LONDON — Walk-in demand surged at Hatton Garden on Wednesday, with London’s diamond and jewellery dealers reporting their strongest buyer enquiries in six weeks as safe-haven demand accelerated through the overnight Asian session and carried into the London open. By then, the week’s most consequential price move was already underway.
The buying had begun in Tokyo. US military strikes destroyed ten Iranian tankers in the Strait of Hormuz overnight, pushing crude oil above $100 per barrel for the first time since July. The strikes are the most visible escalation yet in a US pressure campaign on Tehran that US Treasury Secretary Scott Bessent warned in late August could push Iran toward economic collapse within months, Al Jazeera reported. Gold and oil tracked each other sharply through the Asian session, and the correlation held as London opened.
| Purity | Per Gram | Per Troy Oz | Per 10g | Change |
|---|---|---|---|---|
| 24K — 999 Fine | £105.80 | £3,291 | £1,058.00 | ▲ £1.19 |
| 22K — 916 KDM | £97.00 | £3,017 | £970.00 | ▲ £1.09 |
| 18K — 750 Fine | £79.35 | £2,468 | £793.50 | ▲ £0.89 |
| All rates are retail benchmark prices including dealer premium. Exclude VAT where applicable and making charges. Confirm final price with your dealer before purchase. | ||||
The London Bullion Market Association morning fix came in at £105.60 per gram for 24-karat gold, with the PM fix closing at £105.78, confirming the directional strength through the London afternoon. Retail dealers across London, Birmingham, and Manchester applied their standard overnight premium to open at £105.80 per gram, the highest single-session close since late August.
Sterling’s near-stasis against the dollar on Wednesday, with the pound trading at approximately $1.27, meant that UK buyers absorbed the full force of the spot gold rally without the cushion of currency gain. That placed Wednesday’s 24-karat price 1.1% above the gold rate in the UK on September 9.
| Country | Currency | 24K/gram | 22K/gram | 18K/gram |
|---|---|---|---|---|
| United Kingdom | GBP | £105.80 | £97.00 | £79.35 |
| United States | USD | $142.43 | $130.56 | $106.82 |
| Eurozone | EUR | €130.65 | €119.76 | €97.99 |
| UAE (Dubai) | AED | AED523.10 | AED479.51 | AED392.33 |
| India | INR | ₹15,430 * | ₹14,144 * | ₹11,572 * |
| Australia | AUD | A$215.50 | A$197.55 | A$161.63 |
| * India rates include 15% import duty and state-specific levies. All other rates based on spot price at GBP/USD 1.270. Rates are indicative and may vary by dealer. | ||||
The institutional dimension of Wednesday’s rally is the upcoming rate decision calendar. The Federal Reserve convenes on September 16, with markets pricing near-zero probability of a change. The Bank of England follows two days later on September 18, with the Monetary Policy Committee expected to hold at 4.25%. Two simultaneous pauses from the world’s most-watched rate-setters cap the yield disadvantage that typically weighs on non-yielding assets, giving gold room to extend its run. JPMorgan’s commodities desk put a price on that scenario this week, projecting spot gold at $4,600 per troy ounce if the Federal Reserve holds through early 2027, equivalent to roughly £3,622 at current exchange rates.
The World Gold Council published its second-quarter demand data last month, showing central banks globally purchased a net 290 tonnes in the period, the seventh consecutive quarter of net accumulation. That structural buyer presence has shifted market psychology substantially since 2022. Whereas gold once retreated predictably when US real yields rose, it has held and advanced even through periods of positive real rates because central bank buying provides a demand floor unavailable in previous cycles.
