Gold bars provide direct exposure to physical bullion and are available in a wide range of weights. What you pay depends on the gold content, bar size, dealer premium and market conditions — while storage, insurance and eventual resale also affect the overall cost.
Physical gold does not pay interest or dividends, and its value can fall as well as rise.
Last reviewed: 12 August 2026
Physical ownership
You own bullion directly or through a custody arrangement.
Premiums apply
The purchase price normally differs from the wholesale value of the gold.
Storage matters
High-value bullion needs appropriate security, custody and insurance.
Capital at risk
Gold prices can fall and you may receive less than you originally paid.
START HERE
What are you actually buying?
A physical gold bar is a refined piece of gold produced to a stated weight and purity. Its investment value is primarily linked to the fine-gold content rather than its face value or collectible status.
Weight
The total weight of the bar.
Purity / fineness
The proportion of the bar that is gold.
Fine-gold content
The actual quantity of pure gold represented by the bar.
Refiner / producer
The organisation responsible for refining and producing the bullion.
When comparing bars, focus on fine-gold content, total purchase cost and resale terms rather than bar size alone.
BAR SIZES
Gold bars come in many sizes
1 gram
Very small retail bullion size.
5 grams
Small entry-size bar.
10 grams
Common smaller retail size.
20 grams
Compact mid-small size.
1 troy ounce
Widely recognised bullion weight.
50 grams
Mid-size retail bar.
100 grams
Popular mid-size holding.
250 grams
Larger retail / private holding size.
500 grams
Substantial private-bullion size.
1 kilogram
Large private or professional size.
Smaller bars can make it easier to sell part of a holding, while larger bars may sometimes have lower premiums relative to their gold content. Actual premiums vary by dealer, brand, quantity and market conditions.
CHOOSING A SIZE
Smaller or larger gold bars?
Smaller bars
Potential advantages
· Lower cash amount per individual bar
· Easier to sell only part of a holding
· Greater flexibility when building a position over time
Considerations
· Premiums can be higher relative to gold content
· More individual items to store
· Packaging/authentication must be preserved
Larger bars
Potential advantages
· May offer a lower premium per unit of gold
· Efficient for holding larger values of bullion
· Fewer individual items to store
Considerations
· Larger cash commitment per bar
· Harder to liquidate only part of the holding
· Secure custody becomes increasingly important
The cheapest premium is not automatically the best overall choice. Think about how you would eventually sell.
BAR TYPE
Cast bars vs minted bars
Cast bar
Typically produced by pouring molten gold into a mould.
· Less uniform finish
· Markings stamped onto bar
· Common for larger bullion sizes
Minted bar
Usually cut and finished to tighter presentation standards.
· Polished / consistent appearance
· Branded packaging
· Assay card or sealed presentation where applicable
· Potentially different retail premium
Presentation does not change the underlying fine-gold content, but it can influence premiums and resale expectations.
PURITY
What does gold fineness mean?
Fineness describes the proportion of a bullion item that is pure gold.
999.9
99.99% gold
For UK tax purposes, the definition of qualifying investment-gold bars has specific purity and bullion-market requirements. Always check current HMRC guidance rather than assuming every gold-coloured bar qualifies.
The spot price is a widely used wholesale-market reference price for gold. It is not normally the exact amount a consumer pays for a physical bar.
Underlying gold value
+ Dealer premium
+ Delivery
+ Storage / custody
Your total cost
What is the premium on a gold bar?
The premium is the amount charged above the underlying value of the gold contained in the bar.
Premiums can reflect
Bar size
Fabrication
Brand / refiner
Dealer margin
Supply and demand
Quantity purchased
Market conditions
A lower premium can reduce upfront cost, but you should also compare storage, delivery and resale pricing.
Why the dealer buyback price matters
Illustrative example — not live gold prices
Underlying gold value
£2,000
Dealer sells bar for
£2,070
Purchase premium
£70
Dealer currently buys same bar for
£1,960
Immediate difference
£110
The gold price would need to move sufficiently in your favour before the investment recovered the initial buying and selling costs.
Actual premiums and buyback prices vary.
REFINER
Why the refiner can matter
Bullion produced by widely recognised refiners may be easier for dealers and professional buyers to identify and authenticate.
Refiner name
Stated purity
Stated weight
Serial number where applicable
Assay documentation
Packaging
Invoice / proof of purchase
Recognised-refiner status can aid identification, but it does not remove price, custody or authenticity risk. Do not treat marketing claims as verified accreditation without checking a current authoritative source.
