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.
Selling gold or gold jewelry to a dealer in Utah
- License: Pawnbrokers and secondhand merchandise dealers (coin dealers included) pay an annual fee of up to $500 to the Division of Consumer Protection by 31 January (Utah Code 13-32a-111) and must report to the state central database. Cities and counties may require a business license but may not add stricter rules (13-32a-114).
- Hold period: 15 days. Purchased items may be sold after 15 calendar days from the date the record is sent to the central database (13-32a-109). The 15-day hold does not apply to 'precious metals' (bullion, ingots, art bars, medallions) or numismatic items, but does apply to jewelry and scrap jewelry. Police holds last 90 days, extendable to 180 days in total.
- What the dealer records: Ticket for each purchase: date and time, seller's full name, date of birth, address and phone, ID type and number, seller's signature, right index fingerprint (electronic or ink), amount paid, employee, and an accurate item description (marks, serial numbers, metal content, weight if priced by weight). Color digital photos of each jewelry item and of any engraving or serial number. Upload to the state central database within 24 hours. Keep tickets at least 3 years. Coin dealers may use a shorter record for repeat sellers.
- What sellers need: Seller must be 18 or older and not appear impaired by alcohol or drugs (13-32a-110.5). Seller must show non-expired ID and sign the ticket. Items that look new need a receipt or proof of ownership (not numismatic items).
- Payment: No general payment rule for jewelry or precious metals. Catalytic converters may not be paid in cash or gift card unless under $100 (13-32a-118).
- Who is exempt: Antique shops (antiques), auction houses, flea markets, vehicle dealers, garage and estate sales, consignment shops, scrap metal dealers under 76-6-1402, qualifying bulk wholesale purchases, and retail businesses taking trade-ins toward similar new merchandise. Specie legal tender used as money is exempt (13-32a-103.5).
- Jewelers: Retail businesses that take trade-ins toward similar new merchandise are exempt; buying jewelry for cash is covered.
- The law: Pawnshop, Secondhand Merchandise, and Catalytic Converter Transaction Information Act, Utah Code Title 13, chapter 32a; records 13-32a-104 and 104.5 (coin dealers); reporting 13-32a-106; retention 13-32a-108; holding 13-32a-109; age 13-32a-110.5.
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.