Why?

From Grok

Profits from the sale of gold are generally taxable in most jurisdictions, including the United States, but the specifics depend on where you live and how the gold is classified. In the U.S., for example, the IRS treats gold as a “collectible,” and profits from its sale are subject to capital gains tax. If you held the gold for more than a year, it’s taxed at the long-term capital gains rate for collectibles, which can be up to 28%—higher than the typical 15% or 20% for stocks or other assets. If you held it for less than a year, it’s considered a short-term gain and taxed as ordinary income, which could be even higher depending on your tax bracket. There are nuances, though. If you’re selling physical gold—like bars or coins—the tax applies to the difference between what you paid (your cost basis) and what you sold it for. Dealers might report sales to the IRS if they exceed certain thresholds (e.g., 25+ one-ounce gold coins), but you’re still responsible for reporting even if they don’t. Gold ETFs or stocks in gold mining companies follow slightly different rules, often aligning with standard capital gains rates rather than the collectibles rate.