Gold rate today in Milan (EUR)

Today's gold price in Milan

Converted at today's rates, pure 24k gold costs about 115.04 EUR per gram in Milan, and 22k about 105.46 EUR. Per 10 grams, a common size for small bars and rate boards, that is about 1,150.41 EUR for 24k. These are spot-based figures, before any tax, premium or making charge. Italy is one of Europe's largest gold-jewellery manufacturers, centred on Vicenza, Arezzo and Valenza, and Milan is where much of it is designed and sold.

What moves the gold price in Milan

The euro gold price is simply the dollar price of gold multiplied by the exchange rate. Today that means about $4,007.9 per ounce times 0.8928 EUR per dollar. The euro is the second most traded currency in the world, and EUR/USD moves of half a percent in a day are routine. When the euro rises against the dollar, the euro gold price lags the dollar price; when it falls, the euro price outruns it.

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 Milan

The shelf price in Milan is higher than the converted figure above. A shop adds VAT on jewellery (investment gold is VAT-exempt across the EU), the dealer's premium on bars and coins and the jeweller's margin. On jewellery, making charges are built into the retail price of jewellery, so two pieces of the same weight and purity can carry very different prices. Italy charges 22% VAT on jewellery, while investment gold is VAT-exempt. Investment gold is 24k bars and coins; jewellery is commonly 18k (750) and 14k (585).

Where gold is bought in Milan

Via Montenapoleone and the fashion district have the luxury jewellers, while 'compro oro' (we buy gold) shops across the city buy and sell used gold. When comparing shops, ask for the gold rate per gram, the purity, the making charge and the buy-back price separately; that is the only way to see which offer is really cheaper.

Buying seasons in Milan

Christmas, weddings, christenings and first communions are the main occasions. Across the Eurozone, demand is strongest around Christmas, weddings and christenings. Seasonal demand tends to show up in shop premiums, promotions and queues rather than in the international price, which is set by global flows. Knowing the calendar helps explain why a local quote can look expensive or cheap against this page in a given week.

Gold market hours in Milan

The international gold market trades almost around the clock on weekdays. In Milan the London–New York overlap, usually the busiest and most volatile part of the day, runs today from about 14:00–18:00 local time. The two LBMA Gold Price auctions in London, at 10:30 and 15:00 London time, fall at 11:30 and 16:00 in Milan, and major US data released at 08:30 New York time, such as payrolls and inflation, lands at 14:30 local time. The week's trading closes at 22:00 on Friday and reopens at 00:00 on Monday, Milan time; over the weekend the price on this page is the last close. EU rules exempt investment gold from VAT in every member state, which is why bars and coins are priced close to spot while jewellery carries the local VAT rate. Our gold market hours tool shows the sessions in any time zone.

Milan compared with Paris

Milan and Paris both price gold in EUR off the same international price and the same exchange rate, so the converted figure is identical: about 115.04 EUR per gram of 24k in both. Any difference at the counter comes from making charges, dealer premiums and how hard the shops compete. The VAT rate on jewellery also differs between the two countries, which changes the shelf price even though the gold is priced identically.

How this EUR gold price is calculated

Three numbers decide everything on this page. First, the international gold price in US dollars per troy ounce: $4,007.9 at the last update. Second, the exchange rate: 1 USD = 0.8928 EUR. Third, the weight: one troy ounce is 31.1035 grams, and one tola is 11.6638 grams.

1. Price per gram in USD = $4,007.9 ÷ 31.1035 = $128.86.
2. Price per gram in EUR = $128.86 × 0.8928 = 115.04 EUR (24k, pure gold).
3. Price per 10 grams = 115.04 × 10 = 1,150.41 EUR.
4. For a lower purity, multiply by the fineness: 22k = 0.9167, 21k = 0.875, 18k = 0.750.

The gold price comes from COMEX gold futures, which track spot XAUUSD closely but are not identical to it. 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 Milan, but they are not the price you will pay or receive at a shop. The retail or "jeweller" price adds some or all of these on top:

• Import duty or customs charges, where the country imports most of its gold.
• Sales tax, GST or VAT, which may apply to jewellery, to bars and coins, or to both, depending on local law.
• 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