Gold is bought by accredited refiners and bullion banks, not by broker chains. Doré from mines is refined into LBMA Good Delivery bars and kilobars, and every step from mine to vault is subject to strict anti-money-laundering and responsible-sourcing rules.
Grades and specifications
| Grade | What it is | Price reference |
|---|---|---|
| Doré | Semi-pure gold from the mine, often 60–95% Au, with silver | LBMA price less refining charges and assay |
| Good Delivery bars | About 400 oz (12.5 kg), min 995.0 fineness, from LBMA-accredited refiners | LBMA gold price |
| Kilobars and small bars | Usually 999.9 fineness | LBMA price plus fabrication premium |
| Scrap and jewellery gold | Variable fineness | LBMA price less refining |
Good Delivery gold bars: main requirements
| Parameter | Typical limit |
|---|---|
| Fineness | min 995.0 parts per thousand |
| Weight | 350–430 fine troy ounces |
| Refiner | On the LBMA Good Delivery list |
| Marks | Refiner stamp, serial number, fineness, year |
Specifications vary by origin, buyer and contract. The contract specification, not a generic sheet, is what the inspector tests against.
Typical contract terms
- Counterparties: Mines, accredited refiners, bullion banks and licensed dealers
- Pricing: LBMA price for the day of final assay, less refining and discounts for doré
- Logistics: Insured, secure transport by specialist carriers to the refinery or vault
- Payment: After refinery receipt and final assay, by bank transfer
- Compliance: LBMA Responsible Gold Guidance and OECD due diligence
Documents
Seller provides
- Mining licence or export licence from the mining ministry
- Chain of custody from mine to export
- Export permit and customs declaration
- Assay certificate from a recognised laboratory
- KYC on the mine, owners and beneficial owners
- Air waybill and insurance certificate
Buyer provides
- Refinery or dealer licence and accreditation
- Anti-money-laundering policy and KYC requirements
- Bank details
Procedure
- Introduction and KYCBuyerSellerThe refinery runs full KYC on the mine or exporter, its owners and the origin before any price discussion.
- Due diligenceBuyerRisk assessment under OECD and LBMA guidance; site visit to the mine for higher-risk origins.
- ContractBuyerSellerRefining or purchase agreement with assay, refining charges, discounts, liability and logistics.
- Export and transportSellerExport permit, customs clearance and insured secure transport to the refinery.
- Assay and paymentBanksThe refinery weighs and assays the material, then pays against the agreed LBMA price less charges.
Price reference
| Benchmark or range | Level | Basis |
|---|---|---|
| Gold | Live on the Metals market page | LBMA / spot |
See the live gold price on the Metals and Ores market page. Latest levels are in the Weekly Market Monitor.
Check before you trade
- "Gold dust" or "22+ carat" bars from Africa at 10–20% below market
- Fees requested for export permits, taxes, smelting, insurance or "clearance" before delivery
- Sellers who cannot show a mining licence, export permit and chain of custody
- Delivery promised to a buyer's country without a named refinery
TradeScout24 Trade Desk · Sources: LBMA Good Delivery Rules and Responsible Gold Guidance; OECD Due Diligence Guidance for Responsible Supply Chains of Minerals · General information, not an offer or legal advice · Last reviewed 31 Oct 2026