What are serial numbers and assay cards?
Some bars may include:
Unique serial number
Assay certificate
Tamper-evident packaging
Refinery branding
Weight / purity markings
These can assist identification and resale, but packaging and documentation should not substitute for dealing with a reputable provider. Not every small bar has an individual serial number.
AUTHENTICITY
How can you reduce authenticity risk?
Buy from an established provider
Verify bar specifications
Use recognised refiners
Keep purchase records
Preserve original packaging where relevant
Use professional verification when necessary
Understand the dealer’s resale / authentication process
Avoid unreliable DIY authenticity tests. If authenticity is uncertain, seek professional verification before paying or selling.
CUSTODY
Where will you store a gold bar?
Home storage
Consider
· Theft
· Fire
· Insurance
· Privacy
· Secure storage
Safe-deposit facility
Consider
· Access
· Fees
· Insurance
· Provider terms
Dealer vault
Consider
· Allocated vs unallocated
· Fees
· Insurance
· Withdrawal terms
· Provider risk
Specialist vault / custodian
Consider
· Segregation
· Jurisdiction
· Audit arrangements
· Insurance
· Withdrawal process
OWNERSHIP
Allocated vs unallocated gold
Allocated
Specific bullion is identified or held for you under the provider’s custody arrangements.
Ask
· Is a specific bar allocated?
· Is there a serial number?
· Is bullion segregated?
· Who legally owns it?
· Can it be withdrawn?
· What happens if the custodian fails?
Unallocated
You may instead hold a claim on a bullion provider rather than ownership of specific identified bars.
Ask
· What exactly is the legal claim?
· Who is the counterparty?
· What happens on insolvency?
· Can the position be converted to allocated bullion?
Read the provider’s custody and insolvency terms carefully. Do not treat marketing language as a definitive legal ownership claim unless supported by the provider documents.
Take delivery or use a vault?
Take delivery
Potential benefit: Direct possession.
Consider
· Secure shipping
· Transit insurance
· Home / storage security
· Personal insurance
· Later resale logistics
Vault storage
Potential benefit: Professional custody.
Consider
· Annual storage charges
· Allocation
· Insurance
· Audit arrangements
· Withdrawal charges
· Provider / custodian risk
Neither option is universally safer. Compare cost, custody wording, insurance and how you would sell or withdraw.
Is your gold insured?
Do not assume that bullion is automatically covered in full.
Storage insurance
Transit cover
Theft cover
Policy limits
Exclusions
Replacement / settlement basis
Whether high-value items need separate declaration
Check your own insurer rather than assuming standard contents cover is sufficient.
SELLING
How do you sell a gold bar?
Possible routes
Original dealer
Another bullion dealer
Specialist bullion buyer
Professional marketplace
Compare
Current buyback price
Accepted refiners / products
Assay requirements
Proof of purchase
Settlement period
Secure shipping
Physical branch availability
Charges
Minimum quantities
A liquid market does not guarantee that you can sell at the headline spot price.
Why bar size affects flexibility
Illustrative example
If you own 10 × 10g bars you may be able to sell a portion. If you own 1 × 100g bar you generally cannot sell only 10% of the physical bar.
The trade-off is often between potentially lower unit premiums on larger bars and greater sale flexibility with smaller bars. Neither approach is universally better.
UK TAX
Are gold bars subject to VAT?
This is general educational information, not personalised tax advice. Tax treatment depends on your circumstances and rules can change.
Gold bars and wafers meeting the UK definition of investment gold can qualify for VAT exemption under current HMRC rules.
HMRC defines investment gold to include gold of a purity not less than 995 thousandths in the form of a bar or wafer of a weight accepted by the bullion markets, subject to detailed conditions in VAT Notice 701/21.
Jewellery, collectible items and non-qualifying gold products can have different treatment. Do not assume every gold bar is VAT exempt.
Are gains on gold bars subject to Capital Gains Tax?
Gold bars do not receive the sterling-currency treatment that can apply to certain qualifying UK legal-tender gold coins.
Gains on disposals of physical bullion may fall within Capital Gains Tax rules depending on your circumstances and current legislation.
The tax is generally concerned with gains, not simply the value of bullion sold, and available exemptions/allowances depend on current rules and circumstances. Not every sale necessarily creates a CGT liability.
A gold bar does not normally pay interest, dividends or rent. Your outcome depends primarily on changes in the gold price, currency movements and the costs of buying, storing and selling.
Why sterling investors should consider currency
Gold is internationally priced and commonly referenced in US dollars. A UK investor’s sterling outcome can therefore depend on the gold price, GBP/USD movements and dealing costs.
