Precious Metal Prices
The seasonality chart shows the average monthly return of the Gold price over the last 20 years.
Green bars show months with historically positive returns, red bars months with negative returns.
Tip: Seasonality only shows historical averages and is no guarantee for the future.
The calendar shows the daily price change of the Gold price as a heatmap. Each cell represents a trading day (Monday to Friday).
Green cells = price increase, red cells = price decrease.
Hover over a cell to see the exact price and change on that day.
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🇺🇸 EUR/USD1.1661
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🇨🇭 EUR/CHF0.9110
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🇬🇧 EUR/GBP0.8666
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Gold/Silver60.30
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Gold/Platinum2.37
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Gold/Palladium3.34
The matrix shows the percentage performance of all precious metals over five time periods in EUR.
Green = price gain, red = price loss. A dash (—) means: no data available for this period.
Instantly calculate the material value of your precious metals by weight and fineness.
Formula: Weight × (Fineness/1000) × current gram price in EUR.
Understanding Precious Metal Prices
Precious metals are rare, corrosion-resistant metals of high economic significance. The four classic precious metals — gold, silver, platinum and palladium — are traded worldwide on specialized exchanges and in over-the-counter (OTC) markets. Copper is not strictly classified as a precious metal, but as an industrial metal and historic coinage metal it plays an important role in the commodities market.
The trading of precious metals dates back millennia: gold served as currency in ancient Egypt, silver was the basis of the Greek and Roman coinage systems. Today, precious metals are both investment vehicles and indispensable industrial raw materials. Gold is primarily sought as a store of value and crisis currency, while silver, platinum and palladium are to a significant extent consumed industrially — for example in catalytic converters, electronics, solar panels and medical technology.
The Five Most Important Metals at a Glance
The prices of all precious metals are quoted internationally in US dollars per troy ounce (troy ounce = 31.1035 grams). For European investors, the EUR/USD exchange rate is therefore always relevant: a weak euro makes precious metals more expensive in the home currency, a strong euro makes them cheaper. On preciousmetalprices.com we show you all prices in both euros and dollars — including the exchange rate effects on your actual returns.
How Are Precious Metal Prices Determined?
The price formation for precious metals is a multi-step process that takes place at various trading venues worldwide. Unlike stocks, there is no single central exchange — instead, several mechanisms work together to form the global reference price.
The LBMA Fixing: The Official Reference Price
The London Bullion Market Association (LBMA) operates the world's most important price fixing for gold and silver. The ICE Benchmark Administration (IBA) determines the reference price in an electronic auction process in which accredited banks and trading houses participate.
- ◆ Gold: Twice daily — 10:30 AM (AM Fix) and 3:00 PM (PM Fix) London time. The PM Fix serves as the global daily closing price.
- ◆ Silver: Once daily at 12:00 PM London time. Lower trading volume than gold.
- ◆ Platinum & Palladium: Twice daily (9:45 AM and 2:00 PM) through the LBMA Platinum and Palladium Price, administered by the London Metal Exchange (LME).
Spot Market and OTC Trading
The spot price (also cash price) is the current market price for immediate delivery of a precious metal. It is formed around the clock in over-the-counter (OTC) trading — a decentralized network of banks, trading houses and institutional investors. London, with an estimated daily trading volume of 30–50 billion USD for gold alone, is the global center of OTC precious metal trading.
Unlike exchange trading, there is no central order book in the OTC market. Prices are agreed bilaterally between trading partners but closely follow the global spot price. For private investors, the spot price is the most important reference point, as dealers derive their buy and sell prices from it.
COMEX and Other Futures Exchanges
The COMEX (Commodity Exchange) in New York, a division of the CME Group, is the world's largest futures exchange for gold and silver futures. Standardized contracts are traded here — one gold future comprises 100 troy ounces (approx. 3.1 kg). The majority of COMEX contracts are not physically settled but closed out before the expiration date (cash settlement).
Other relevant trading venues include the Shanghai Gold Exchange (SGE) — the world's largest physical gold exchange —, the Tokyo Commodity Exchange (TOCOM) and the Multi Commodity Exchange (MCX) in India. The Shanghai premium (surcharge of the SGE price over the London spot price) serves as an indicator of physical demand in China.
Precious Metals as an Investment
Precious metals are among the oldest forms of investment in human history. In a diversified portfolio, they serve as stability anchors, inflation hedges and crisis insurance. While stocks and bonds depend on a debtor's ability to pay, precious metals possess an intrinsic value without counterparty risk. The choice of investment depends on the amount, time horizon and personal risk appetite.
Physical Bars and Coins
Buying physical precious metals directly is the most traditional form of investment. Investors purchase bars or coins from certified dealers and store them at home or in a high-security vault. LBMA-certified manufacturers (e.g. Heraeus, Umicore, Argor-Heraeus) are important to ensure resaleability.
- ◆ Watch the premium: For small denominations (1 g bars), the premium is 15–20% above spot; for 1 oz (31.1 g) only 2–4%. Larger units (100 g, 1 kg) are the most cost-effective.
