LONDON — Gold recovered ground on Tuesday as traders across London’s bullion market walked back the most aggressive Federal Reserve rate-hike bets that had weighed on precious metals since Friday’s stronger-than-expected US payrolls report. The spot price in sterling touched £104.61 per gram for 24-karat metal by mid-morning — up £0.14 on the session — with dealers at Hatton Garden and the Birmingham Jewellery Quarter reporting renewed physical buying interest after a week of mild selling pressure.
| Purity | Per Gram | Per Troy Oz | Change |
|---|---|---|---|
| 24K — 999.9 Fine | £104.61 | £3,254 | ▲ £0.14 |
| 22K — 916 KDM | £95.90 | £2,983 | ▲ £0.13 |
| 18K — 750 Fine | £78.46 | £2,440 | ▲ £0.10 |
| 9K — 375 Fine | £39.23 | £1,220 | ▲ £0.05 |
| Rates reflect LBMA spot benchmark, Tuesday 9 September 2026. Investment gold (qualifying coins and bars) is VAT-exempt in the UK; gold jewellery attracts 20% VAT. Confirm final price with your dealer before purchase. | |||
The rebound recovered a portion of the roughly £0.94 decline that accumulated over the prior seven sessions, during which August’s US non-farm payrolls reading of 163,000 — well above the 56,000 consensus — pushed market-implied odds of a 25-basis-point hike at the September 16 Federal Open Market Committee meeting above 60%. By Tuesday morning, communications from Cleveland Federal Reserve indicated markedly more caution on the pace of further tightening, sending gold firmer across all major currencies.
For UK buyers, sterling’s exchange-rate position against the dollar shapes effective gold costs as directly as the spot price itself. The pound held near $1.307 on Tuesday, compressing the sterling expression of last week’s dollar-driven weakness. Analysts at several London-based independent wealth managers flagged that should sterling soften toward the $1.28 handle — possible if autumn UK growth data disappoints ahead of the Bank of England’s November meeting — flat dollar gold would nonetheless translate to meaningfully higher sterling prices above £107 per gram.
| City | 24K / gram | 22K / gram | 18K / gram |
|---|---|---|---|
| London | £104.61 | £95.90 | £78.46 |
| Birmingham | £104.61 | £95.90 | £78.46 |
| Manchester | £104.61 | £95.90 | £78.46 |
| Glasgow | £104.61 | £95.90 | £78.46 |
| Edinburgh | £104.61 | £95.90 | £78.46 |
| Cardiff | £104.61 | £95.90 | £78.46 |
| Leeds | £104.61 | £95.90 | £78.46 |
| Bristol | £104.61 | £95.90 | £78.46 |
| Sheffield | £104.61 | £95.90 | £78.46 |
| Liverpool | £104.61 | £95.90 | £78.46 |
| Nottingham | £104.61 | £95.90 | £78.46 |
| Newcastle | £104.61 | £95.90 | £78.46 |
| UK gold prices track the LBMA spot benchmark; retail prices vary by dealer markup (typically 0.5–2% above spot). Investment gold is VAT-exempt; gold jewellery attracts 20% VAT. | |||
Analysts at Goldman Sachs maintained a year-end target of $3,500 per troy ounce, citing structural demand from central banks and persistent geopolitical risk premium. At the prevailing sterling rate, that target implies UK gold above £107 per gram or roughly £3,330 per troy ounce. JPMorgan’s commodities desk held its 12-month objective at $3,450 per ounce, noting that a September pause from the Federal Reserve would likely restore momentum across the precious metals complex into the fourth quarter.
An important distinction for UK buyers: investment-grade gold — bullion coins such as the Britannia and Sovereign, and qualifying bars — is exempt from Value Added Tax under HMRC rules. Gold jewellery carries the standard 20% VAT, making the effective per-gram cost of an 18-karat ring approximately £94.15 rather than the £78.46 spot equivalent. Buyers sourcing jewellery should factor in both VAT and any making charges applied by the goldsmith.
Silver tracked gold higher on Tuesday, with 999-fine silver quoted at £1.01 per gram on the London spot market.
| Purity | Per Gram | Per Troy Oz |
|---|---|---|
| 999 Fine Silver | £1.01 | £31.41 |
| 925 Sterling Silver | £0.93 | £28.93 |
| 800 Grade Silver | £0.81 | £25.20 |
Q: What is the gold price in the UK today, September 9, 2026?
The 24-karat gold price in the UK today is £104.61 per gram, equivalent to £3,254 per troy ounce. The 22-karat price is £95.90 per gram and the 18-karat price is £78.46 per gram. Nine-karat gold — the minimum hallmark standard in the UK — is quoted at £39.23 per gram.
Q: Is there VAT on gold in the UK?
Investment gold — qualifying bullion coins and bars meeting HMRC’s definition — is VAT-exempt in the UK. Gold jewellery carries the standard 20% VAT rate applied to the full retail price, making jewellery purchases notably more expensive than spot-price calculations suggest.
Q: Why did gold rise today?
Gold gained on Tuesday as traders reduced Federal Reserve rate-hike expectations following cautionary signals from Fed officials ahead of the September 16 FOMC decision. A softer rate-hike outlook reduces the opportunity cost of holding non-yielding gold, lifting prices across global markets including the UK.
Q: What are UK gold hallmark standards?
The UK Hallmarking Act requires gold articles sold in Britain to carry an approved hallmark certifying purity. The four recognised standards are 999 (24-karat), 916 (22-karat), 750 (18-karat), and 375 (9-karat). Nine-karat is the minimum permitted standard for articles sold as gold in the UK.
The September 16 FOMC decision is the dominant near-term catalyst for UK gold prices. A pause or dovish guidance would extend Tuesday’s recovery; a hike with hawkish projections could pressure sterling gold back toward the £103–£104 range.
For today’s gold rate in India, see our city-wise coverage. For Comex prices, see our gold rate USA report.