Gold price
+ GBP/USD movements
− Costs
Sterling investor outcome
COMPARE FORMATS
Gold bars vs gold coins
Gold bars
Typical strengths
· Efficient exposure for larger bullion holdings
· Potentially lower premium per unit at larger sizes
Consider
· Resale flexibility
· Storage
· Authentication
· Normal CGT considerations
Gold coins
Typical strengths
· Smaller denominations
· Recognition
· Flexible partial sale
· Certain specific UK legal-tender coins may have distinct tax treatment
Consider
· Potentially higher premiums
· Condition
· Collectible / numismatic risk if not pure bullion
Do not assume a bullion dealer is FCA regulated merely because gold is commonly bought as an investment. Check the provider’s actual regulatory status. MoneyHelper ↗
HOW IT WORKS
Buying a gold bar step by step
Step 1
Choose the weight.
Step 2
Check the bar’s purity and fine-gold content.
Step 3
Compare the purchase price with the underlying gold value.
Step 4
Compare premium and buyback spread.
Step 5
Verify refiner and documentation.
Step 6
Choose delivery or custody.
Step 7
Confirm insurance.
Step 8
Keep proof of ownership.
Step 9
Understand how the bar could later be sold.
RISKS
What are the risks of owning gold bars?
Price risk
Gold can fall in value.
No income
Gold bars do not pay dividends or interest.
Premium risk
The retail premium may not be recovered.
Buyback spread
The resale price can be below retail price.
Storage risk
Secure storage can cost money.
Theft / loss
Physical possession creates security risks.
Authenticity
Counterfeit or misrepresented bullion can cause losses.
Sterling returns can differ from headline USD gold moves.
Liquidity
Resale may be easy in principle but not at the price you expect.
Concentration
Holding too much of one commodity can increase portfolio concentration.
Tax change
Rules can change.
SUITABILITY
Who might consider physical gold bars?
May be worth exploring if
· You specifically want physical bullion exposure
· You understand dealer premiums and resale spreads
· You can arrange secure storage
· You can tolerate commodity-price volatility
· You do not require investment income
· You understand the implications of physical ownership
May be less suitable if
· You need regular investment income
· You need instant liquidity at a known NAV
· You do not want custody/storage responsibilities
· You cannot tolerate gold-price losses
· Gold would make up an excessive part of your portfolio
· You only want gold exposure for a short period
Educational only — not a recommendation and not a fixed portfolio allocation.
CHECK BEFORE BUYING
Before buying a gold bar
What weight is the bar?
What purity is it?
What is its fine-gold content?
Who refined it?
Is the refiner recognised?
Does it have a serial number?
Does it have assay documentation?
What is the underlying gold value?
What premium am I paying?
What is today’s dealer buyback price?
What is the implied spread?
What delivery charges apply?
Is delivery insured?
Where will it be stored?
Is custody allocated?
Is storage insured?
Can I take delivery?
What withdrawal charge applies?
How would I eventually sell it?
What documentation will I need?
What is the current VAT treatment?
What is the current CGT treatment?
Can I afford for gold prices to fall?
When was the information last checked?
Compare Gold Bars
7 dealers we cover
Current provider/product information checked 12 September 2026. Prices, premiums and availability can change.
Bullion prices can fall as well as rise. Physical bullion is not the same as a bank deposit and bullion products are generally not FCA-regulated investments.
Investment gold is generally VAT exempt in the UK. CGT treatment depends on the exact product; qualifying UK legal-tender coins can have different treatment from bars. Tax rules can change and depend on individual circumstances.
Atkinsons Bullion & CoinsGold bars from current live range
You’ll continue on the provider’s website. WiT Money may receive a commission or referral fee.
Bar range
Minted/cast bullion bars; sizes vary by current range
Delivery
Yes
Storage
The Vault®
Buyback
Yes
Dealer
The Royal Mint
Bar range
Minted/cast bullion bars; sizes vary by current range
Vault storage
The Vault®
Storage detail
Current vault fee depends on item size; verify current tariff
Pricing / premium
Live gold price plus Royal Mint premium
VAT
Investment gold VAT exempt
CGT
Gold bars generally not CGT-exempt solely by being bullion
Authentication / refiner
Royal Mint manufactured / sourced bullion
Checked date
2026-09-12
FAQs
Common questions about gold bars
A gold bullion bar is a refined piece of gold produced to a stated weight and purity. Its investment value is primarily linked to fine-gold content rather than collectible status.
