Spain in gold
What the Banco de España’s gold, everyday prices, household deposits, homes and the euro look like when measured in gold as well as in euros.
In short
Change against one year earlier
House values in gold
−19.1 %
in one year
Q2 2026In dollars +21.0 %In euros +12.9 %Banco de España gold
€33.4bn
market value
September 2026In euros +13.5 %In dollars +9.6 %A €100 basket in gold
1.2
grams of gold
September 2026In gold −12.2 %In euros +4.9 %Deposits in gold
9,113
tonnes of buying power
September 2026In gold −7.9 %In euros +3.2 %Gold bought by €100
0.82grams
September 2026In gold −16.4 %In dollars −2.1 %
House prices by province, in gold
From Q2 2021 to Q2 2026, none of the 52 provinces and cities with a figure got more expensive in gold and all 52 got cheaper.
Gold shows a rise, graphite a fall, and a hatched area has no figure for this period.
Explore the map of house prices by provinceHouse values
In Q2 2026 a square metre of a Spanish home was appraised at €2,355 on average, US$2,738 or 19 g of gold, against 22 g of gold in Q2 2025.
Actual amounts: euros on the left axis, grams of gold per square metre on the right.
Q2 2026
- Per m² · euros€2,355
- Per m² · grams of gold18.8 g
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What you see
The chart shows the national average appraised value per square metre in euros, in US dollars and in grams of gold, each quarter at its own average rate and gold price. Combined puts euros on the left axis and gold on the right.
What it means
A home can cost more euros and less gold at once. The one-year changes compare the four latest quarters with the four before, as the map of the provinces below does, so both pages state the same change.
What do the values measure?
- The Ministerio de Vivienda y Agenda Urbana publishes the average appraised value per square metre of free-market housing every quarter, from the valuation reports of the companies of the Asociación Española de Análisis del Valor. An appraisal is the value at which a home could be sold, not the price of a completed sale.
- The gold and dollar values begin in 2004, the first quarter with a daily euro rate.
Q2 2026: €2,355, US$2,738, 19 g of gold per m²; over one year, the four quarters to Q2 2026 against the four before, −19.1 % in gold, +21.0 % in US dollars and +12.9 % in euros. Ministerio de Vivienda y Agenda Urbana, quarterly.
Explore house values by provinceThe Banco de España’s gold
In September 2026 the Banco de España’s gold was worth €33.4 billion (US$37.8 billion), +13.5 % against a year earlier in euros. The bank’s annual accounts state 9.054 million troy ounces of fine gold, 281.6 tonnes, valued at €3,669.11 per ounce on 31 December 2025.
Actual amounts: euros on the left axis, estimated tonnes of gold on the right. The tonnes are the euro value divided by the month-end gold price, not the published holding.
September 2026
- Market value · billion EUR€33.4bn
- Estimated gold · tonnes281.0 t
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What you see
The chart shows the market value of the bank’s gold at the end of each month, in euros or in US dollars. The Gold view shows the tonnes that value implies, the euro value divided by the month-end gold price in euros, and Combined puts euros on the left axis and those tonnes on the right. These tonnes are an estimate, not the published holding.
What it means
The bank values its gold at the market price at the end of each month, so a rising value can describe the same gold at a higher price rather than a larger reserve. The annual accounts state the weight once a year.
About the gold figures
- The series is "Oro y derechos en oro" of the Banco de España’s balance sheet (Boletín Estadístico table 7.7, series DF_MESNNAC1X1Z50000Z0ZE), in euro millions at the end of each month, valued at the month-end market price in euros per troy ounce.
- The bank’s annual accounts state 9.054 million troy ounces of fine gold, 281.6 tonnes, valued at €3,669.11 per ounce on 31 December 2025; the holding did not change during that year. The estimate divides each month’s euro value by the site’s month-end gold price (GC=F × EUR=X), which differs from the bank’s valuation price by about one percent at most, so small wiggles are not purchases or sales.
September 2026: €33.4 billion, US$37.8 billion at the month-end rate; an estimated 281.0 tonnes, worked out from the euro value (September 2026). Stated holding: 281.6 tonnes on 31 December 2025 (annual accounts). Boletín Estadístico table 7.7, from January 1980.
