How and Where to Buy and Sell Gold in Belarus, and Whether You Need to Pay Taxes on It

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Noble metals have regained their luster and glory, as if we live in the Middle Ages: the growth of their value outpaces even the boldest forecasts, writes "Tochka".

Indeed, from the beginning of 2025 until the peak on October 20, gold rose by 66.5% on exchanges — to $4398 per ounce.

Then a price correction followed; in other words, gold dropped in price. But in early November, the metal's price on the New York commodity exchange COMEX rose again, surpassing the $4100 mark. And in early December, it reached $4245.

According to Deutsche Bank analysts, in 2026, gold will rise to $4450 per ounce, and in 2027 — to $5150.

Such a rapid price increase is happening because, amidst continuous geopolitical and economic risks, it remains a "safe haven" asset for central banks and investors worldwide.

Moreover, not only the price of gold but also that of other noble metals is rising.

Thus, silver doubled in 2025 (in November — to $57.86 per ounce), and platinum — by more than 70% (to $1650 per ounce).

For Gold — To the Bank

Belarusians have the right to freely buy and sell precious metals. But not from private individuals, rather through specific state and commercial structures according to their price lists.

Thus, the Ministry of Finance buys precious metals in finished products and scrap from Belarusians; however, this is a "one-way" purchase.

Buying and then selling gold, silver, and platinum, profiting from price differences, can be done through Belarusian banks.

Gold from these financial organizations has the same highest, 999th, purity and is displayed "in the window" in the form of measured bars and investment coins.

By the way, since October 20, the National Bank has also resumed operations for the purchase and sale of precious metals.

By Gram, and By Kilogram

Measured gold bars come in weights from 1 gram to 1 kilogram. It's no surprise that their cost differs significantly.

For example, at the National Bank, the current price of the smallest gold bar is Br446.79, and the largest is Br404,050.40. Whereas the purchase price lists are Br384.62 and Br384,624.90, respectively.

Gold buy-sell prices vary across all financial organizations.

For instance, Belarusbank buys a five-gram bar for Br2125 and sells it for Br2150; Belagroprombank for Br2135 and Br2150; Belgazprombank for Br2120 and Br2150, respectively.

Since the difference between buying and selling precious metals at banks can be very significant, only a stable (and substantial) increase in gold prices on external markets can provide a significant profit to the owner of a bar or coin.

In principle, gold is good precisely as a long-term financial asset. However, it's incorrect to invest all resources in it — a reasonable share of precious metals in an investor's portfolio, according to various estimates, ranges from 10 to 20%.

It's also important to remember that gold experiences periods of not only price increases but also decreases.

In addition to purchasing precious metals in physical form, Belarusians can acquire them by opening so-called metal accounts in banks.

What About Taxes on Buying and Selling Gold

Based on paragraph 43 of Article 208 of the Tax Code of Belarus, the income of individuals from the sale of precious metals in the form of bank and measured bars, coins, and precious stones to the National Bank and banks of Belarus is exempt from income tax.

Expenses incurred by citizens for the purchase of precious metals from Belarusian banks, by virtue of paragraph 1 of Article 196 of the Tax Code, are also not recognized as objects of income tax.

As for VAT payment, this tax is paid by organizations in our country, Tochka.by was explained by the Ministry of Taxes and Duties.

Individuals are not recognized as VAT payers when selling goods on the territory of Belarus. Accordingly, when conducting buy-sell operations with precious metals through Belarusian banks, citizens also do not incur VAT tax obligations.

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