Regulation (EU) 2024/1623 has recently amended the CRR, by including – inter alia - the new definition of "gold bullion" under Article 4(1)(60(a)). This definition is fully applicable and binding starting from 1^st January 2025.

The new definition of gold bullion provides that: 

<<(60a) “gold bullion” means gold in the form of a commodity, including gold bars, ingots and coins, commonly accepted by the bullion market, where liquid markets for bullion exist, and the value of which is determined by the value of the gold content, defined by purity and mass, rather than by its interest to numismatists;>>

This definition recalls the previous interpretation provided by EBA regarding the concept of "gold bullion coins" as set forth under Q&A 2016_3011 where it was stated that:

<< For the purposes of article 134 CRR gold bullion could include coins commonly accepted by the bullion markets, as the value of bullion is typically determined by the value of its gold content, which is defined by its purity and mass. Gold coins may be included provided that their value is determined as for other forms of gold such as bars and ingots, for which a liquid market exists. This excludes coins valued on the basis of their numismatic interest rather than their gold content, which means that only coins sold at a price which does not exceed the open market value of the gold contained in the coins may receive a 0% RW>>.

The new definition of “gold bullion”, as amended by Regulation (EU) 2024/1623, appears to clearly incorporate the principles expressed by the above-mentioned Q&A 2016_3011. Therefore, the new definition is not intended to be more restrictive than the definition previously set forth under the CRR. Indeed, the expression “including” before the words “gold bars, ingots, etc” evidently implies that the list provided in the definition is an open list, without limitation to other potential items that may be added as falling within the same concept of the other items present in such list.

In this respect standard market practices have consistently developed in line with the interpretation previously provided by EBA under Q&A 2016_3011 regarding the gold products, and therefore it will be important for all stakeholders of the gold market to receive confirmation of such interpretation also after the entering into force of the last amendments to CRR.