Gold holds near £3,258 an ounce as China's gold imports top 1,100 tonnes

Gold is holding steady at around £3,258 a troy ounce today, according to live pricing from GOLD.co.uk, working out to roughly £104.74 a gram before dealer costs, up about 1.5 per cent over the past week. Silver is a touch softer at around £49.86 an ounce, or £1.60 a gram, putting the gold to silver ratio near 65.

The steadier tone comes despite a hawkish turn from the US Federal Reserve, which raised interest rates earlier this month and has since flagged the possibility of a further rise. Higher rates usually weigh on gold, since it pays no interest, but strong demand out of China is offsetting some of that pressure.

Customs data reported by Kitco News shows China imported more than 1,100 tonnes of gold in the first eight months of 2026, already surpassing its entire 2025 total and the fastest pace since at least 2017. Analysts point to a strong yuan, generous import quotas and rising local premiums, while the People's Bank of China added 20.2 tonnes to its reserves in August alone, its largest monthly addition since October 2023.

For UK buyers, none of this changes the basics of pricing a purchase. The quoted spot price is only the starting point: a dealer's premium, delivery and, for silver, 20 per cent VAT are all added on top before arriving at the all-in cost. This is market information, not financial advice.