Buying gold in Utah
Utah does not charge sales tax on qualifying gold bullion and coins. Jewelry is taxed at the 6.1% state rate plus any local tax.
Gold has one national spot price in US dollars: the prices on this page are the same as on the gold price in the United States page. What differs in Utah is tax, explained below.
Sales tax on gold in Utah
Legal-tender coins and currency are exempt regardless of purity, and gold, silver or platinum bullion of at least 50% purity sold by metal value is exempt (Utah Code 59-12-104). Palladium, copper and jewelry are taxable.
Tax when you sell gold in Utah
A nonrefundable credit offsets Utah tax on capital gains from selling U.S.-issued gold and silver coins (Utah Code 59-10-1028). At the federal level, the IRS treats bullion and most gold coins as collectibles: long-term gains (assets held more than a year) are taxed at your ordinary rate, capped at 28%, and short-term gains as ordinary income.
Gold and silver as money in Utah
The Specie Legal Tender Act (2011) recognizes U.S. gold and silver coin as legal tender. HB 306 (2025) authorizes a precious-metals-backed platform so state vendors can be paid in gold or silver, and HB 348 (2024) lets the treasurer invest reserves in precious metals.
Buying and selling rules in Utah
Dealers report a customer's sale to the IRS on Form 1099-B only for certain forms and quantities, such as 1-kilo gold bars, 1,000 ounces of silver bars or 25 or more Krugerrands or Maple Leafs; American Eagles and smaller lots are generally not reported. Any business that receives more than $10,000 in cash in one transaction or related transactions files IRS Form 8300. Bring a photo ID when you sell.
What you pay over spot
Dealers sell Gold Eagles, Buffaloes, bars and rounds at a premium over the spot price shown here, which covers minting, shipping and the dealer's margin; small coins carry the biggest premiums. Jewelry adds design and labour. When you sell, dealers usually pay a little under spot for common bullion and the melt value, less a margin, for scrap.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.