- ◆ Popular investment coins: Krugerrand, Maple Leaf, Vienna Philharmonic, American Eagle, Britannia — all with 999.9/1000 fineness (except Krugerrand: 916.7/1000 alloy, 1 oz fine gold).
- ◆ Storage: Home safe (adjust insurance!), bank safe deposit box (50–200 EUR/year) or specialist precious metal vaults (e.g. BullionVault, Loomis, Brinks).
ETCs and Exchange-Traded Products
Exchange Traded Commodities (ETCs) replicate the precious metal price in your portfolio without the need to store physical goods. Physically backed ETCs with a delivery option are popular because they come closest to owning the underlying metal:
- ◆ Gold ETCs: Invesco Physical Gold (A1AA5X), WisdomTree Physical Gold (A0N62G) and others track the gold spot price with physical backing.
- ◆ Silver ETCs: WisdomTree Physical Silver (A0N62F) and iShares Physical Silver (A1KWPR) are among the most popular silver ETCs. Note: tax treatment of ETCs varies by country.
- ◆ Platinum/Palladium ETCs: WisdomTree Physical Platinum (A0N62D) and Palladium (A0N62E) as common options
Mining Stocks and Funds
Shares in precious metal producers offer a leverage on the commodity price: rising metal prices increase profit margins disproportionately. At the same time, mining stocks carry company-specific risks (operational issues, political risks in mining countries). Major gold producers like Barrick Gold, Newmont and Agnico Eagle pay dividends, which precious metals themselves do not. Diversified mining funds (e.g. BGF World Gold Fund) spread the individual stock risk.
Precious Metal Savings Plans
With a precious metal savings plan you invest a fixed amount regularly (from approx. 25–50 EUR/month) in physical gold or silver. The dollar-cost averaging effect smooths out price fluctuations: at low prices you automatically buy more, at high prices less. Many specialist dealers and online platforms offer savings plans with secure vault storage and delivery options. Use our Savings Plan Calculator to simulate long-term performance.
Precious Metals Investor Comparison
| Criterion | Gold | Silver | Platinum | Palladium |
|---|---|---|---|---|
| Main Driver | Monetary/Investment | Industry + Investment | Auto Industry | Auto Catalysts |
| Volatility | Medium (~15%) | High (~25%) | High (~20%) | Very High (~30%) |
| VAT (EU typical) | Exempt | Standard rate | Standard rate | Standard rate |
| Storage Costs | Low | High (volume) | Low | Low |
| Portfolio Share | 5–15 % | 0–5 % | 0–3 % | 0–2 % |
Tax Considerations for Precious Metals
The tax treatment of precious metals varies significantly by country, metal type and form of investment. Gold generally enjoys a favorable tax status in many jurisdictions, while silver, platinum and palladium are often treated less favorably. Understanding the rules in your country is crucial — they can affect actual returns by 20–30%.
VAT: Gold Is Typically Exempt
Investment gold is exempt from VAT across the European Union under EU Directive 98/80/EC. The exemption applies to gold bars with a fineness of 995/1000 or higher and gold coins with 900/1000 or higher fineness, minted after 1800 and being or having been legal tender. In the UK, investment gold is also VAT-exempt.
Silver, platinum and palladium are subject to VAT in most countries (rates vary: 17–25% across Europe). Some countries allow margin taxation on silver coins: only the dealer's margin is taxed, reducing the effective VAT to approximately 5–8%. A few countries (e.g. Estonia) offer reduced or zero VAT on investment silver under certain conditions.
Capital Gains Tax on Precious Metals
Capital gains from selling physical precious metals are taxed differently across jurisdictions. Some countries offer tax-free treatment after a holding period, others apply capital gains tax regardless of holding period. Key factors include:
Important: Tax rules for precious metals differ significantly between countries. Some jurisdictions offer holding period exemptions, others have capital gains tax allowances, and a few tax precious metals differently from other assets. Always consult a qualified tax advisor in your country. Use our Tax Estimator for a general estimate.
Tax Treatment of Precious Metal ETCs
The tax treatment of ETCs varies by country. In some jurisdictions, physically backed ETCs with a delivery option are taxed like physical metal, potentially qualifying for holding period exemptions. In others, ETCs are treated as financial instruments subject to capital gains or withholding tax. The distinction between ETCs with and without physical delivery rights can be tax-relevant — consult your local tax advisor for specifics.
Our Tools & Calculators
On preciousmetalprices.com you have access to eight specialized calculators and tools to calculate precious metal prices, simulate investment strategies and estimate tax implications. All calculators use current spot prices and are updated every minute.
Calculate the value of your gold in real time — by weight, fineness and current market price.
Determine silver value by weight and alloy. Supports fine silver, sterling and other alloys.
Calculate the material value of jewelry, dental gold and scrap metal based on pure precious metal content.
Determine realistic purchase prices: spot price minus typical dealer margin (2–5%).
Convert weight units: gram, kilogram, troy ounce, grain, pennyweight and tael.
Simulate a gold or silver savings plan with dollar-cost averaging over freely selectable periods.
Check whether the weight and dimensions of your coin match official specifications (counterfeit detection).
Estimate capital gains tax when selling precious metals based on purchase price, holding period and applicable rates.