How gold is priced in the United States
In the US, bullion is priced in dollars per troy ounce, while jewellers and scrap buyers work per gram or per pennyweight (1.555 g), with 14K and 10K the most common jewellery karats. The prices here are the international spot price — the value of the metal before dealer premiums and any state sales tax.
Sales tax and federal tax
There is no federal sales tax; each state sets its own rules. More than 40 states exempt investment bullion fully or above a purchase threshold, counting the five with no statewide sales tax (Alaska, Delaware, Montana, New Hampshire and Oregon). A handful tax it, including Hawaii, Maine, New Mexico, Rhode Island, Vermont and Washington, whose exemption ended on 1 January 2026. The rules change often: Maryland repealed its exemption in 2025, then restored it for purchases over $1,000 from 1 July 2026. Jewellery is taxed at the normal rate in every state that has a sales tax.
For federal income tax, the IRS treats gold coins and bars as collectibles: long-term gains are taxed at a maximum rate of 28%, and gains on gold held for a year or less are taxed as ordinary income.
The US Mint and how prices are set
The US Mint has struck the American Gold Eagle since 1986: a 22-karat coin weighing 33.93 g that contains exactly one troy ounce of gold, with ½, ¼ and 1/10 oz sizes. The American Buffalo, launched in 2006, is 24-karat (999.9). Dealers price coins and bars from the spot price, which is set by trading in New York (COMEX futures) and London, and add a premium that is highest for small coins.
Gold bullion has been exempt from the tariffs introduced in 2025. A customs ruling in August 2025 briefly suggested that 1 kg and 100 oz bars could be taxed, but the White House said gold would not be tariffed.
Karats, stamps and older coins
The US has no assay office or compulsory hallmark. Under Federal Trade Commission guides, only metal of at least 10 karats may be sold as "gold", and under the National Gold and Silver Stamping Act a piece stamped with its karat must also carry a registered trademark of the maker or seller. Pre-1933 $20 Double Eagles (33.44 g of 900 gold, about 30.09 g pure) trade at a premium over their gold value, and dealers file IRS Form 8300 for cash payments over $10,000.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.