What is a Gold Ingot?

A gold ingot is a specific type of gold bar produced by pouring molten gold into a mould. The term ‘ingot’ comes from the mould in which the gold is cast. Gold ingots are different to minted bars, which are produced by cutting or stamping sheets of gold bullion into a uniform shape. Since gold ingots are cast, they often have a slightly rougher and less uniform surface compared to minted bars. They also tend to be larger in size.

Like other gold bars, gold ingots are bound by strict Good Delivery Rules set by the London Bullion Market Association (LBMA). These rules specify requirements regarding the dimensions, weight, and purity of gold ingots to make sure they meet global standards.

In this guide, we’ll explore what you need to know about gold ingots, including how they’re defined, how much they’re worth, and how they compare to gold coins.

What defines a gold ingot?

Gold ingots can be defined as refined metallic gold that has been cast into a solid, rectangular shape.

Gold ingot purity

To qualify as a gold ingot bullion bar, the LBMA states that a bar must contain at least 99.5% pure gold (equivalent to 995.0 parts per thousand fine gold). This high purity ensures that a gold ingot retains its value as a reliable investment and store of wealth.

Learn More: All You Need to Know about LBMA

Gold ingot dimensions

Gold ingots vary in size, but Good Delivery Bars – which are the standard for international trade – must adhere to specific dimensions and weight guidelines established by the LBMA:

GOOD DELIVERY GOLD INGOT RECOMMENDED DIMENSIONS
LENGTH (TOP)	210 - 290 mm
WIDTH (TOP)	55 - 75 mm
HEIGHT	25 - 45 mm
WEIGHT	350 - 430 troy ounces (11 - 13 kg)

The most commonly traded size of gold ingot is the 400 oz Good Delivery Bar, which must contain at least 398 ounces of fine gold to meet purity standards.

Learn more about troy ounces, used to measure the weight of precious metals, here: Troy Ounce: Definition, History, and Conversion Table.

Gold ingot hallmarks

Gold ingots can also be distinguished by hallmarks that provide assurance of their authenticity and quality. These include:

• Serial number: This unique identifier tracks the ingot’s production and origin
• Refiner’s hallmark: This shows which refinery produced the ingot
• Fineness mark: This confirms the purity of the gold content, usually expressed as a three-digit number (e.g. 999 or 995)
• Year of manufacture: This specifies the year the ingot was produced.

See: Gold Purity, Fineness, And Karat – What Is It And How To Check It

How much is a gold ingot worth?

Like other types of gold bullion, gold ingots are priced according to their weight, purity, and current gold price. Here are the key factors that determine how much a gold ingot is worth at any given time:

Gold content and purity

Gold ingots are primarily valued by their gold content. Most investment-grade gold ingots meet the LBMA standard of 99.5% purity, although some can have a higher purity of 99.99%. The purer the gold, the more the ingot is worth.

Weight

Gold ingots are available in various sizes, from small 100-gram gold bars to larger 400-ounce gold ingots. Since gold is priced per ounce, the heavier the ingot, the more gold it contains – and the more valuable it is.

Gold spot price

The gold spot price is the current market price at which gold is bought and sold. It fluctuates daily based on global supply and demand.

Read More: What Drives the Price of Gold?

How to calculate the value of a gold ingot

To calculate the value of a gold ingot, you’ll need to:

1. Identify the ingot’s weight in grams or troy ounces
2. Check the gold’s purity or fineness
3. Multiple the weight of the pure gold content by the current spot price of gold.

For example, if you have a 250 gram gold bar and the spot price is $100 per gram, your ingot would be worth $25,000.

What is investment-grade gold?

Investment-grade gold is the purest form of gold available, refined to a minimum of 99.5% pure gold. Unlike gold used in jewellery, which is alloyed with other metals to increase durability and create different colours, investment-grade gold maintains its high purity. This makes it ideal for investment and wealth preservation.

Gold used in jewellery is measured in carats, with 24-carat gold being the purest at 99.9% pure gold. Most jewellery, however, is made with lower-purity gold to make it more durable. For example, 18-carat gold is 75% pure gold, 14-carat gold is 58.5% pure, and 9-carat gold contains just 37.5% pure gold.

Read More: What is a Gold Carat?

Investment-grade gold, on the other hand, must be at least 99.5% pure in order to meet the high standards required for trading. It’s the only form of gold recognised as an investment asset. You won’t see investment-grade gold being used for jewellery, except in the case of wearable gold bullion. Instead, it usually comes in the form of gold bars (or gold ingots) and gold coins, like the Gold Chinese Panda or Gold Vienna Philharmonic.

