Gold rate today in Medellín

Gold rate in Medellín today

The international price puts a gram of 24k gold in Medellín at roughly 421,398 COP today, with 22k at about 386,295 COP. Per 10 grams, a common size for small bars and rate boards, that is about 4,213,979 COP for 24k. These are spot-based figures, before any tax, premium or making charge.

The central bank's gold counter in Medellín

Banco de la República's Medellín branch is one of the three places where Colombia's central bank buys domestically produced gold, with Bogotá and Quibdó.

Sellers bring tax registration (RUT), the bank's forms and a bank certificate. Subsistence miners (barequeros) must be on the National Mining Agency's list and may sell an average of 35 gross grams a month, at most 420 a year. If a mine has not paid its royalties, the bank works them out and holds them back.

What moves the gold price in Medellín

Everything on a Medellín rate board starts from the same place: the dollar price of gold (about $4,042.7 an ounce today) converted at the USD/COP rate of 3,242.13. The peso gold price is the dollar price times the TRM, the reference rate the Superintendencia Financiera certifies each day.

The dollar price itself responds to US interest-rate expectations, the strength of the dollar, inflation data, central-bank buying and geopolitical risk. Our guide to what moves gold prices covers each in turn.

Premiums, making charges and tax in Medellín

The shelf price in Medellín is higher than the converted figure above. A shop adds IVA where it applies (standard rate 19%), making charges and the jeweller's margin. On jewellery a making charge comes on top, so two pieces of the same weight and purity can carry very different prices. We found no official karat or hallmark rule for jewellery in Colombia, so ask for the purity on the receipt.

Gold market hours in Medellín

The international gold market trades almost around the clock on weekdays. In Medellín the London–New York overlap, usually the busiest and most volatile part of the day, runs today from about 08:00–12:00 local time. The two LBMA Gold Price auctions in London, at 10:30 and 15:00 London time, fall at 05:30 and 10:00 in Medellín, and major US data released at 08:30 New York time, such as payrolls and inflation, lands at 08:30 local time. The week's trading closes at 17:00 on Friday and reopens at 18:00 on Sunday, Medellín time; over the weekend the price on this page is the last close. Banco de la República publishes a daily buy and sell price per gram of gold in pesos, based on the LBMA benchmarks. Our gold market hours tool shows the sessions in any time zone.

Medellín compared with Bogotá

Medellín and Bogotá both price gold in COP off the same international price and the same exchange rate, so the converted figure is identical: about 421,398 COP per gram of 24k in both. Any difference at the counter comes from making charges, dealer premiums and how hard the shops compete.

How this COP gold price is calculated

Three numbers decide everything on this page. First, the international gold price in US dollars per troy ounce: $4,042.7 at the last update. Second, the exchange rate: 1 USD = 3,242.13 COP. Third, the weight: one troy ounce is 31.1035 grams, and one tola is 11.6638 grams.

1. Price per gram in USD = $4,042.7 ÷ 31.1035 = $129.98.
2. Price per gram in COP = $129.98 × 3,242.13 = 421,398 COP (24k, pure gold).
3. Price per 10 grams = 421,398 × 10 = 4,213,979 COP.
4. For a lower purity, multiply by the fineness: 22k = 0.9167, 21k = 0.875, 18k = 0.75.

The gold price is the spot price of gold (XAUUSD) from a public real-time feed, refreshed every few seconds while the page is open; the 7-day table and the 30-session chart use COMEX gold futures closes, which usually sit a few dollars above spot. The exchange rate is a mid-market rate; the rate your bank or money changer gives you will be slightly different. If you want to do the maths yourself, our guide to converting the gold price per gram, tola and kilo walks through every step with worked examples.

What this price does not include

The figures above are the international spot price converted into local currency. They are the starting point for every retail price in Medellín, but they are not the price you will pay or receive at a shop. The shop price adds some or all of these on top:

• Import duty or customs charges, where gold or jewellery is imported.
• Sales tax or VAT, where the country charges one. Many countries tax jewellery but not investment bars; the sections above say what applies here.
• Dealer premium: the margin a bullion dealer or bank adds to the spot price for bars and coins, usually larger on small pieces.
• Making charges (labour) on jewellery, often a percentage of the gold value or a fixed amount per gram.
• Local supply and demand, which can push the physical price to a premium or a discount against the international price for weeks at a time.

When you sell, the buyer usually quotes below the spot-based number and deducts for purity testing, wear and sometimes stones. The gap between the buying and the selling price is the real cost of owning physical gold, and it varies a lot between shops, so it is worth asking several.

Frequently asked questions