Banco de España statisticsWhat a shopping basket costs
A basket that cost €100 in January 2010 costs €144 in September 2026: US$166, or 1.2 grams of gold, against 4.0 grams then.
Actual amounts: euros on the left axis, grams of gold on the right.
September 2026
- Basket · euros€144.28
- Basket · grams of gold1.18 g
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What you see
The chart shows what the same basket costs in euros, in US dollars and in grams of gold, each month at its own average rate and gold price. Combined puts euros on the left axis and gold on the right.
What it means
Prices rose in euros, but the euro bought more gold in some years and far less in others. The gold line shows how many grams the basket costs, not the weight of a specified basket of goods.
About the consumer-price comparison
- The INE consumer price index (Índice de Precios de Consumo, national, general index, series IPC290751, base 2025) is monthly and not seasonally adjusted. The basket is the index rebased to €100 in January 2010. INE moved the index to base 2025 in January 2026; the page reads only the base-2025 series and never joins it to the base-2021 one.
- Each month uses its own average dollars per euro and euros per gram of gold (GC=F × EUR=X); a month without a complete set of daily rates has no gold or dollar figure, and no other month stands in for it.
September 2026: €144.28, US$165.86, 1.18 g. INE index IPC290751, base 2025, not seasonally adjusted.
INE consumer pricesWhat household deposits can buy
Deposits of households resident in Spain were €1,083 billion in September 2026 (US$1,227 billion), which could buy 9,113 tonnes of gold at the month-end price.
Actual amounts: euros on the left axis, tonnes of gold buying power on the right.
September 2026
- Deposits · billion EUR€1,083.0bn
- Gold buying power · tonnes9,113 t
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What you see
The chart shows the deposits in euros, in US dollars and as the tonnes of gold they could buy at each month-end close. Combined puts euros on the left axis and gold on the right.
What it means
More euros in accounts do not always mean more purchasing power. The gold line shows what the deposits could buy, not gold that households own; the figures are aggregate stocks, not a typical household’s balance.
Which deposits are included?
- The deposits are those of households resident in Spain on the balance sheet of the monetary financial institutions, according to the euro-area statistics; non-profit institutions serving households are not included. Banco de España, Boletín Estadístico table 8.22, series DF_MESNAL20A1U62251Z01E, monthly stocks in euro millions. Before December 2002 the table has quarterly values only, which the page does not show.
- The US dollar value uses the month-end euro rate and the gold buying power the month-end gold price in euros (the last close within seven days); a month without such a close has no figure of that kind.
September 2026: €1,083.0 billion, US$1,226.7 billion, 9,113 t of gold buying power. Boletín Estadístico table 8.22, households only, from December 2002.
Banco de España statisticsThe euro against the dollar and gold
€100 bought US$123 and 9.4 grams of gold in December 2003; in September 2026 it buys US$115 and 0.8 grams.
Actual amounts: US dollars on the left axis, grams of gold on the right.
September 2026
- US dollars for €100$114.95
- Grams of gold for €1000.82 g
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What you see
The chart shows how many US dollars and how many grams of gold €100 bought each month, at the month’s average rates. Combined puts dollars on the left axis and gold on the right.
What it means
The number of euros stays the same while what they buy changes. This is a way to read the euro’s purchasing power, not an index or an investment return.
September 2026: €100 buys US$114.95 and 0.82 g. Monthly averages of EUR=X and GC=F, apart from the euro page’s daily quote.
The euro and goldQuestions about Spain in gold
Can Spanish house values rise in euros and fall in gold?
A home can cost more euros and less gold at once. The one-year changes compare the four latest quarters with the four before, as the map of the provinces below does, so both pages state the same change. In Q2 2026 a square metre of a Spanish home was appraised at €2,355 on average, US$2,738 or 19 g of gold, against 22 g of gold in Q2 2025.
How much gold does the Banco de España hold, and why does its value change?
