iShares Physical Gold ETC
Best for liquidityThe most traded gold ETC on the London Stock Exchange
- Ultra-low 0.12% TER — joint cheapest on the market
- Highest daily trading volume of any UK gold ETC
- Physically backed by allocated gold bars in London vaults
- Available on every major UK platform (Hargreaves, AJ Bell, ii)
0.12%
IGLN
LSE
at ishares.com
Why #1?
iShares IGLN takes the top spot because it combines the joint-lowest TER (0.12%) with the highest liquidity of any UK-listed gold ETC. This means you get the tightest spreads and lowest total cost of ownership.
Invesco Physical Gold ETC
Largest AUMLargest gold ETC by assets under management globally
- Low 0.12% TER — matching iShares as the cheapest
- Largest AUM of any gold ETC globally (£15B+)
- Backed by physical gold held in JP Morgan London vaults
- LBMA Good Delivery bars only
0.12%
SGLD
LSE
at invesco.com
Why #2?
Invesco SGLD matches iShares on cost and actually has larger AUM globally. It narrowly misses the top spot due to slightly wider bid-ask spreads on the LSE, but it's an excellent alternative.
WisdomTree Core Physical Gold
Lowest costJoint-lowest TER with strong WisdomTree brand
- Ultra-low 0.12% TER matching the market leaders
- Physical gold stored in HSBC London vaults
- Responsibly sourced gold from LBMA-approved refiners
- Part of WisdomTree's established commodity ETC range
0.12%
WGLD
LSE
at wisdomtree.eu
Why #3?
WisdomTree WGLD matches the 0.12% TER of the top two but has lower trading volumes, meaning slightly wider spreads. Still an excellent low-cost choice, especially for buy-and-hold investors.
Royal Mint Responsibly Sourced Physical Gold ETC
Best ethical choiceGold stored at The Royal Mint with responsibly sourced commitment
- Gold held in The Royal Mint vault in Wales
- Responsibly sourced from approved supply chains
- Royal Mint provenance and government-linked trust
- Competitive 0.22% TER for an ethical product
0.22%
RMAU
LSE
at royalmint.com
Why #4?
RMAU is the standout for investors who want ethical sourcing and Royal Mint provenance. The 0.22% TER is higher than the cheapest options but justified by the unique sourcing standards and vault location.
WisdomTree Physical Gold
Best track recordOne of the longest-running gold ETCs with 15+ years of history
- Established in 2007 with 15+ year track record
- Large AUM provides good liquidity
- Physically backed gold in HSBC vaults
- Available on all major UK platforms
0.39%
PHAU
LSE
at wisdomtree.eu
Why #5?
PHAU has one of the longest track records of any gold ETC, giving investors confidence in its structure. The 0.39% TER is higher than newer competitors, which is why it sits in fifth.
Xtrackers Physical Gold ETC
DWS qualityBacked by DWS Group (Deutsche Bank's asset management arm)
- DWS Group institutional backing
- Physical gold in London vaults
- Available across European exchanges
- Good for portfolio diversification across providers
0.36%
XGLD
LSE
at etf.dws.com
Why #6?
Xtrackers XGLD benefits from DWS Group's institutional credibility. The 0.36% TER is mid-range, and liquidity on the LSE is lower than the leaders, positioning it as a solid mid-table choice.
Amundi Physical Gold ETC
Best EuropeanEurope's largest asset manager enters the gold ETC space
- Low 0.15% TER — very competitive pricing
- Amundi is Europe's largest asset manager
- Physically backed with allocated gold
- Cross-listed on multiple European exchanges
0.15%
GOLD
LSE
at amundietf.co.uk
Why #7?
Amundi's gold ETC offers a competitive 0.15% TER backed by Europe's largest asset manager. Lower UK trading volume limits its ranking, but it's an excellent choice for investors already using Amundi products.
Gold Bullion Securities
The originalThe world's first physically backed gold ETC, launched in 2003
- Pioneered the gold ETC market in 2003
- Physical gold backing with long track record
- Now managed by WisdomTree
- Proven structure with 20+ years of operation
0.40%
GBS
LSE
at wisdomtree.eu
Why #8?
GBS was the world's first gold ETC and has operated successfully for 20+ years. However, its 0.40% TER is the highest on our list, and newer products offer better value. Best for those who value heritage and proven stability.
