How and where to sell gold for the best price

Selling is where many gold owners lose money they did not need to lose. The buyer you choose can change what you receive by hundreds of pounds or dollars on a single coin. This guide explains who buys gold, what they pay, how tax works in the US, UK, Canada and Australia, and how to avoid low offers.

How does selling gold actually work?

Every buyer starts from the spot price: the live wholesale price of one troy ounce of pure gold. They then work out how much pure gold your item contains and offer you a price below that value. The gap is called the buyback discount, or the bid. It covers the buyer's checking costs, the risk that the gold price moves before they resell, and their profit.

When you bought, you paid a premium above spot. When you sell, you receive a discount below it. The two together are your round-trip cost, which is why gold usually needs to rise a few per cent before a sale breaks even. The difference between a dealer's selling and buying prices is called the spread.

What you sell matters as much as where. Well-known bullion coins (Britannia, Sovereign, American Eagle, Maple Leaf, Krugerrand) and bars from accredited refiners are quick to price because buyers know exactly what they are. Jewellery and broken items are bought for scrap, often at a much bigger discount, because they must be tested and refined. For those, see selling scrap gold.

Where can you sell gold, and who pays the most?

Royal Mint rates from its "How to sell your gold" page, checked 11 October 2026.

The Royal Mint says it buys bullion coins and bars made by other recognised mints and refiners as well as its own. The Perth Mint buys bullion in person at its Perth shop, and asks for photo ID on every visit. In the US, the US Mint does not buy coins back from the public; instead it requires its Authorized Purchasers to "maintain a two-way market" in its bullion coins, so you sell through a dealer.

What does selling cost? A worked example with real prices

We used the GoldVetted price check, 10 October 2026, when gold spot was £3,171.03 per ounce. Hatton Garden Metals was the only dealer in that check that published buyback prices on the same page as its selling prices, so it gives a clean like-for-like view.

Round-trip cost = dealer sell price minus dealer buy price, as a share of the price paid. Prices from the dealer's product pages; see our premium tracker for the full check.

Three things stand out:

• Gold needs to rise about 7% to break even. If you bought a Britannia for £3,281.19 and sold it back the same day for £3,067.15, the buyback price would need to rise 6.98% just to get your money back.
• Buying cheaply helps as much as selling well. The cheapest 1oz Britannia in our check was £3,259.95 at Chards. Selling that coin to Hatton Garden Metals at £3,067.15 would lose £192.80 (5.9%), about £21 less than buying and selling at the same shop.
• A percentage of the LBMA price is easy to compare. The Royal Mint pays 96% of the LBMA gold price for bullion held outside its vault. If the LBMA price matched that day's spot of £3,171.03, that would be about £3,044 for 1oz of gold, roughly £23 less than the Hatton Garden Metals bid. The LBMA price is set twice a day and can differ from spot, so treat this as a guide only.

We did not capture US dealer buyback prices in this check. US dealers we checked price card payments about 4.2% above wire when you buy, so how you paid also affects your true round-trip cost. Use the calculator below with any quote you are given.

How do you sell gold step by step?

1. Identify exactly what you have

   Write down the coin or bar name, weight, purity and year, and whether you still have the box, capsule, assay card or receipt. A 1oz bar from a well-known refiner and an unbranded bar of the same weight can attract very different offers. Our guide to checking whether gold is real shows what buyers look for.

2. Work out the melt value

   Multiply the fine gold content by today's spot price. A Sovereign holds 0.23542 troy ounces of gold, so at £3,171.03 spot its gold is worth about £746.53. This is your yardstick: any offer is a percentage above or below it. The melt value calculator does the sum for common coins.

3. Get at least three quotes

   Ask a large bullion dealer, a mint buyback service where available, and one local shop. Ask each for the price per item and any deductions for postage, insurance or testing. Compare the net amount you will receive.

4. Lock the price and ship safely

   Online buyers usually lock the price when you accept by phone or online. Send items fully insured and tracked, and photograph them before packing. Never post gold to a buyer you have not checked.

5. Get paid and keep records

   Expect a bank transfer, wire or cheque once the items are inspected. Keep the sale invoice with your purchase receipt: you need both to work out any taxable gain.

Do you pay tax when you sell gold?

Tax depends on where you live, what you sell and how long you held it. These are the headline rules; check the official source for your situation.

A UK example: selling a 1oz bar bought for £2,000 at £3,067 gives a gain of £1,067, which is under the £3,000 annual exempt amount if you have no other gains that year. Selling Britannias instead would not be taxable at all, however large the gain.

Will you need ID, and is the sale reported?

Expect to show photo ID when selling to any reputable buyer. Dealers in all four countries must follow anti-money laundering rules, and many will not buy from someone they cannot identify.

• US: dealers file Form 1099-B for certain sales, including 25 or more 1oz Krugerrands, Maple Leafs or Mexican Onzas, and gold bars of 99.5% purity totalling at least one kilo, according to the reportable-items list published by APMEX. Separately, any business receiving more than $10,000 in cash must file Form 8300.
• Canada: dealers in precious metals must report to FINTRAC when they receive C$10,000 or more in cash, including smaller amounts that add up to that within 24 hours.
• UK and Australia: dealers carry out identity checks under their anti-money laundering rules and set their own thresholds, so ask before you visit.

Whether or not a dealer reports the sale, you remain responsible for declaring any taxable gain.

What mistakes cost sellers the most?

• Accepting the first offer. Offers vary widely, especially in shops that also buy jewellery.
• Selling bullion as scrap. A Britannia or Krugerrand should be priced as a coin, not weighed with broken jewellery.
• Not knowing the melt value. Without it, you cannot tell whether an offer is 3% or 20% below the gold value.
• Cleaning coins. It can only lower the price.
• Posting uninsured gold or sending it to a mail-in buyer before checking its reviews and terms.
• Ignoring tax. In the UK, choosing which coins to sell first can make a sale tax free. In Australia, waiting until you pass 12 months of ownership can halve the taxable gain.
• Falling for "we buy gold above spot" adverts. Dealers rarely pay above spot for bullion; read our guide to gold scams.

What does this mean in the US, UK, Canada and Australia?

If you plan to buy again later, the same dealers often appear on both sides. Our country guides compare where to buy gold in the US, the UK, Canada and Australia, and our how to buy gold guide explains how to keep the round-trip cost low from the start. For specific items, see selling gold coins and selling gold bars.

Not financial advice. GoldVetted provides general information to help you compare options. It is not personal financial, tax or legal advice. Gold prices go down as well as up, and you may get back less than you pay. Check tax rules with the official source or a qualified adviser before you act.