United Kingdom · GBP · August 2023
Gold Price in United Kingdom — August 2023
In August 2023, the gold price in United Kingdom closed at approximately £1,526 per troy ounce, equivalent to £572 per tola or £49 per gram. This represents a -0.25% change on the month (£1,529 open → £1,526 close).
Open
£1,529
per troy ounce
Close
£1,526
per troy ounce
High
£1,530
per troy ounce
Low
£1,484
per troy ounce
All unit prices at August 2023 close — United Kingdom
| Unit | Weight | Closing GBP price |
|---|---|---|
| Troy ounce | 31.1035 g | £1,526 |
| Gram | 1.0000 g | £49 |
| 10 grams | 10 g | £491 |
| Kilogram | 1,000 g | £49,051 |
| Tola | 11.664 g | £572 |
Karat-purity breakdown at August 2023 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24K | £49 | £572 |
| 22K | £45 | £524 |
| 21K | £43 | £501 |
| 18K | £37 | £429 |
| 14K | £29 | £335 |
| 10K | £20 | £239 |
Daily gold price in GBP — August 2023
August 2023 gold market: Surging yields pressure gold
BearishA sharp rise in long-term yields weighed on gold.
Gold slipped toward $1,890–$1,915 in August as US Treasury yields climbed sharply — the 10-year pushed above 4.3% — on resilient growth and heavy government bond issuance. Higher yields steadily eroded gold's appeal.
What drove gold in August 2023
- 10-year yield above 4.3%
- resilient US growth
- heavy Treasury issuance
- firm dollar
Key events in August 2023
- Aug 21Gold dips below $1,900 as yields spike
What happened next
Yields kept climbing into September, dragging gold toward its autumn low.
For gold buyers in United Kingdom
August underlined gold's tug-of-war with the bond market — when yields surged, gold had little defence.
The 2023 gold market: Banking crisis and another record CB buy year
Silicon Valley Bank failed in March 2023, followed by Credit Suisse rescue. Gold rallied to $2,072 in May, then traded $1,820–$2,090 through year-end. Central banks bought another 1,037 tonnes — second-highest ever. Year close: $2,062.
Key drivers in 2023
Regional banking crisis, Credit Suisse failure, central-bank buying continues, persistent inflation
2023 XAU/USD high
$2,135 (Dec)
2023 XAU/USD low
$1,810 (Feb)
Era context — The modern bull market (2019 to today)
Gold's second major bull market of the 21st century. Driven by COVID stimulus, Russia sanctions, central-bank accumulation at record levels, and the structural shift toward a multi-polar reserve system. New all-time highs reached repeatedly since 2020.
The United Kingdom gold market
The UK retail gold market quotes per gram, with 9K being the historically dominant jewellery standard alongside 18K and 22K. Investment-grade gold (bars and coins, ≥99.5% purity) is VAT-exempt under the EU Gold Directive (preserved post-Brexit). Sovereigns and Britannia coins issued by The Royal Mint also enjoy capital-gains-tax exemption for UK residents.
Standard quote unit
gram
Common purity
9K
Currency
GBP (£)
Daily gold price — August 2023, United Kingdom
£1,529
$1,947.20/oz
£1,527
$1,944.20/oz
£1,520
$1,935.65/oz
£1,526
$1,942.45/oz
£1,529
$1,946.82/oz
£1,517
$1,931.70/oz
£1,513
$1,926.40/oz
£1,510
$1,922.75/oz
£1,509
$1,920.90/oz
£1,505
$1,915.80/oz
£1,505
$1,916.26/oz
£1,495
$1,903.75/oz
£1,495
$1,903.85/oz
£1,496
$1,904.20/oz
£1,490
$1,896.35/oz
£1,487
$1,893.70/oz
£1,491
$1,898.83/oz
£1,484
$1,889.85/oz
£1,487
$1,892.75/oz
£1,506
$1,916.65/oz
£1,506
$1,917.05/oz
£1,505
$1,915.50/oz
£1,513
$1,926.10/oz
£1,522
$1,938.24/oz
£1,516
$1,930.00/oz
£1,530
$1,947.55/oz
£1,526
$1,942.30/oz
How United Kingdom gold prices are calculated on this page
Source. The international XAU/USD spot price comes from gold-api.com's historical archive (London PM-fix benchmark). The GBP/USD exchange rate comes from exchangerate-api.com's 2023 year-end snapshot.
Conversion. Every GBP figure on this page is computed as XAU/USD price × GBP/USD rate. We use the year-end exchange rate consistently across all August 2023 prices on this page.
Per-unit math. Per-gram = per-ounce ÷ 31.1035. Per-tola = per-gram × 11.664. Per-10g = per-gram × 10. Per-kilo = per-gram × 1000. Karat values multiply per-gram by the purity ratio (24K = 0.999, 22K = 0.916, 21K = 0.875, 18K = 0.750, 14K = 0.585, 10K = 0.417).
What this page does NOT include. Local sales tax / VAT, customs duty on imports, dealer making charges, jewellery design premiums, or coin numismatic premiums. To go from this pure-metal value to a final retail rate in United Kingdom, add the country-specific levies described in the “United Kingdomgold market” section above.
FAQ — United Kingdom gold price in August 2023
What was the gold price in United Kingdom in August 2023?
In August 2023, gold in United Kingdom opened at £1,529/oz and closed at £1,526/oz — a move of -0.25% on the month. Per tola: ≈£572; per gram: ≈£49; per 10g: ≈£491.
What was the 24K gold rate per tola in United Kingdom in August 2023?
The 24K gold rate per tola in United Kingdom at the August 2023 close was approximately £572, derived from international XAU/USD spot of $1,942.30/oz times the 2023-end GBP/USD exchange rate of 0.7855. This is pure metal value; final retail rates include local taxes and dealer making charges.
What was the 9K gold rate per gram in United Kingdom in August 2023?
United Kingdom's most-quoted retail standard is 9K per gram. At the August 2023 close, that worked out to approximately £29 (9K pure-metal value). Add local taxes and making charges for the final retail rate.
How was the local currency price calculated?
GBP prices on this page are computed from the verified international XAU/USD spot price for August 2023 (sourced from gold-api.com), multiplied by the 2023-end GBP/USD exchange rate from exchangerate-api.com. We use year-end rates as a single reference point for the entire month — for most stable currencies the within-year FX drift is small, but during currency crises (PKR 2022–23, TRY 2022, ARS 2024 etc.) the actual mid-month rate may differ.
Why does the retail price in shops differ from this number?
The £ figures here represent the international gold spot price converted to GBP at the 2023-end exchange rate. United Kingdom's retail jewellers add (1) import duties and sales tax (varies by SKU and karat), (2) dealer making charges (typically 3–12% of metal value), and (3) a small premium for purity certification on bars. Always verify the exact day's retail rate with a reputable local dealer before transacting.
Want today's rate in United Kingdom? See live gold prices in United Kingdom with minute-by-minute updates and per-karat breakdowns.
Different month or year? Use the prev / next buttons above, or jump to the full 2023 archive or the USD-only August 2023 page with the country-by-country list at the bottom.
Other markets? Compare August 2023 prices across other major gold-trading countries: Pakistan, India, United Arab Emirates, Saudi Arabia, United States.
Disclaimer: Historical gold prices on this page reflect the international XAU/USD spot price for the requested period, converted to GBP at the 2023-end exchange rate. They are intended for informational and educational use only and do not constitute investment advice or a price quote for buying or selling physical gold today. Always verify current local rates with a reputable bullion dealer in United Kingdom before transacting.