About Gold Pricing in London
London is the world's largest over-the-counter (OTC) gold market by volume. The LBMA (London Bullion Market Association) Gold Price is published twice daily at 10:30am and 3:00pm GMT — used by central banks, ETFs, miners, and refiners globally as the settlement reference price.
The UK charges 0% VAT on investment-grade gold bullion (HMRC defines this as coins/bars of minimum 99.5% purity). The Royal Mint (Llantrisant, Wales) produces British gold Sovereign and Britannia coins — CGT-exempt for UK residents.
UK-specific advantage: British Sovereign and Britannia gold coins are Capital Gains Tax (CGT) exempt as legal tender — making them preferable over international coins for UK investors. See the UK Gold Page for CGT-exempt coin details.
Frequently Asked Questions — Gold in London
What is the LBMA Gold Price? +
The LBMA Gold Price is published twice daily (10:30am and 3pm GMT) by ICE Benchmark Administration. It's set through an electronic auction involving major bullion banks. It's the global settlement benchmark — not the same as COMEX spot, though they track closely.
Is gold VAT-free in London? +
Yes — investment gold (99.5%+ purity bars and coins) is 0% VAT in the UK under VAT Act 1994 Schedule 9 Group 15. Gold jewellery attracts 20% VAT. Confirm product classification with dealer.
What are CGT-exempt gold coins in the UK? +
British Sovereign and Britannia coins are UK legal tender — profits from selling them are exempt from Capital Gains Tax (CGT) for UK residents. This is a major tax advantage over holding gold bars or foreign coins where gains are subject to CGT.
Where to buy gold in London? +
Hatton Garden (EC1) is London's jewellery and bullion quarter. Baird & Co, Sharps Pixley, ATS Bullion in EC1. Royal Mint (online). BullionVault and GoldMoney for allocated storage. Chards in Blackpool for competitive coin pricing.
What is the difference between LBMA spot and COMEX spot? +
LBMA and COMEX prices track each other closely but differ by time zone, contract specifications, and settlement method. LBMA is OTC unallocated, COMEX is exchange-traded futures. Both are within $1–3/oz of each other during overlapping hours.