Trade in gold

How do you sell your gold?

Bottom line recommendation:


Gold prices are currently at their highest levels since 2013. If you have old gold jewelry or gold bars, selling them can be a great way to get cash right away while taking advantage of today's higher gold prices.


There are a lot of different places to sell gold, and not all of them are equally good. The best way to sell your gold is online through a reputable buyer, where you will get a better price than you would sell through a local pawnshop or jewelry store.

What is your gold worth today?

As of November 10, 2022, the price of gold in the United States is $1,711.35 an ounce, or $54.93 per gram. Gold prices usually rise as the value of the stock market declines, which puts it at recent record highs due to the recent decline in the value of most stock indices. In addition, global events can have an impact on the price of gold.


Many people have gold, either around the house in the form of old jewelry, old gold coins, or in the form of gold bars that are purchased as an investment.

With gold prices skyrocketing, now is a great time to consider selling gold to free up some extra cash.


Although the process of selling gold may seem confusing, there are reliable and trustworthy buyers who will give you a great price for your gold jewelry, coins or other types of gold.


Below, we've outlined everything you need to know about selling gold. Our guide covers how gold prices work, how much gold is worth, the best ways to sell it at the highest price, and the basic process of selling gold online.


We also went into detail about common mistakes to avoid when selling gold, as well as the pros and cons of selling gold online versus selling gold locally through a pawn shop, jewelry store, or other type of gold buyer.


Finally, we've provided some expert advice to help you get the best possible price for your antique gold jewelry or other gold items.

 

How do gold prices work?

Gold is priced according to its weight, and prices are usually given per gram, ounce, and kilogram of pure gold.


For example, the current price of gold (as of September 9, 2020) is $61.87 per gram, $1,924.27 per ounce and $61,837.62 per kilogram. As with other commodities, the price of gold changes often, which makes it important to check the latest prices if you want to buy or sell gold.


Unless otherwise indicated, the price of gold refers to 24 karat gold, or "pure" gold, which is 99.99% pure gold. If you know what karat gold you have, you can use the gold price calculator below this paragraph. To use it, type the weight of the item, then select its carat. The calculator will provide an estimate of the item's value if you decide to submit it for appraisal.


Solid 24k gold has an intense orange color and is very soft and malleable. It is the type of gold used in investment grade coins and gold bullion (commonly known as bullion). 24 karat gold is not used for jewelry because it is soft and bright in colour.


Instead, less pure forms of gold, such as 10k, 14k, and 18k gold, are commonly used in rings, earrings, bracelets, watches, and other gold jewelry. We've explained how 24k gold differs from the gold commonly used in jewelry in our detailed guide to types of gold.


Fortunately, this does not mean that you cannot sell 10, 14, 18 or 22 karat gold. If you want to sell these types of gold (for example, a gold wedding ring), the price you will get in return will depend on the pure gold content that can be extracted from the item after it has been melted down and refined.


We've explained this in more detail below, with information on how to roughly determine the total amount of pure gold in many common gold items.

What does the "spot price" of gold mean?

If you've ever visited a gold price or buying website, you've likely seen the term "spot gold rate". The term “spot rate” refers to the price at which any commodity (in this case, pure gold) can be bought or sold at that particular moment.


The spot price of gold is often different from the price of gold futures contracts, which involve delivery of gold in the future. In simple terms, the spot price is the current market price of gold at the moment, and it is the most important price to pay attention to if you want to sell.


As mentioned above, the price of gold changes frequently. Gold is a popular commodity that is traded all over the world on markets such as COMEX in New York and the bullion market in London. As such, the spot price of gold can vary based on the current level of demand for gold futures contracts.

Why not get the exact spot price when selling gold?

All businesses that buy gold in small quantities will buy it at a lower price than the spot price, which means that you won't get exactly the value of the gold when you sell it.


This is simply a working fact. All businesses have expenses, and businesses that buy gold must be able to turn a profit in order to stay in business. They also need to cover the costs associated with melting down and polishing the gold jewelry so it can be reused.


As such, the amount of money that you will receive from the company buying the gold will not be the spot price of the gold. Instead, it will be the spot rate minus the fee that the buyer adds to make the transaction economical for him.


How much you stand to lose compared to the spot rate depends on the type of gold you are selling and the dealer you are selling it to.


If you sell antique gold jewelry in small quantities, you will generally get a lower price per gram than if you sell, say, a larger amount of gold in the form of coins or bars.


For gold buyers, commissions can vary greatly. We generally recommend Abe Mor for gold jewelry, as their fees are lower than other gold buyers, which means you will get a higher percentage of the spot price of the gold you sell. However, there are many other buyers out there.


Below we explain what you do to get the best price for the type of gold you are selling.

 

What is the best time to sell gold?

The best time to sell gold is when the spot price of gold is high and you are comfortable with the idea of selling your gold coins, jewelry, bars or other gold items.


Gold, like other commodities, is constantly fluctuating in value. Like the stock market, knowing whether the price of gold will go up or down is not easy, and "beating the market" for gold is something that even the most savvy investor would struggle to achieve with any consistency.


If you have a large amount of gold and want to sell at the best possible time, you can use gold forecasts and analysis to stay on top of the market trends. These can provide useful information on gold prices, but like anything else related to the market, their predictions are not always perfect.


For this reason, it is best to sell gold when you need cash and when you feel that the price of gold is at a high enough point to justify parting with your gold goods.

 

Sell gold for cash calculator

As mentioned above, spot prices for gold that you can find online refer to pure 24k gold, not the 10k, 14k, and 18k gold commonly used in jewelry.


The pure gold content of 10k gold is approximately 41.7%. 14k gold contains 58.3% gold, while 18k gold contains 75% gold. This means that you cannot accurately use the spot price of gold offered online to calculate the value of most gold jewelry based on its own value.


Some gold selling websites provide calculators that allow you to quickly and easily determine the pure gold content of a gold ring or other jewelry, and then calculate an approximate price for the gold used to make the item.


You can use this gold price calculator. To use it, type the weight of the item, then select its carat. The calculator will provide an estimate of the item's value if you decide to submit it for appraisal.