Although gold in high-sulfidation epithermal deposits generally occurs as the native metal or electrum, in some deposits, a significant proportion of the gold is hosted in pyrite. Here we use a combination of petrography, whole-rock geochemistry, pyrite chemistry, crystallography, and phase stability relationships to determine how gold was transported and incorporated into pyrite in two relatively young high-sulfidation epithermal deposits, where the gold occurs almost exclusively in solid solution or as nanoparticles in pyrite.