As of April 14,2020, the price of gold stands at $1,749.65 an ounce or $56.25/gram — a new high and one of the highest prices since the year 2013. Gold prices are affected by geopolitical risks and fight now, the risk we are facing affects the entire globe. If you have any old gold jewellery lying around or bullion, get cash for gold immediately by selling it now. Before you do that though it is helpful to know the best way to go about selling gold. First things first, let’s look at how the price of gold works.
The price of gold is given according to its weight. The prices are give for a gram or an ounce of pure gold. For instance, the current price as of 14 April 2020 is 56.25/gram or $1,749.65 an ounce. The price of gold changes constantly which is why it is important to check it on a daily basis if you want to sell you gold at the best price.
The gold price refers to 24k gold which is 99.99% pure. 24k gold has an intense yellow colour and it is very soft. This is the quality or grade of gold used to make gold bullion bars or bullion coins. Because it so soft and malleable, 24 karat gold is hardly used to make jewellery. Most jewellery is made with 10, 14 or 18 karat gold which contains a different amount of metal alloy to make the gold jewellery tougher. This does not mean you can’t sell gold that is less than 24karats. If you want to sell your gold jewellery, the amount of cash you will get will be based on the amount of pure gold that can be extracted from the jewellery when it is refined.
What is the “Spot Price”
If you’ve been researching the gold buying industry, you’ve probably come across the “spot price”. This mainly refers to the current price that gold can be bought or sold for immediate delivery. it is the price you need to keep an eye on.
As previously mentioned, the gold price changes all the time. Gold is traded on global markets like the New York COMEX and the London Bullion Market and as such, the spot price can change based on the demand levels for gold futures
Why you don’t get the spot price when you sell your gold
When you sell gold, you won’t get what the spot price says it is worth. Gold buyers have expenses and they need to make a profit. Those that buy scrap gold also need to cover melting and refining costs. This is simply how business works and buyers need to make money to stay in business. This why the money you will get for you gold jewellery, coins, or bars will not be the exact spot price of gold the buyer will extracts a fee to make the transaction profitable.
How much you stand to lose compared to the gold spot price depends of the type and grade of gold you have to sell and the buyer you decide to sell it to. At the end of the day, it does not matter what type of gold or the condition of your gold jewellery. If there is enough gold in it, you are sure to make some money. At these current prices of gold, it might be worth your while to get cash for gold jewellery you have no use for.
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