Published 2 June 2026
The mechanics in one minute
A troy ounce of gold has a single global price quoted in US dollars. To turn that into a GBP price you divide by the current £/$ exchange rate. If gold is $4,470 and the £ buys $1.33, an ounce is £3,361. If the same gold price holds but the £ strengthens to $1.36, the same ounce is £3,287, about £74 lower, with no change in the underlying gold.
How big the FX effect can be
Through 2025 and 2026 the £/$ has moved between roughly 1.25 and 1.40. On a £3,300/oz gold price that ~12% spread is worth roughly £350-400 per ounce, more than many days of underlying gold movement. The FX channel is one of the loudest things in the GBP gold price chart, and it is the reason GBP and USD charts of "gold" frequently disagree about whether prices are up or down on a given day.
What this means for a postal sale
GoldPaid sets your final offer at the live precious-metal rate on the day the parcel is XRF-assayed, in GBP. That means the rate you see is the rate you are quoted on, not last week’s. If sterling strengthens overnight while your parcel is in transit, the GBP price drops, and the offer reflects that; if sterling weakens, the GBP price rises. The honest version of "we pay live spot" is that we accept the FX risk both ways once we assay and price.
For sellers, the takeaway is the same as for the underlying gold price: a fortnight-out plan can be obsolete by the day you post. Treat the offer letter when it arrives as the actual decision point, not the indicative figure from when you first messaged.
How to think about £/$ if you are deciding when to sell
You cannot predict FX any more reliably than gold itself. A sensible rule is: if your reason for selling is unrelated to the market (you have inherited a lot, you are clearing for a move, you need the cash for a specific purpose), the FX rate on any given day is noise. If your reason is market-timing, you are taking a view on two markets at once, gold and sterling, and the honest answer is that even professionals get this wrong regularly.
Common questions
Should I wait for sterling to fall before selling gold?
You can, but it is a second prediction on top of the gold one. Most people who try to time both end up overthinking it. If you have a reason to sell now, sell now.
Does GoldPaid quote in dollars?
No. All quotes and payments are in GBP. The day-of-assay live rate is converted to GBP at the prevailing market £/$ before your written offer is sent.
Where can I check the live £/$ rate?
Mainstream financial sites (Bank of England, Reuters, the FT) and Google Finance all publish a live mid-market rate. The figure your bank or broker would actually transact at is slightly different (it includes their spread).