Where is the Best Place to Buy Gold in the UK?

best place to buy gold uk

Gold is an investment that has maintained its value long term. 📈

Since the time of the Byzantines, gold has been a big part of human civilisation. It used to be a currency, and it’s now found in jewellery, iPhone cases and even cupcakes (we’re serious). Gold is not part of the international monetary system, and no politician or economist can take it from you. Gold is the ultimate safe haven.

Whether you’ve already started investing in gold or you’re about to take the plunge, it’s important to get the most out of your investment. That’s because you want to ensure what you’re doing aligns with your investment goals, your attitude to risk, budget and your future plans.

Britain is one of the best places in the world to buy gold due to the hallmarks, quality controls and regulations in place. So, whilst the gold isn’t necessarily different between sellers, the service, finish and price will be (and that may mean more gold for you!).

With that in mind, we put together a list of the best places to buy gold in the UK:

Jewellery Quarters

If you’re looking to invest in gold in the form of jewellery then places like London’s infamous Hatton Garden or Birmingham’s jewellery quarter are probably the best place to buy gold jewellery in the UK. There are lots of retailers to choose from in these areas, and you can easily compare prices.

Obviously, the difficulty with this is that you have to travel to the jewellery seller and you can only buy what’s available on the day. Having said that, you can also save yourself the hassle and buy your jewellery online – there’s something to be said for shopping from the comfort of your own couch.

As with pretty much every retailer out there, physical stores have more overheads to cover and are usually more expensive than buying online. This means your investment in gold jewellery may be a little more expensive, so bear this in mind.

Physical gold dealers or banks

You can also buy gold bullion “over the counter” in physical stores and banks. This is the original way that people bought and sold gold. If you do a quick Google search of the closest gold dealers near you, you’ll likely find one in your town.

The main benefit of doing this in person is that you get the gold quickly. You’ll also be able to check the goods you are buying and be reassured that you aren’t being scammed. The downsides are that it’s usually more expensive due to larger overheads and you’ll need to travel and check out what’s on offer. You’ll also need to find somewhere to store it – it’s never a good idea to go walking the streets with a bag of bullion, however great it might feel.

If you’re buying gold over the counter, make sure you buy your gold from a reputable dealer. Do your research ahead of time and make sure you know what you’re looking for, and what price you want to pay.

Online Gold Dealers

The best place to buy gold is usually online: you don’t need to pay for overheads, you can store it with your dealer and you can buy your gold at exactly the time you want.

Having said that, you still need to do your research to make sure you know what fees you are paying and whether you truly own the gold you buy. With many dealers, you only own your gold once you pay “fabrication” costs and get your gold delivered.

At Minted, we only buy gold bars of 10 grams; once you own 10 grams of gold, you just need to pay the shipping fee and you can get your gold delivered home. We also keep our fees very transparent and you won’t need to commit to a specific deposit. In fact, with our monthly savings plan, you can start investing in gold for as little as £30 per month. 🎉If you decide to sell up, we’ll buy back your gold at better rates than the high street. Bonus!

Buying gold safely – what to consider

There’s a lot of choice out there so it’s important to take some things into consideration when you’re deciding on where the best place to buy gold in the UK is for you:

  • Do your research – if you’re just starting out, spend some time working out what’s going to be the best option for you and your budget.
  • Cost per gram – the price of gold varies on a daily basis. This will impact the fees and the type of gold that will fit your budget.
  • Check reviews – before picking a gold dealer, do some Googling and read some reviews. See what others say so you make sure you don’t get stung by a dodgy seller.
  • Be wary of scams and fake retailers – do your due diligence and buy from somewhere genuine and reputable. Check out Trustpilot to see what others say.
  • Check for any hidden costs – sometimes the prices you see upfront don’t reflect the full cost to get your gold safely. The “cheapest place to buy gold online” might come with some sneaky additional costs!
  • Quality – sometimes comparing gold prices isn’t as straightforward. There are different levels of purity and buying gold coins is different to buying gold bullion.
  • Be satisfied about security – ensure that your gold is properly insured and stored (this usually comes with an additional cost). With Minted, you get free secure storage and insurance for your first 200 grams of gold!
  • Stay away from eBay – we like eBay as much as the next person for certain items, but gold isn’t one of them. It can be risky and you can end up with something that isn’t legitimate or doesn’t live up to expectations.
  • Only buy if you’re happy to – whether it’s online or in person, don’t be pressured into a purchase if you’re not 100% happy with any aspect of the sale.

Your investments are a really personal decision, and by keeping track of your options you can make sure whatever you decide is the right thing for you. Whether you’re looking to diversify your investments, protect against an uncertain economy or you just want to try something different, gold can be a great option as long as you choose the right place to buy it from. If you’re not sure where to get started, check out the Minted platform – our mission is to make buying gold simple, secure and affordable for everyone.

And finally – although this may not be the best place to buy gold in the world – if you’re ever in Abu Dhabi, head to the airport to see the world’s first ever gold-dispensing ATM. 😍

Araminta Robertson

Araminta Robertson

Araminta is a financial writer and self-professed Fintech nerd. She likes writing about investing, the future of payments and of course, gold.
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Disclaimer: Gold prices can fluctuate over time and may increase and decrease. The Minted App Ltd does not accept any responsibility for any loss caused by information provided on the website. Minted is not an investment advisor and recommends doing research before making a purchase.