The gold price in Austria

Today, the gold price is determined on the basis of supply and demand on international markets and is therefore largely uniform worldwide. The Austrian gold price therefore does not exist.

Gone are the days when a few banks agreed on the price of gold in the back room (London gold fixing). Today, gold is traded on international commodity trading venues such as the New York Commodities Exchange (COMEX), the Tokyo Commodity Exchange and the London Bullion Market (LBMA). The prices on these trading venues reflect supply and demand on the international gold market, resulting in a spot price for the ounce of gold that is updated on a second-by-second basis.

This gold spot also serves as the basis for gold trading in Austria: Austrian banks and gold dealers base their prices on this gold rate.

The current gold price in the chart

A current overview of all our buying and selling prices can be found here.

Influence factors on the gold price in Austria

Nevertheless, there are some factors that can lead to differences in the price of gold in different countries:

Exchange rate

Because gold is priced in dollars on the world market (dollars per troy ounce), the exchange rate between the dollar and the euro plays a role in the price of gold in Austria. A weak euro makes gold more expensive in the euro area, a strong euro lowers the price of gold in Austria.

Taxes

Taxes are sometimes one reason why products have price differences in different countries. In Austria, however, the purchase of investment gold (such as gold bars and coins) is exempt from VAT, as is the case everywhere in the EU. Unlike gold, however, silver, platinum and other precious metals are not exempt from VAT, so there may be differences in price here in Austria and abroad.

Premium & Spread

If you want to buy gold, you will see that the prices for gold coins and bars are higher than the gold rate. This additional cost over the current rate is called the premium. In it are the costs incurred in production, trading, storage, etc. If demand increases and/or the supply of a physical gold product decreases, sellers can increase the premiums because gold buyers are willing to pay them.

If, on the other hand, you want to sell your gold, you will find that the buying prices are always lower than the selling prices. The difference in prices is called a spread.
The spreads also cover the trader's costs. From operating and personnel costs to hedging against price fluctuations.

While Austrian precious metal dealers and banks have no influence on the general gold spot, exchange rates and taxes, there is, however, some leeway with regard to premiums and spreads when selling and buying. The gold price offered by Raiffeisen, Erste Group, Sparkassen and other banks as the current over-the-counter rate may therefore differ from the buying and selling prices for gold coins and bars at the bullion dealer. (*While at the counter always the current gold spot serves as a price basis, most Austrian banks nevertheless publish only 1-2 times a day "gold daily rates" for coins and bars on their websites). Therefore, there is no general Austrian gold rate.

Purchase prices in Austria

Before you sell your gold, it is always advisable to compare the gold purchase prices per gram beforehand. Ideally, you should obtain the various offers within a few days, as the gold price sometimes fluctuates greatly.

Reputable gold dealers publish the current gold prices for the purchase of scrap gold, as well as the purchase prices for investment gold on their websites.

For gold jewelry, dental gold and other broken gold, the purchase price is always determined by the price of gold, the alloy of the individual pieces and the weight of the scrap gold.

When buying gold coins, the price is influenced not only by the weight and the gold content, but also by the mobility (bullion coin or rare collector's item) and the condition of the coin. For gold bars, the LBMA certification ("Good Delivery") of the manufacturer plays a role.

Gold price when buying Austrian gold coins and bars

With the Austrian Mint we have in Austria a mint that issues some of the most popular and widely accepted investment gold coins. With the Vienna Philharmonic , the third most important gold coin in the world comes from Austria.
Even though the gold price of the Vienna Philharmonic, a gold ducat, and the value of other Austrian Mint products are of course based on the current gold rate, they are sometimes available here in Austria at lower premiums than abroad.