Gold price history in GBP
Gold averaged £72.54 an ounce in 1975 and £2,610.17 in 2025, using World Bank dollar prices converted at Bank of England exchange rates. Sterling moves matter as much as gold: the price in pounds jumped after the 2016 referendum and held up in 2022 while it fell in dollars. January to September 2026 averaged about £3,383.
What is gold worth in pounds today?
... per troy ounce, live
... per gram · Sovereign gold content ... · Loading
Live spot price, the wholesale price for gold delivered now (what the spot price means). The Sovereign figure is the value of its 0.2354 oz of gold, not a dealer price. Full live tables are on gold price today in GBP.
Where do these sterling figures come from?
Gold is traded worldwide in US dollars, so there is no separate "pound price" of gold, only the dollar price converted at the exchange rate of the moment. We take the World Bank's annual average gold price in dollars per troy ounce (its Pink Sheet data, which until May 2025 averages the London afternoon benchmark, now run by the LBMA, and since then a spot average). We then divide each year by the Bank of England's annual average spot rate for dollars into sterling (series XUAAUSS). The Bank's series starts in 1975, so our table starts there too.
Dividing an annual average by an annual average is an approximation. Day-by-day sterling prices would give slightly different results, but the gap is small for comparing years. For 2026 we use the World Bank's monthly averages (rounded to the nearest dollar) and the Bank of England's monthly average rates.
What was the average gold price in pounds each year?
| Year | Gold (USD/oz) | Dollars per £1 (BoE) | Gold (GBP/oz) | Change on year |
|---|---|---|---|---|
| 2025 | $3,441.51 | 1.3185 | £2,610.17 | +39.7% |
| 2024 | $2,387.70 | 1.2783 | £1,867.87 | +19.6% |
| 2023 | $1,942.67 | 1.2434 | £1,562.38 | +7.3% |
| 2022 | $1,800.60 | 1.2362 | £1,456.56 | +11.3% |
| 2021 | $1,799.63 | 1.3757 | £1,308.16 | -5.1% |
| 2020 | $1,770.25 | 1.2837 | £1,379.02 | +26.4% |
| 2019 | $1,392.50 | 1.2766 | £1,090.79 | +14.7% |
| 2018 | $1,269.23 | 1.3350 | £950.73 | -2.6% |
| 2017 | $1,257.56 | 1.2888 | £975.76 | +5.8% |
| 2016 | $1,248.99 | 1.3542 | £922.31 | +21.5% |
| 2015 | $1,160.66 | 1.5286 | £759.30 | -1.1% |
| 2014 | $1,265.58 | 1.6477 | £768.09 | -14.9% |
| 2013 | $1,411.46 | 1.5644 | £902.24 | -14.3% |
| 2012 | $1,669.52 | 1.5851 | £1,053.26 | +7.6% |
| 2011 | $1,569.21 | 1.6030 | £978.92 | +23.6% |
| 2010 | $1,224.66 | 1.5460 | £792.15 | +27.5% |
| 2009 | $972.97 | 1.5665 | £621.11 | +32.0% |
| 2008 | $871.71 | 1.8528 | £470.48 | +35.2% |
| 2007 | $696.72 | 2.0022 | £347.98 | +6.1% |
| 2006 | $604.34 | 1.8430 | £327.91 | +34.1% |
| 2005 | $444.84 | 1.8189 | £244.57 | +9.5% |
| 2004 | $409.21 | 1.8323 | £223.33 | +0.5% |
| 2003 | $363.51 | 1.6353 | £222.29 | +7.8% |
| 2002 | $309.97 | 1.5035 | £206.17 | +9.6% |
| 2001 | $270.99 | 1.4400 | £188.19 | +2.2% |
| 2000 | $279.03 | 1.5151 | £184.17 | +6.9% |
| 1999 | $278.77 | 1.6180 | £172.29 | -2.9% |
| 1998 | $294.16 | 1.6574 | £177.48 | -12.2% |
| 1997 | $331.10 | 1.6382 | £202.11 | -18.6% |
| 1996 | $387.70 | 1.5618 | £248.24 | +2.0% |
| 1995 | $384.16 | 1.5783 | £243.40 | -2.8% |
| 1994 | $384.01 | 1.5329 | £250.51 | +4.6% |
| 1993 | $359.77 | 1.5015 | £239.61 | +23.1% |
| 1992 | $343.73 | 1.7665 | £194.58 | -5.0% |
| 1991 | $362.18 | 1.7685 | £204.80 | -4.6% |
| 1990 | $383.47 | 1.7864 | £214.66 | -7.8% |
| 1989 | $381.43 | 1.6383 | £232.82 | -5.2% |
| 1988 | $437.05 | 1.7796 | £245.59 | -9.8% |
| 1987 | $446.47 | 1.6392 | £272.37 | +8.7% |
| 1986 | $367.69 | 1.4672 | £250.61 | +2.3% |
| 1985 | $317.91 | 1.2976 | £245.00 | -9.2% |
| 1984 | $360.48 | 1.3364 | £269.74 | -3.2% |
| 1983 | $422.53 | 1.5158 | £278.75 | +29.7% |
| 1982 | $375.80 | 1.7489 | £214.88 | -5.3% |
| 1981 | $459.75 | 2.0254 | £226.99 | -13.1% |
| 1980 | $607.86 | 2.3281 | £261.10 | +80.7% |
| 1979 | $306.67 | 2.1225 | £144.48 | +43.5% |
| 1978 | $193.24 | 1.9197 | £100.66 | +18.9% |
| 1977 | $147.72 | 1.7455 | £84.63 | +22.4% |
| 1976 | $124.82 | 1.8046 | £69.17 | -4.7% |
| 1975 | $161.03 | 2.2198 | £72.54 | n/a |
GoldVetted calculation: World Bank annual average gold price divided by the Bank of England annual average USD/GBP spot rate (XUAAUSS). Highlighted rows are discussed below. 2026 is not included because the year is incomplete. Not adjusted for inflation.
