Key points
- The spot price is the wholesale price for one troy ounce of gold for immediate delivery.
- The premium is what you pay above the pure metal value.
- The smaller the piece, the higher the premium per gram.
- Private deals are often agreed as “spot plus x %” – between a dealer’s selling and buy-back prices.
What is the spot price?
The spot price is the price at which gold trades on the wholesale market for immediate delivery. It is quoted per troy ounce (31.1 g of pure gold), internationally usually in US dollars, and converted into euros continuously. During trading hours it changes almost by the minute.
The spot price is a benchmark for the metal value – what the pure gold in a piece is currently worth. As a private person, you can practically never buy at spot.
Premium and spread
Premium: the amount a dealer charges above the metal value. It covers production and minting, transport, insurance and the dealer's margin, and it moves with demand.
Spread: the difference between the price at which a dealer sells and the price at which they buy the same piece back. It is your “round-trip cost” if you buy now and later sell back to a dealer.
Typical ranges
The figures below are rough guide values for dealer selling prices in calm markets. They vary considerably by provider and situation.
| Product | Typical premium |
|---|---|
| 1 kg bar | about 1–2 % |
| 100 g bar | about 2–3 % |
| 1 oz bullion coins (Krugerrand, Maple Leaf, Philharmonic) | about 3–6 % |
| 10 g bar | about 5–8 % |
| 1 g bars and small coins | often 15 % or more |
| Collector coins, limited editions | varies widely, sometimes a multiple |
In a crisis, when many people buy at once, premiums can jump sharply – as seen in spring 2020, for example.
Worked example
Suppose the spot price is €100 per gram of fine gold (an example only). A 1 oz coin contains 31.1 g of fine gold, so its metal value is about €3,110.
| Scenario | Price |
|---|---|
| Dealer sells with a 4 % premium | €3,234 |
| Dealer buys back 1.5 % below spot | €3,063 |
| Private deal: spot + 1.5 % | €3,157 |
In this example, the buyer saves €77 compared with the dealer and the seller receives €94 more than the dealer's buy-back price. That is exactly why private trading is worthwhile for both sides.
How to find fair prices
- Know the metal value: work out the fine gold value before every purchase – see Gold calculator explained.
- Compare dealer prices: check what large dealers currently charge and pay for the same product. A fair private price usually lies in between.
- Negotiate in percent: “spot plus x %” is fairer than a fixed price that quickly stops fitting when the market moves.
- Fix the moment: agree which spot price applies – for example the one at the time of the offer or at the meeting.
- Treat collector value separately: rare years or grades can be worth more, but that should be justified.
This guide is general information and does not replace investment, tax or legal advice. No guarantee of accuracy; rules can change. Updated: 30 September 2026.