WisdomTree Physical Swiss Gold
Swiss-vaultedGold held in Swiss vaults for jurisdictional diversification
- Gold stored in Switzerland (not London)
- Competitive 0.15% TER
- Jurisdictional diversification from UK vaults
- Same WisdomTree quality and structure
0.15%
SGBS
LSE
at wisdomtree.eu
Why #9?
SGBS offers Swiss-vaulted gold at a competitive 0.15% TER. It's ideal for investors wanting jurisdictional diversification away from London. Lower UK trading volumes keep it in ninth place.
Aberdeen Standard Physical Gold Shares ETC
Aberdeen qualityBacked by abrdn (Aberdeen Standard) institutional expertise
- abrdn institutional asset management expertise
- Competitive 0.17% TER
- Physical gold in London vaults
- Strong institutional governance standards
0.17%
SGLN
LSE
at abrdn.com
Why #10?
Aberdeen's gold ETC offers solid institutional backing at a competitive 0.17% TER. Lower UK platform availability and trading volumes compared to leaders place it at tenth, but it's a reliable choice.
Quick answer
The best UK gold ETC in 2026 is iShares Physical Gold ETC (IGLN), scoring 9.6/10 for its unbeatable liquidity, low 0.12% TER, and massive AUM. Invesco Physical Gold (SGLD) matches on cost with even larger assets, while WisdomTree Core Physical Gold (WGLD) offers the joint-lowest fees for cost-focused investors.
How we test & rank
We evaluate each gold ETC on five criteria: Total Expense Ratio (TER), liquidity (bid-ask spread and daily volume), assets under management (AUM), physical backing structure, and track record. Products with lower costs, tighter spreads, and larger AUM score higher.
Summary
For most UK investors, iShares IGLN or Invesco SGLD provide the best combination of low cost and high liquidity. If ethical sourcing matters, Royal Mint RMAU is the standout choice. All ETCs on this list are physically backed by allocated gold.
Frequently asked questions
What is the cheapest gold ETC in the UK?
Three gold ETCs share the lowest TER of 0.12%: iShares Physical Gold (IGLN), Invesco Physical Gold (SGLD), and WisdomTree Core Physical Gold (WGLD). However, total cost includes the bid-ask spread, so IGLN and SGLD typically offer the lowest overall cost due to higher liquidity.
Are gold ETCs eligible for ISAs and SIPPs?
Yes, all gold ETCs on our list are available within Stocks & Shares ISAs and SIPPs on major UK platforms like Hargreaves Lansdown, AJ Bell, and interactive investor. This makes them tax-efficient ways to hold gold exposure.
Do gold ETCs pay dividends?
No, gold ETCs do not pay dividends because gold itself produces no income. Returns come solely from changes in the gold price. The TER is deducted by selling small amounts of gold from the trust.
Is a gold ETC safer than owning physical gold?
Gold ETCs eliminate theft and storage risk, but introduce counterparty risk (dependence on the ETC provider and custodian). All ETCs on our list are physically backed, meaning real gold bars secure your investment. Neither approach is inherently safer — they have different risk profiles.
Quick comparison
| # | Product | Score | Rating | TER | Ticker | Action |
|---|---|---|---|---|---|---|
| 1 | iShares Physical Gold ETC Best for liquidity | 9.6 | 4.8 | 0.12% | IGLN | Visit |
| 2 | Invesco Physical Gold ETC Largest AUM | 9.4 | 4.7 | 0.12% | SGLD | Visit |
| 3 | WisdomTree Core Physical Gold Lowest cost | 9.2 | 4.6 | 0.12% | WGLD | Visit |
| 4 | Royal Mint Responsibly Sourced Physical Gold ETC Best ethical choice | 9.0 | 4.7 | 0.22% | RMAU | Visit |
| 5 | WisdomTree Physical Gold Best track record | 8.8 | 4.5 | 0.39% | PHAU | Visit |
| 6 | Xtrackers Physical Gold ETC DWS quality | 8.6 | 4.4 | 0.36% | XGLD | Visit |
| 7 | Amundi Physical Gold ETC Best European | 8.4 | 4.4 | 0.15% | GOLD | Visit |
| 8 | Gold Bullion Securities The original | 8.2 | 4.3 | 0.40% | GBS | Visit |
| 9 | WisdomTree Physical Swiss Gold Swiss-vaulted | 8.0 | 4.3 | 0.15% | SGBS | Visit |
| 10 | Aberdeen Standard Physical Gold Shares ETC Aberdeen quality | 7.8 | 4.2 | 0.17% | SGLN | Visit |
Scores out of 10 based on our testing. Ratings reflect verified customer reviews.