Central banks, governments, and institutional investors use investment-grade gold to protect their wealth from the effects of inflation, currency devaluation, and market instability.

You can learn more about using gold as an inflation hedge in our article: Exploring the Role of Gold as an Effective Hedge Against Inflation.

How to know if a gold ingot is investment-grade

To be considered investment-grade, gold ingots must meet strict criteria regarding shape, weight, purity, and markings. These standards help make it easy to buy and sell gold bullion on the international market while protecting investors against counterfeiting.

Here’s how to know if a gold ingot is investment-grade:

• Check its purity: Investment-grade gold must have a minimum purity of 99.5% as required by the LBMA.
• Look for markings: Each investment-grade gold bar or ingot must have specific marks and identifying features, including the refinery or mint’s name and logo, serial number, and purity mark stating the fineness of the gold.

You can also check for cast gold bars made by some of the world’s most recognised and trusted mints and refineries, like:

• Argor-Heraeus
• C. Hafner
• PAMP Suisse
• Perth Mint
• Umicore
• Valcambi

All of these refineries follow strict LBMA standards, so when you buy from them you can trust your gold ingot meets investment-grade requirements.

How much does a gold ingot weigh?

Gold ingots and bars come in various sizes and weights, including:

• 2 gram gold bars
• 10 gram gold bars
• 1 oz gold bars
• 100 g gold bars
• 250 g gold bars
• 10 oz gold bars
• 500 g gold bars
• 1 kilo gold bars
• 100 oz gold bars
• 400 oz gold bars (London Good Delivery Bars).

Gold ingots vs gold coins

Gold ingots and gold coins differ in terms of form, size, purity, and production methods:

Form and size

Gold ingots are rectangular or square-shaped and come in a range of sizes, from as small as a 1 gram gold bar to as large as 400 ounces. They’re uniform in shape and have standardised dimensions that make them easy to stack, store, and transport – which is why they’re ideal for large-scale investors and central banks.

Read: Why Central Banks Buy Gold

Gold coins are round and come in various denominations and sizes, ranging from 1/10 oz gold coins to 1 oz gold coins. Some coins are also available in larger sizes of 2 or 5 ounces, but you’ll rarely find coins much larger than that. Their smaller size makes gold coins easier to trade in smaller quantities, so they’re more popular amongst individual retail investors.

Purity

Gold ingots are required to have a minimum purity of at least 99.5% pure gold, although many refined bars are made from 99.9% or even 99.99% purity.

Gold coins vary in purity depending on the type of coin and issuing mint. You can find many gold coins made from 99.99% pure gold – like the Gold Britannia, Canadian Gold Maple Leaf, and Australian Gold Kangaroo. But you can also find lower-purity gold coins, like the American Gold Eagle or Gold Krugerrand, which are made from 91.67% pure gold.

Production methods and design

Gold bars can be either cast or minted. Cast gold bars – known as gold ingots – are made by pouring gold into moulds, while minted bars are cut from sheets of gold bullion and stamped to create a uniform shape.

Gold coins are made by using high-pressure presses in government or private mints. Each coin features unique designs and inscriptions that depict national symbols or historical figures. Some gold coins are issued as limited editions, which can increase their numismatic value beyond their intrinsic gold content.

Liquidity

Gold coins are often more liquid and easier to sell in small quantities. Gold ingots, on the other hand, are more suited for bulk investment and long-term wealth preservation.

Why invest in gold ingots?

Investing in gold ingots offers a level of security that traditional investments can’t match. Physical gold has intrinsic value that is always there, regardless of economic conditions. Unlike fiat currencies, which can lose their value due to inflation or market stability, gold’s value tends to rise during times of uncertainty. This makes it a reliable hedge against financial instability.

Including gold ingots and other precious metal assets in your investment portfolio can also add diversification that helps reduce risk and volatility. Gold has historically shown a negative correlation to traditional assets like stocks and bonds, which means it often performs well when other investments don’t.

Gold is also one of the few tangible assets that can be liquidated easily and quickly. Unlike stocks, real estate, or collectibles, gold can be converted into cash almost anywhere in the world. It’s universally recognised and accepted.

See: Selling Gold: How to do it right

Invest in gold ingots today

If you’re interested in preserving your wealth with gold, there’s no better way than with a high-purity gold ingot – and you’re in the right place for that. At StoneX Bullion we stock an impressive range of LBMA-approved gold bars and gold coins from the world’s most-trusted mints.

Whether you’re looking to hedge against inflation or diversify your portfolio, you’ll find only the highest-purity gold bullion bars and coins in our range. Browse our collection now and start investing in the timeless value of gold.