Introduction: Why Getting the Best Price Matters
Whether you're liquidating part of your investment portfolio, selling inherited jewellery, or simply cashing in on gold you no longer need, getting the best possible price is paramount. The difference between a good and a poor gold buyer can be significant — sometimes hundreds or even thousands of pounds on a single transaction.
In this guide, we'll walk you through everything you need to know to sell gold confidently in the UK — from understanding how gold is valued, to choosing the right buyer, to avoiding the common pitfalls that cost sellers money.
Understanding How Gold is Valued
Before you sell anything, you need to understand how gold is priced. This knowledge is your most powerful tool in any negotiation.
The Gold Spot Price
Gold is traded globally as a commodity, and its price is set by international markets in real time. This is known as the spot price — the current market price for one troy ounce of pure gold. You can check the live gold spot price on financial websites or directly on our 888 Bullion homepage.
The spot price is your baseline. Any reputable buyer will offer you a percentage of the spot price based on the purity and weight of your gold. Understanding this figure before you walk into any dealer or post off any parcel is essential.
Purity and Weight
Gold purity is measured in carats (for jewellery) or fineness (for bullion). The key purities you'll encounter are:
- 24 carat / .999 fine: Pure gold — the highest purity, found in most modern bullion bars and coins such as our 1oz Gold Bar and PAMP Suisse Gold Bar
- 22 carat / .916 fine: Found in Gold Sovereigns and Britannias — 91.6% pure gold
- 18 carat / .750 fine: Common in jewellery — 75% pure gold
- 9 carat / .375 fine: The most common jewellery gold in the UK — 37.5% pure gold
Gold is weighed in troy ounces (31.1 grams) for bullion, but jewellers often use grams. Make sure you know the weight of your gold before getting quotes.
Calculating Your Gold's Value
To estimate what your gold is worth, use this simple formula:
Value = (Weight in grams ÷ 31.1) × Spot price per troy ounce × Purity
For example, if you have 10 grams of 18-carat gold and the spot price is £2,000 per troy ounce: (10 ÷ 31.1) × £2,000 × 0.75 = approximately £483. A reputable buyer will offer you a percentage of this — typically 90–98% for bullion coins and bars, and 70–90% for jewellery.
What Are You Selling? Know Your Gold
The type of gold you're selling significantly affects both its value and the best route to market.
Bullion Coins
Investment-grade bullion coins — such as Gold Sovereigns, Gold Britannias, Krugerrands, and Australian Gold Kangaroos — are the easiest gold to sell and typically attract the highest buyback prices. Their weight, purity, and authenticity are guaranteed by the issuing mint, so buyers can price them quickly and confidently.
Bullion Bars
Gold bars from recognised refiners such as Heraeus, Umicore, and PAMP Suisse are also straightforward to sell. Bars with intact assay cards and original packaging typically attract better prices, as they require less verification.
Gold Jewellery
Jewellery is more complex to sell for its gold value. Buyers must account for the alloy content, any stones (which have no gold value), and the cost of refining. Expect lower buyback percentages for jewellery than for bullion — typically 70–85% of the gold melt value. However, if your jewellery has significant antique or designer value, selling through an auction house or specialist jeweller may yield a better return than a bullion dealer.
Scrap Gold
Broken chains, single earrings, dental gold, and other scrap items can all be sold for their gold content. Prices vary widely between buyers, so shopping around is especially important for scrap.
Where to Sell Gold in the UK
Specialist Bullion Dealers
For investment-grade bullion — coins and bars — a specialist bullion dealer is almost always your best option. Dealers like 888 Bullion, based in Hatton Garden, London, offer competitive buyback prices, immediate payment, and the expertise to accurately assess your gold. We buy back all the coins and bars we sell, and we price transparently against the live spot price.
Hatton Garden has been the centre of London's precious metals and jewellery trade for centuries, and visiting a reputable dealer in person gives you the opportunity to get an immediate quote and walk away with payment on the same day.
Online Bullion Dealers
Many bullion dealers also offer postal buyback services. You send your gold by insured special delivery, they assess it, and payment is made by bank transfer. This is convenient but requires trust in the dealer — always use a well-established, reputable company with clear terms and a transparent pricing policy.
Auction Houses
For rare, antique, or numismatically significant coins, an auction house may achieve a higher price than a bullion dealer. However, auction houses charge seller's commission (typically 15–25%), and there's no guarantee of the final price. This route is best for genuinely rare pieces where the collector premium significantly exceeds the gold melt value.
Pawnbrokers and Cash-for-Gold Services
Avoid these for anything of significant value. Pawnbrokers and high-street cash-for-gold services typically offer 50–70% of melt value — far below what a specialist dealer will pay. They rely on sellers not knowing the true value of their gold.
Online Marketplaces
Selling gold on eBay or similar platforms can sometimes achieve good prices, particularly for collectible coins. However, it comes with risks: buyer fraud, payment disputes, and the time and effort of listing, packaging, and posting. For bullion, a dealer is usually more efficient and equally competitive.
Tips for Getting the Best Price
- Check the spot price first: Know the current gold price before you get any quotes. This gives you a benchmark to evaluate offers against.
- Get multiple quotes: Don't accept the first offer. Get at least two or three quotes from different buyers — the variation can be surprising.
- Sell bullion as bullion: If you have recognised bullion coins or bars, sell them as such — not as scrap. A dealer who recognises a Gold Sovereign will pay significantly more than one treating it as scrap gold.
- Keep original packaging: Coins and bars with original packaging, assay cards, and certificates of authenticity attract better prices.
- Time your sale: Gold prices fluctuate daily. If you're not in a rush, monitor the market and sell when prices are favourable. Read our guide on gold as an investment in 2026 for market context.
- Understand CGT implications: If you're selling gold coins that are UK legal tender (such as Sovereigns or Britannias), any profit is CGT-free. For other gold, gains above your annual CGT allowance may be taxable. Read our CGT guide for full details.
Red Flags to Watch Out For
Unfortunately, not all gold buyers operate ethically. Watch out for these warning signs:
- No transparent pricing: Any buyer who won't tell you what percentage of spot price they're offering should be avoided
- Pressure to sell immediately: Reputable dealers give you time to consider their offer
- No physical premises: For significant transactions, dealing with a buyer who has a verifiable physical address provides important recourse if things go wrong
- Unusually low offers: If an offer seems too low, it probably is — get a second opinion
- No receipt or documentation: Always insist on a written receipt for any gold you sell
Selling to 888 Bullion
At 888 Bullion, we offer a straightforward, transparent gold buying service from our Hatton Garden premises. We buy gold coins, bars, and jewellery at competitive prices based on the live spot price, with same-day payment available for in-person transactions.
Whether you're selling a single Victorian Gold Sovereign, a collection of mixed year Sovereigns, or a gold bar, we'll give you a fair, transparent quote with no obligation. Get in touch with our team to arrange an appointment or to get a preliminary valuation.
Final Thoughts
Selling gold in the UK is straightforward when you're informed. Know your gold, know the spot price, choose a reputable buyer, and don't be afraid to shop around. The difference between the best and worst offers can be substantial — and with a little preparation, you can ensure you walk away with the best possible price.
If you're considering buying gold before you sell — or reinvesting the proceeds — browse our full range of gold coins and bars at 888 Bullion. And if you're new to precious metals investing, our guide on How to Buy Gold in the UK is the perfect starting point.