The bank values its gold at the market price at the end of each month, so a rising value can describe the same gold at a higher price rather than a larger reserve. The annual accounts state the weight once a year. In September 2026 the Banco de España’s gold was worth €33.4 billion (US$37.8 billion), +13.5 % against a year earlier in euros. The bank’s annual accounts state 9.054 million troy ounces of fine gold, 281.6 tonnes, valued at €3,669.11 per ounce on 31 December 2025.
Why can everyday prices rise in euros but fall in gold?
Prices rose in euros, but the euro bought more gold in some years and far less in others. The gold line shows how many grams the basket costs, not the weight of a specified basket of goods. A basket that cost €100 in January 2010 costs €144 in September 2026: US$166, or 1.2 grams of gold, against 4.0 grams then.
Do the deposit figures mean households own that much gold?
More euros in accounts do not always mean more purchasing power. The gold line shows what the deposits could buy, not gold that households own; the figures are aggregate stocks, not a typical household’s balance. Deposits of households resident in Spain were €1,083 billion in September 2026 (US$1,227 billion), which could buy 9,113 tonnes of gold at the month-end price.
What does the gold buying power of €100 mean?
The number of euros stays the same while what they buy changes. This is a way to read the euro’s purchasing power, not an index or an investment return. €100 bought US$123 and 9.4 grams of gold in December 2003; in September 2026 it buys US$115 and 0.8 grams.
Source and method
The Banco de España publishes the gold and household deposit series in its Boletín Estadístico, the Instituto Nacional de Estadística the consumer price index, and the Ministerio de Vivienda y Agenda Urbana the appraised house values. The providers supply the data only and do not endorse this page; the conversions into euros, US dollars and gold, and every derived figure, are Gold Standard’s own. This page is not investment advice.
Each section carries its own observation date. Retained provider files were retrieved 2026-10-28; the series are read from the providers once a day and fall back to them when a provider does not answer.
- The bank’s gold
- Banco de España, Boletín Estadístico table 7.7, "Oro y derechos en oro" (series DF_MESNNAC1X1Z50000Z0ZE): euro millions at the end of each month, valued at the month-end market price, not seasonally adjusted. The dollar value uses the month-end euro rate (the last EUR=X close within seven days).
- Stated holding and estimate
- The holding in the text is the one the bank’s annual accounts state at the year end, with its date. The tonnes in the Gold view are an estimate, the euro value divided by the month-end gold price in euros (GC=F × EUR=X), not a published holding.
- The shopping basket
- INE consumer price index, national general index (series IPC290751, base 2025, monthly, not seasonally adjusted), rebased to a basket that cost €100 in January 2010. The series is checked by its name, first month and base before it is read; the base-2021 series is never joined to it. Each month is converted at its own average dollars per euro and euros per gram of gold.
- Household deposits
- The deposits are those of households resident in Spain on the balance sheet of the monetary financial institutions, according to the euro-area statistics; non-profit institutions serving households are not included. Banco de España, table 8.22 (series DF_MESNAL20A1U62251Z01E), monthly stocks in euro millions from December 2002. These are aggregate balances, not a typical household’s savings; the gold line shows what they could buy, not gold that households own.
- House values
- The ministry’s national average appraised value per square metre of free-market housing, quarterly, from valuation reports, not prices of completed sales. Each quarter is converted at its own average rate and gold price; the one-year changes use the four-quarter means of the housing map.
- The euro
- What €100 bought each month in US dollars and grams of gold, at the month’s average of EUR=X and GC=F, the histories of the euro page. Stocks use the rate and the gold price at the period end. It is no index, no investment return and no retail quote.
Fuente: Elaboración propia con datos extraídos del sitio web del Banco de España (www.bde.es).
Elaboración propia con datos extraídos del sitio web del INE: www.ine.es. Series IPC290751, retrieved 2026-10-28.
Ministerio de Vivienda y Agenda Urbana, Valor tasado de la vivienda (CC BY 4.0).
Obra derivada de BDLJE Continua CC-BY 4.0 ign.es; shapes simplified.
The Banco de España, the Instituto Nacional de Estadística, the Ministerio de Vivienda y Agenda Urbana and the Instituto Geográfico Nacional supply the data only and do not endorse this page.