How did each decade compare in pounds?
| Period | Average of annual prices | Lowest year | Highest year |
|---|---|---|---|
| 1975 to 1979 | £94.30 | £69.17 (1976) | £144.48 (1979) |
| 1980 to 1989 | £249.78 | £214.88 (1982) | £278.75 (1983) |
| 1990 to 1999 | £214.77 | £172.29 (1999) | £250.51 (1994) |
| 2000 to 2009 | £303.62 | £184.17 (2000) | £621.11 (2009) |
| 2010 to 2019 | £919.35 | £759.30 (2015) | £1,090.79 (2019) |
| 2020 to 2025 | £1,697.36 | £1,308.16 (2021) | £2,610.17 (2025) |
1975 to 1979 and 2020 to 2025 are partial decades. Calculated from World Bank and Bank of England data.
In pounds, the 1980s and 1990s were close to flat or falling, and the climb from 2005 to 2012 was steeper than in dollars because sterling weakened sharply after 2008, from an average of $2.00 in 2007 to $1.57 in 2009.
Which events moved the gold price for UK buyers?
1971 to 1980: what happened when gold was freed?
Until 15 August 1971 the US swapped dollars for gold with other governments at $35 an ounce (Federal Reserve History). Once that link was cut, the price was free to move. By 1980 the dollar average was $607.86, about £261 at that year's strong exchange rate of $2.33. In January 1980 alone the monthly average was about £298.
Why was gold dearer in pounds in 1983 than in 1980?
The pound fell much faster than gold. The Bank of England's annual average rate dropped from $2.3281 in 1980 to $1.5158 in 1983. So although the dollar price fell from $607.86 to $422.53, the sterling price rose from about £261 to about £279, the high point of the 1980s for UK buyers. It is a clear example of how much the exchange rate matters.
1999 to 2002: what did the Bank of England gold sales do?
On 7 May 1999, HM Treasury announced it would restructure the UK's reserves by selling part of its gold. According to the Bank of England's 2003 analysis, about 395 tonnes were sold in 17 auctions from July 1999 to March 2002, at an average of around $275 an ounce. The London morning price ranged from $252.90 to $326.25 during the programme. Gold's lowest month since 1980 came just as the auctions began: July 1999 averaged $256.08, and August 1999 about £160, the lowest sterling month since 1979. On 26 September 1999 a group of central banks, with the Bank of England signing for the UK government, announced the Central Bank Gold Agreement, and the October 1999 average jumped to about £188.
2011 to 2015: how far did sterling gold fall after the peak?
The sterling annual average peaked at about £1,053 in 2012 and fell to about £759 in 2015, a 28% drop. In dollars the fall was similar, at 30%.
2016: what did the EU referendum do to gold in pounds?
The referendum was held on 23 June 2016. The Bank of England's daily dollar rate fell from $1.4798 that day to $1.3621 on 24 June and $1.3152 on 27 June. Gold priced in dollars rose only modestly, but UK buyers saw a jump: the monthly average went from about £898 in June to about £1,017 in July 2016, a rise of 13%, against 4.7% in dollars. Over the full year gold rose 21.5% in pounds and 7.6% in dollars.
2022: what did the mini-budget do?
After the government's Growth Plan of 23 September 2022, the pound fell from $1.0897 that day to $1.0745 on 28 September, on Bank of England daily rates. On 28 September the Bank stepped in to buy long-dated government bonds, saying that "were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability" (Bank of England). For gold, the weak pound acted as a cushion. The dollar monthly average fell 4.7% from August to September 2022, yet the sterling average edged up from about £1,471 to about £1,484. Over 2022 as a whole, gold was flat in dollars (up 0.1%) but up 11.3% in pounds.
2024 to 2026: how big is the recent rise in pounds?
