Sterling Silver Price Calculator with Taxes and Fees
Here’s a summary of the current sterling silver prices from various sources in the UK:
| Source | Price per Ounce (GBP) | Taxes and Fees (GBP) | Total Cost per Ounce (GBP) |
|---|---|---|---|
| BullionByPost | 24.05 | 1.2025 | 25.2525 |
| Gold.co.uk | 24.83 | 1.2415 | 26.0715 |
| Chards | 23.87 | 1.1935 | 25.0635 |
| Royal Mint | 25.11 | 1.2555 | 26.3655 |
Key Points to Know
- Current Prices: The prices for sterling silver vary slightly among different dealers. As of the latest update, the price ranges from £23.87 to £25.11 per ounce before taxes and fees.
- Taxes and Fees: A common estimate for taxes and fees on precious metals in the UK is around 5% of the base price. This has been factored into the “Taxes and Fees” column in the table above.
- Price Fluctuations: Silver prices are known to be volatile and can change rapidly. The current price of silver as of the most recent update is £24.8321 per ounce, with a weekly change of 10.14%2.
- Price per Gram: For those interested in smaller quantities, the price of silver per gram is approximately £0.76993.
- VAT Applicability: Unlike gold, silver is subject to VAT in the UK. This means that the actual cost when buying silver will be higher than the spot price shown in most charts2.
- Scrap Silver: For those looking to sell scrap silver, prices may differ. Sterling silver (925 purity) without a full UK hallmark is typically valued at around £0.58 per gram by some dealers4.
- Market Factors: The price of silver is influenced by various factors, including industrial demand, economic uncertainty, and currency fluctuations. A stronger pound typically leads to a lower silver price in GBP, while a weaker pound can cause the price to rise2.
Remember that these prices are subject to change, and it’s always advisable to check with multiple dealers for the most current rates when looking to buy or sell silver.