price based on your research helps avoid regret if prices rise immediately after selling.
Alternatives to Selling Scrap
Jewellery Repair and Remodelling
Broken or outdated gold jewellery can be repaired or redesigned rather than sold as scrap. Jewellers can melt your gold and create custom pieces, charging only for labour and any additional gold needed. This preserves sentimental value whilst updating style.
Gold for Cash Schemes
Some jewellers offer “gold for cash” programmes where your scrap gold’s value applies toward purchasing new jewellery. These schemes sometimes provide better rates than straight scrap sales since retailers earn margin on new sales.
Holding for Future Appreciation
If current financial need isn’t urgent, consider retaining gold as an investment. Historical data shows gold maintains purchasing power over decades. Storage costs are minimal for small quantities kept in home safes.
References
- The London Bullion Market Association (LBMA). Gold Price Benchmarking and Market Standards. https://www.lbma.org.uk/
- UK Hallmarking Act 1973 (as amended). Legislation.gov.uk. https://www.legislation.gov.uk/ukpga/1973/43
- British Hallmarking Council. Guidance Notes on Hallmarking. https://www.gov.uk/government/organisations/british-hallmarking-council
- HM Revenue & Customs. Capital Gains Tax on Personal Possessions (HS293). https://www.gov.uk/government/publications/capital-gains-tax-on-personal-possessions-hs293-self-assessment-helpsheet
- The Royal Mint. Understanding Gold Purity and Carats. https://www.royalmint.com/
- World Gold Council. Gold Demand Trends and Market Analysis. https://www.gold.org/
- The Assay Office Birmingham. Hallmarking Services and Precious Metal Standards. https://www.theassayoffice.com/