Gold Price UK vs Germany: British vs German Markets

The table below shows both countries' rates per gram and per ounce in local currency and in US dollars. In dollar terms, the two rates are nearly identical — both are the international spot price, and the pound/euro rate is the only thing that moves one relative to the other.

Both markets price gold per troy ounce for bullion and per gram for smaller bars and jewellery. Premiums on common bullion are low in both — the London and Frankfurt markets are among the most competitive in the world.

UK: investment-grade gold is exempt from VAT, and British legal tender gold coins (sovereigns and Britannias) are exempt from capital gains tax entirely. Other gold — bars and foreign coins — is subject to CGT on gains above the annual allowance.

Germany: investment-grade gold is exempt from VAT, and — uniquely — private sales of gold held for more than one year are tax-free: no capital gains tax at all on gold held for over a year. Gold sold within a year is taxed at the personal income tax rate. For a long-term holder, Germany's rule is as generous as the UK's coin exemption, and it applies to bars as well as coins.

The UK market centres on the Britannia and the sovereign — both CGT-exempt, both from the Royal Mint, both instantly recognisable. British investors overwhelmingly buy these two coins, because the tax saving is worth more than any premium difference.

The German market is more bar-focused: German investors buy bars (from 1 gram to 1 kilogram) and a wide range of coins, including the Austrian Philharmonic and the South African Krugerrand, as well as German-minted pieces. The one-year tax rule applies to all of them, so the choice is driven by premium and preference rather than tax.

In the UK, buy from the Royal Mint, established bullion dealers (BullionByPost, Chards, Atkinsons), or LBMA members. Buy Britannias or sovereigns for the CGT exemption, and store larger holdings in allocated vault storage.

In Germany, buy from established dealers (Degussa, Pro Aurum, Philoro), banks (many German banks sell bullion), or the Frankfurt market. Keep purchase receipts and dates — the one-year holding period for tax-free sale is proven by the purchase date.

Both markets are excellent, and the choice depends on what you buy and how long you hold it. The UK wins for coin investors who want instant CGT exemption with no holding period. Germany wins for bar investors and for anyone happy to hold for a year — the tax-free sale after one year applies to everything, not just national coins.

For a long-term holder, the two are effectively equal: buy in your own country, buy the products your tax rules favour, and hold for the long term. The metal is the same; the tax code is what differs — and in both countries, the tax code is on the gold buyer's side.