Royal Mint sales of gold coins and bars through its online platform rose 18% in the week ending September 5 compared with the equivalent week in August, pointing to growing retail investor appetite ahead of the autumn seasonal window. The gold rate in India on September 10 told the same story from a different angle: 24-karat climbed ₹64 to ₹15,430 per gram, tracking the same US-Iran geopolitical driver. The divergence in absolute price reflects India’s 15% import duty on bullion, which has no equivalent in the UK’s duty-free bullion import framework.
| City | Region | 24K/gram | 22K/gram | 18K/gram |
|---|---|---|---|---|
| London | England | £105.80 | £97.00 | £79.35 |
| Birmingham | England | £105.80 | £97.00 | £79.35 |
| Manchester | England | £105.80 | £97.00 | £79.35 |
| Leeds | England | £105.80 | £97.00 | £79.35 |
| Glasgow | Scotland | £105.80 | £97.00 | £79.35 |
| Edinburgh | Scotland | £105.80 | £97.00 | £79.35 |
| Bristol | England | £105.80 | £97.00 | £79.35 |
| Liverpool | England | £105.80 | £97.00 | £79.35 |
| Sheffield | England | £105.80 | £97.00 | £79.35 |
| Cardiff | Wales | £105.80 | £97.00 | £79.35 |
| Nottingham | England | £105.80 | £97.00 | £79.35 |
| Leicester | England | £105.80 | £97.00 | £79.35 |
| Newcastle | England | £105.80 | £97.00 | £79.35 |
| Brighton | England | £105.80 | £97.00 | £79.35 |
| Belfast | N. Ireland | £105.80 | £97.00 | £79.35 |
| Gold prices in the UK do not vary by city. All rates are retail benchmark prices as of September 10, 2026. Exclude VAT and making charges where applicable. | ||||
| Grade | Per Gram | Per Troy Oz |
|---|---|---|
| 999 Fine | £3.02 | £93.97 |
| 925 Sterling | £2.79 | £86.78 |
| 800 Grade | £2.41 | £74.96 |
| Silver rates as of September 10, 2026. Exclude VAT and making charges. | ||
Is gold a good buy in the UK on September 10, 2026?
At £105.80 per gram, gold is at historically elevated levels. The current rally carries two active supports: geopolitical risk premium from the US-Iran military confrontation and pre-positioning ahead of the September 16 Federal Reserve and September 18 Bank of England decisions. Both could persist or intensify through those meetings. Buyers with a 12-month-plus horizon may find the risk/reward reasonable, particularly given the JPMorgan $4,600 projection and sustained central bank accumulation. The primary downside risk is a rapid de-escalation in Iran, which could remove the geopolitical premium within days.
What is the gold price per troy ounce in the UK today?
On September 10, 2026, the 24-karat gold price in the UK is £3,291 per troy ounce. The 22-karat price is £3,017 per troy ounce and the 18-karat price is £2,468 per troy ounce. These are retail prices including dealer premium. The London Bullion Market Association PM fix was £3,290 per troy ounce on Wednesday.
Why did gold rise on September 10, 2026 in the UK?
Gold prices in the UK rose on September 10, 2026, primarily because US military strikes on Iranian tankers in the Strait of Hormuz pushed crude oil above $100 per barrel, triggering a broad safe-haven bid that ran through Asian, Middle Eastern, and European markets before arriving in London. A secondary factor was pre-positioning ahead of the September 16 Federal Reserve and September 18 Bank of England meetings, both expected to hold rates unchanged.
Is investment gold VAT-exempt in the UK?
Yes. Investment-grade gold is VAT-exempt in the UK under HMRC rules. To qualify, gold bars must be at least 99.5% pure and coins must meet specific purity criteria including having been legal tender in their country of origin. Standard jewellery and non-investment-grade gold items do not qualify for the exemption and are subject to 20% VAT.
The week’s key data releases for UK gold market participants arrive on September 11 and 12: US Consumer Price Index and then UK GDP. A US inflation print above 3% or a UK GDP contraction would amplify the current rally by reinforcing the case for extended pauses from both central banks. Both decisions on September 16 and 18 will set the price trajectory through the end of September.