Gold rose 19.6% in sterling in 2024 and 39.7% in 2025, to an average of about £2,610. The rise in pounds was a little smaller than in dollars because sterling strengthened slightly. Monthly figures for 2026 peaked in February at about £3,698 and eased to about £3,220 in September, giving a January to September average of about £3,383.
How do UK tax rules change what history means for you?
Price history shows gross changes. What a UK buyer keeps depends on the product. Investment gold is exempt from VAT (HMRC VAT Notice 701/21). Gold coins that are UK legal tender, such as Sovereigns and Britannias, are not chargeable assets for Capital Gains Tax (HMRC CG78305), whereas gains on bars can be taxable. Our UK gold tax guide explains the details.
What does gold price history not tell you?
- It is not a forecast. Sterling gold fell for most of the 1980s and 1990s, and again from 2012 to 2015.
- Dealers charge above spot. On 10 October 2026, a single 1oz Britannia cost 2.80% over spot at Chards and 7.13% at The Royal Mint (GoldVetted price check, 10 October 2026). Hatton Garden Metals' buy-back price for the same coin was 3.28% below spot, so prices need to rise roughly 6% before you break even. See the premium tracker.
- Exchange rates can mask gold's own move. A weak pound flatters sterling gold returns, and a recovering pound can cut them.
- Not adjusted for UK inflation. These are cash prices, so older years look cheaper than they felt at the time.
How can I use these numbers?
Multiply a coin's gold content by a year's average to see its gold value back then. A Sovereign holds 0.2354 troy oz, so its gold was worth about £61 on average in 1980 and about £614 in 2025. For what your gold is worth now, use the gold value calculator or the live gold price per gram (GBP) and gold price per kilo (GBP). Our list of the best places to buy gold in the UK compares dealers on price and buy-back. US readers can see the same history in dollars, with inflation-adjusted figures, on gold price history in USD.
To compare live dealer prices yourself, Visit Chards, which had the lowest 1oz Britannia premium in our check. Prices change through the day. This page is information, not financial advice.
Frequently asked questions
What was the gold price in pounds in 1980?
The 1980 average was about £261 an ounce: $607.86 from the World Bank divided by the Bank of England's average rate of $2.3281 to the pound. Because sterling was so strong that year, gold in pounds peaked later, in 1983, at about £279, even though the dollar price was lower by then.
What was the lowest gold price in pounds?
Since 1980, the lowest annual average was 1999 at about £172 an ounce. The lowest month was August 1999, at about £160, using World Bank monthly prices and Bank of England monthly exchange rates. That was during the Treasury's programme of gold auctions, which ran from July 1999 to March 2002.
How much gold did Gordon Brown sell, and at what price?
The Treasury announced the restructuring of the UK's reserves on 7 May 1999. About 395 tonnes were then sold in 17 auctions from July 1999 to March 2002, at an average of around $275 an ounce, according to a 2003 Bank of England analysis. The price has since risen more than twelvefold in dollar terms.
Why did gold jump in pounds after the Brexit vote?
Mostly because the pound fell. The Bank of England's dollar rate dropped from $1.4798 on 23 June 2016 to $1.3621 the next day. Gold's monthly average rose 4.7% in dollars from June to July 2016, but about 13% in pounds. For the whole of 2016, gold rose 21.5% in sterling against 7.6% in dollars.
How much has gold gone up in pounds recently?
The sterling annual average rose 19.6% in 2024 and 39.7% in 2025, to about £2,610 an ounce. Using World Bank monthly prices and Bank of England monthly rates, January to September 2026 averaged about £3,383. The live price in pounds is shown at the top of this page.
Is gold priced in pounds or dollars?
The world market prices gold in US dollars, and the LBMA benchmark is set in dollars in London. UK prices are that dollar price converted at the current exchange rate. So a sterling buyer gains when the pound weakens and loses when it strengthens, even if the dollar gold price does not move at all.
Does gold history mean the price will keep rising?
No. In pounds, gold fell from about £1,053 in 2012 to £759 in 2015, and from £279 in 1983 to £172 in 1999. We do not make forecasts. Gold pays no income, so any gain depends on the price when you sell, after the dealer's buying spread.
Sources
We checked these primary and official sources when writing and fact-checking this page.
- World Bank: Commodity Price Data (Pink Sheet), annual gold prices 1960 to 2025 and monthly prices to September 2026 ($/troy oz)
- Bank of England Database: annual (XUAAUSS), monthly (XUMAUSS) and daily (XUDLUSS) average spot exchange rates, US dollar into sterling
- Bank of England Quarterly Bulletin 2003: An analysis of the UK gold auctions 1999 to 2002
- Bank of England: Bank of England announces gilt market operation, 28 September 2022
- Federal Reserve History: Nixon ends convertibility of US dollars to gold (15 August 1971)
- HMRC Capital Gains Manual CG78305: gold coins that are legal tender
- HMRC VAT Notice 701/21: gold acquisitions, imports, investments and VAT
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.