Retail prices usually reflect the underlying gold value plus a dealer premium, and may also include delivery or custody costs. Spot is a wholesale reference, not the exact consumer purchase price.
The spot price is a widely used wholesale-market reference price for gold. It is not normally the exact amount a consumer pays for a physical bar.
Dealers typically charge a premium that can reflect fabrication, brand, inventory, quantity, delivery and market conditions.
The premium is the amount charged above the underlying value of the gold contained in the bar. It is separate from any later buyback discount when you sell.
The buyback spread is the gap between the price a dealer sells a bar for and the price it offers to buy it back. That gap is a real dealing cost.
There is no universal best size. Compare cash outlay, premium relative to gold content, storage and how easily you could sell part of a holding.
Larger bars may sometimes have lower premiums relative to gold content, but this is not a universal rule. Actual premiums vary by dealer, brand, quantity and market conditions.
Smaller bars can make it easier to sell part of a holding, but they may carry higher relative premiums. Compare flexibility against total cost.
Cast bars are typically poured into a mould and may have a less uniform finish. Minted bars are usually finished to tighter presentation standards and may come with branded packaging or assay cards. Presentation does not change fine-gold content.
999.9 fineness means the bullion is 99.99% gold. Always check the stated purity and fine-gold content for the specific bar.
Fine-gold content is the actual quantity of pure gold represented by the bar, based on weight and purity. It is the key comparison point when evaluating bullion.
An assay card or certificate is documentation that may accompany a bar confirming details such as weight, purity and refiner. Keep it with your purchase records.
Some bars include unique serial numbers, but not every small bar does. Where present, serial numbers can assist identification and resale.
Widely recognised refiners may be easier for dealers to identify and authenticate. Check refiner name, purity, weight, documentation and packaging. Do not invent accreditation claims — verify from current authoritative sources.
Buy from an established provider, verify specifications, keep records, preserve packaging where relevant and use professional verification when needed. Avoid unreliable DIY tests.
Options include home storage, safe-deposit facilities, dealer vaults and specialist custodians. Compare cost, security, insurance, allocation and withdrawal terms.
Yes, some people do, but theft, fire, insurance and privacy become important. Check whether your insurer covers bullion and on what terms.
Not necessarily. Policies may exclude or limit bullion and high-value items. Check insured value, exclusions and declaration requirements.
Allocated gold usually means specific bullion is identified or held for you under a custody arrangement. Read segregation, ownership, insurance and insolvency terms carefully.
Unallocated gold may give you a claim against a provider rather than ownership of specific identified bars. Counterparty and insolvency treatment can differ — check the documentation.
Common routes include the original dealer, another bullion dealer, specialist buyers or professional marketplaces. Compare buyback prices, accepted products, documentation and settlement times.
Some do and some do not, or they may apply different terms. Check accepted refiners/products and buyback policies before you buy.
Bars and wafers meeting the UK definition of investment gold can qualify for VAT exemption under current HMRC rules. Check the specific product against current guidance.
No. Not every gold product automatically qualifies as investment gold. Jewellery, collectibles and non-qualifying products can be treated differently.
Gains on disposals of physical bullion may fall within CGT rules depending on your circumstances and current legislation. Gold bars do not receive the sterling-currency treatment that can apply to certain UK legal-tender coins.
No. Do not describe gold bars as CGT-free. Certain UK legal-tender gold coins can receive different treatment, but bars are generally within normal CGT considerations.
Bars can be efficient for larger bullion holdings; coins often offer smaller denominations and flexible partial sale. Premiums, recognition, storage and tax treatment can differ.
A gold bar is physical bullion. A gold ETC is an exchange-traded security with product structure, ongoing charges and issuer/structure risk. Ownership and risks differ even when both aim to track gold.
No. A gold bar does not normally pay interest, dividends or rent. Outcomes depend mainly on price moves, currency and dealing/storage costs.
Yes. Gold prices can fall, and after premiums and buyback spreads you may get back less than you paid.
Not automatically. Do not assume a bullion dealer is FCA regulated merely because gold is commonly bought as an investment. Check the firm’s actual status.
Outcomes depend on custody terms, whether metal is allocated, insurance and insolvency arrangements. Read provider documents carefully. Do not assume FSCS protection for ordinary bullion custody losses.
OUR APPROACH
How WiT Money reviews gold-bar information
✓Bullion terminology reviewed
✓Pricing/spread terminology checked
✓Purity and weight concepts reviewed
✓Storage/custody considerations checked
✓UK tax content checked against current official guidance