Gold’s strong performance in international markets has propelled the price of the gold sovereign in Greece to record levels. Over the past 13 months, the coin has staged a sharp rally in the domestic market, breaking through the 1,000 euros mark.
On Jan. 27, the Bank of Greece quoted a purchase price of 971.84 euros and a selling price of 1,138.50 euros. Most recently, the selling price climbed to 1,167.74 euros, up from 666.31 euros at the end of Dec. 2024.
The surge has triggered a wave of transactions in 2025—nearly a 50% increase compared with 2024. Activity has been fueled not only by new buyers but also by existing holders rushing to sell, judging the current levels as an opportune moment to lock in gains.
During 2025, the Bank of Greece purchased 40,031 gold sovereigns from the public. By contrast, individuals bought 7,563 coins from the central bank over the same period.
Alongside the Bank of Greece—the primary official channel for sovereign transactions—Piraeus Bank serves as the second institutional outlet. It is the only commercial bank in the country offering investment gold products, including full and half sovereigns and bullion bars, acting as the official representative and distributor of the UK Royal Mint in Greece.
Beyond official channels, a broad private market is active, encompassing pawnshops, gold dealers, and direct peer-to-peer trades. These businesses set their own buy and sell prices, which can be particularly attractive to sellers during periods of heightened demand.
Greeks have long maintained a strong affinity for gold. Estimates suggest that the value of sovereigns held by households accounts for 2%–3% of total deposits, equivalent to around 4–5 billion euros.
