Greeks are estimated to hold gold sovereigns worth €4–5 billion, that is about 2%–3% of their total deposits, according to “Kathimerini”. Overall, according to the report, in 2025 Greeks carried out gold-sovereign transactions worth €150 million through the two official channels for gold-sovereign transactions: the Bank of Greece (BoG) and Piraeus Bank.
The BoG carries out one quarter of transactions in gold sovereigns and the rest are carried out at Piraeus Bank. Besides the two official channels, an unofficial purchase channel is pawnshops, but transactions through them require caution.
Several Greeks do not buy gold sovereigns for investment reasons, but as a gift at social events, such as weddings, baptisms, etc.
The buy and sell price of the gold sovereign increased rapidly from the end of 2024 until today, from €568.50 to €811.18, and from €666.3 to €950.4, respectively. This happens in the context of the broader rise in the price of gold, which rose by 55% from the beginning of the year, to $4,145 per ounce, something explained by increased gold purchases by central banks (mainly China) and the weakening of the dollar.
Based on the latest data, many are those who took advantage of the increase in the price of gold and liquidated their gold, something shown by the fact that in 2025, 60% of transactions at Piraeus were sales, while a similar picture existed at the BoG.
Source: Καθημερινή
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