Learn about gold
These short explainers cover the words you will meet when buying or selling gold: karats, 999 fineness, hallmarks, assay cards, Good Delivery bars, cast and minted bars, and junk gold. Each one has a live value. Pure, 24 karat gold is 99.9% or more gold; 22 karat is 91.67%.
Gold has its own vocabulary, and dealers use it fast. Learn the seven terms below and you can read a product page, an offer or a hallmark with confidence.
What do karat and fineness mean?
| Guide | What it explains |
|---|---|
| What is 24 karat gold? | Pure gold, with a karat chart from 9ct to 24ct and the live value per gram. |
| What is 999 gold? | Gold that is 99.9% pure, and why tax rules care about purity. |
| Gold hallmarks explained | How to read the UK marks for maker, fineness and assay office. |
What should I know about gold bars?
| Guide | What it explains |
|---|---|
| Cast vs minted gold bars | How poured bars differ from struck bars in look, packaging and price. |
| What is an assay card? | The sealed pack that comes with a small bar, and whether to open it. |
| What is a Good Delivery bar? | The large London wholesale bar, and how small buyers can own a share of one. |
What counts as scrap or junk gold?
| Guide | What it explains |
|---|---|
| What is junk gold? | Broken jewellery and worn coins valued only for their metal, with its live value. |
Where can I learn more?
- What is the gold spot price? The wholesale price every other price is built on.
- How gold prices are set. What moves the price up and down.
- Gold dealer spreads. Why the price to buy is higher than the price to sell.
- Gold glossary. Short definitions of common terms.
- How to buy gold. The full step-by-step process.
Looking at specific coins? Visit the gold coins hub. Ready to sell? See the selling gold hub.
Frequently asked questions
What does 24 karat gold mean?
Karat (carat in the UK) measures purity out of 24 parts. 24 karat is pure gold, usually 999 or 999.9 fine. 22 karat is 91.67% gold, 18 karat is 75% and 9 karat is 37.5%. The rest is other metals such as copper or silver.
What does 999 mean on a gold bar?
It means the metal is 99.9% pure gold. Some products are marked 9999 (99.99%) or 999.9 for even higher purity. Fineness is stamped on bars and coins so buyers can work out the pure gold content and its value.
What is a hallmark on gold?
In the UK, a hallmark is a set of official marks stamped by an assay office to show who made an item, how pure it is and where it was tested. Investment bullion bars and coins are normally exempt, but jewellery over a set weight must be hallmarked.
What is an assay card?
An assay card is the sealed card pack in which a small gold bar is sold. It carries the bar's weight, fineness, serial number and the refiner's details, and it is designed so the bar is easy to verify. Opening the pack can reduce resale value.
What is a Good Delivery bar?
It is the large gold bar used in the London wholesale market, weighing roughly 350 to 430 troy ounces at 995 fineness or higher. Banks and refiners trade them. Private buyers cannot easily buy one, but can own a share through allocated storage.
What is junk gold?
Junk gold is broken or unwanted gold jewellery and worn coins that are valued only for their metal content, not for design or collecting. Buyers pay by the gram according to purity and the gold price, usually well below the full melt value.
Sources
We checked these primary and official sources when writing and fact-checking this page.
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.