Gold prices in Latvia tempt owners to sell, but buying still dominates

Currency exchange provider Tavex reports a sharp rise this year in the number of deals where residents sell gold bars and coins back to the company — up 52%. Even so, gold purchases still far outweigh sales, with roughly 9.5 purchase deals for every one sale.

Mostly older holdings being sold

Most of the gold sold back to the company was bought years, sometimes over a decade, ago. About 86% of the bars and coins bought back this year were originally purchased between 2007 and 2023. Depending on the purchase year, gold prices have since risen between 2.2 and six times over.

Jānis Astičs, head of Tavex's dealing department, notes that a gold coin or bar bought in 2020 for 1,700 euros is now being bought back for around 3,800 euros.

Number of investors keeps growing

According to Astičs, the high price is prompting some residents to lock in profits, but there is no sign of a mass exit from gold ownership. On the contrary, the number of gold investors has grown by 5% this year, which he says shows that Latvian society increasingly views physical gold as a long-term investment rather than short-term speculation.

Demand for buying back jewelry has also grown — buyback deals for gold jewelry, most commonly of 585 fineness, rose 48%, while the volume of silver items bought back more than doubled, increasing 2.6 times.

Company financials

According to Firmas.lv data, Tavex posted turnover of 53.83 million euros in 2025 and profit of 2.49 million euros. The company was registered in Latvia in 2002 with a share capital of 35,500 euros and is owned by the Estonia-registered Tavex Group.