To sell gold for the best price in the UK, compare the buy-back price for your exact product at several dealers on the same day and sell where it is highest. Buy-back prices for the same bar or coin differ between dealers, and the dealer you bought from does not always pay the most. Knowing the value of the metal before you get a quote is the best protection against a low offer.
Step 1: know what you are selling
- Bullion bars and coins (Sovereigns, Britannias, Krugerrands, bars from known refiners) are bought back close to the gold price, because dealers can resell them easily.
- Jewellery and other items are usually bought as scrap, by weight and purity, minus a margin for refining.
- Collectible coins may be worth more than their gold content, but only to a buyer who values the collectible side. A bullion dealer will usually pay the metal price.
For jewellery, look for the UK hallmark showing purity: 375 (9 carat, 37.5% gold), 585 (14 carat), 750 (18 carat) and 916 (22 carat).
Step 2: work out the metal value
Multiply the weight by the purity and by the current price of pure gold per gram. For example, a 10g chain of 9 carat gold contains 3.75g of pure gold. Use live UK gold prices and the gold calculator to get the figure. Any offer will be below this metal value, but now you know how far below.
Step 3: compare buy-back prices
Most bullion dealers publish buy-back prices for standard products and update them with the market during the day. The UK bullion dealers page shows several dealers side by side.
- Compare the same product, for example a 1oz Britannia or a 100g bar, not just the gold price.
- Check whether postage, insurance or handling fees are deducted from the offer.
- Ask whether the price is fixed at the time you book the sale or when the dealer receives your items.
Where you can sell, and how they differ
| Buyer | Typical approach | Things to check |
|---|---|---|
| Bullion dealer | Published buy-back prices for bars and coins | Price fixing, postage, payment time |
| Jeweller | Buys jewellery, sometimes coins | Offer against metal value |
| Pawnbroker | Buys or lends against gold | Whether it is a sale or a loan |
| Postal “cash for gold” buyer | You send items, they make an offer | Return terms if you reject the offer |
| Private sale | Marketplace or classified ad | Payment safety, counterfeit claims |
Postal buyers can be convenient but vary widely. Find out before you send anything whether returns are free and insured if you turn the offer down, and how long you have to decide.
Step 4: prepare the items and documents
- Keep bars and coins in their original packaging with the certificate. A damaged assay card or scratched coin can lower the price.
- Bring photo ID and proof of address. Dealers usually ask for them when buying from the public, especially for larger amounts.
- Keep your purchase invoices. They show what you paid, which matters for Capital Gains Tax.
- Confirm the price before you visit or post. Buy-back prices move with the market during the day.
Capital Gains Tax when you sell
What you owe depends on what you sell. HMRC treats UK legal tender coins, such as Sovereigns and Britannias, as sterling currency, so gains on them are exempt from Capital Gains Tax. Gold bars and most foreign bullion coins are chargeable assets: gains above the annual exempt amount (£3,000 for 2025–26) are taxed at 18% or 24% depending on your income. Personal possessions such as jewellery fall under separate rules for chattels, which include an exemption when an item sells for £6,000 or less. Check current figures on gov.uk, and keep records of what you paid.
Selling investment gold does not involve VAT for a private individual.
Selling a large holding
If you have a larger amount to sell, a few practical points can make a difference to the final figure.
- Ask two or three dealers for a quote on the whole lot. Some pay slightly more per item for larger quantities.
- Make sure the quote states how and when you will be paid. Bank transfer is the norm for larger sums.
- If you post items, use the dealer’s insured service or a fully insured courier, and photograph the contents first.
- Think about the tax year. Gains on bars are measured per tax year against the annual exempt amount, so the timing of sales can affect the tax due.
Common mistakes
- Accepting the first offer without checking the metal value.
- Comparing different products, for example a coin’s buy-back price at one dealer with a bar’s at another.
- Sending items by post without knowing the return terms.
- Splitting a set or removing coins from capsules, which can lower the price.
- Ignoring fees that are deducted after the offer.
How much you lose on a round trip
If you buy and sell straight away, you lose the spread – the gap between a dealer’s selling and buy-back prices. It is usually smallest on large bars and higher on small bars and coins. That is one reason physical gold is usually held for a longer period.
Bottom line
The best price when selling gold comes from knowing the metal value, comparing buy-back prices for the same product at several dealers on the same day and checking for deducted fees. Bullion bars and coins are bought back close to the gold price, while jewellery is bought as scrap. Sovereigns and Britannias are exempt from CGT, while gold bars are chargeable assets.
Sources: HMRC Capital Gains Manual CG78305 · GOV.UK – CGT on personal possessions · GOV.UK – CGT rates and allowances · Assay Office – Hallmarking
This is general information, not tax or investment advice.
Frequently asked questions
Where is the best place to sell gold in the UK?
There is no single best place. Bullion dealers publish buy-back prices for bars and coins, so compare the price for your exact product at several dealers on the same day.
How much will I get for gold jewellery?
Usually the value of the pure gold it contains, minus a margin for refining. Work out the metal value from the weight and hallmark before you ask for a quote.
Do I pay Capital Gains Tax when selling Sovereigns?
No. HMRC treats Sovereigns and Britannias as UK legal tender, so gains are exempt from CGT. Gold bars are chargeable assets.
Do I need ID to sell gold?
Usually yes. Dealers typically ask for photo ID and proof of address when buying from the public, especially for larger amounts.
