Germany gold market
Germany has one of Europe's strongest private gold cultures — the memory of 1920s hyperinflation still shapes how many Germans think about saving, and physical gold is widely seen as insurance rather than speculation. Retail prices are quoted per gram in euros, broken down by fineness, while wholesale and investment pricing follows the international spot price per troy ounce.
The one-ounce bullion coin is the standard investment unit. The South African Krugerrand — the original modern bullion coin, in 22-karat gold — has a loyal German following, alongside the Austrian Vienna Philharmonic in 99.99% pure gold, which is especially popular across the German-speaking market. Canadian Maple Leafs and bars from one gram to one kilogram round out the shelves of specialist dealers and banks. Fractional coins (half, quarter and tenth ounce) suit buyers who want flexibility to sell in small portions later.
Purchases happen through specialist precious-metal dealers, banks and online platforms, with prices updating through the trading day. Premiums — the markup over spot — are lowest on larger bars and standard one-ounce coins.
Taxes and rules
Investment gold is exempt from VAT in Germany under Section 25c of the VAT Act, following the EU-wide directive. The exemption covers bars of at least 995 fineness and coins of at least 900 fineness minted after 1800 that are or were legal tender, provided their price does not exceed the metal value by more than 80%. Gold jewellery, by contrast, carries the standard 19% German VAT.
Gains on physical gold are also treated generously. Under the private-disposal rules, profits are completely tax-free if the gold was held for more than one year. Gains on metal sold within a year are taxed at the personal income tax rate, with a €1,000 annual exemption — exceed it and the whole gain becomes taxable. Note that gold-backed securities and ETCs are taxed differently, at the 25% flat rate. Collector coins that do not meet the investment-gold criteria fall under a separate margin scheme, where VAT applies only to the dealer's margin rather than the full price. Rules can change; verify the current position with a tax adviser.
For zakat calculators
Muslims in Germany generally apply the 87.48-gram gold nisab. Since German dealers quote per gram, valuing holdings is direct: multiply grams owned by the current euro price per gram. For gold bought by the ounce, one troy ounce equals 31.1035 grams.
Try our free zakat calculator with live prices and automatic nisab check. Farmers: also see our ushr calculator.
Frequently asked questions
Is there VAT on gold in Germany?
No VAT on investment gold — bars of 995+ fineness and qualifying coins are exempt under German and EU law. Gold jewellery is a different story: it carries the standard 19% VAT.
Are gold profits really tax-free after one year in Germany?
Yes, for physical investment gold held longer than twelve months, gains on sale are exempt from income tax under the private-disposal rules. Sell within the year and the gain is taxed at your personal rate, with a €1,000 annual exemption applying first.
Krugerrand or Vienna Philharmonic — which is more popular in Germany?
Both are staples. The Krugerrand (22-karat, the classic bullion coin since 1967) has deep roots with German investors, while the Vienna Philharmonic (99.99% pure, from neighbouring Austria) is the favourite across the German-speaking region. Either is liquid and VAT-free as investment gold.
How is the gold price quoted in Germany?
Retail and dealer prices are quoted per gram in euros, usually shown for 24k, 22k and 18k purities. The underlying benchmark is the international spot price per troy ounce in US dollars, converted at the current EUR/USD rate.
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