The price of gold has grown steadily over the past year and gold sellers have been reaping the rewards.
Selling scrap gold today will net you around 27% more than it would a year ago.
At the time of writing the price of gold stands at around $1,650 per oz and $53 per g.
Concerns over coronavirus
Gold prices experienced a brief blip at the beginning of March amid coronavirus fears. The price fell almost 5% in a single day, the biggest drop in 7 years. But gold soon rebounded days later thanks to an interest rate cut by the federal reserve and improved economic outlook; historically gold buyers have favored a market with lower interest rates.
Despite the momentary drop in gold it’s still a great market for sellers with the price higher than it has been for 5 years, and almost as high as it’s all time peak of $1,900 per oz in 2011.
Is now a good time to sell gold?
For the average seller now is as good a time as any to sell scrap gold for cash. Of course it never takes long to run a quick check to find out the market price before you sell. Remember the market price is a guide and when selling to a gold buyer they need to make a profit before selling the scrap gold on.
Will the price continue to rise?
It’s difficult to say, there is a lot of uncertainty globally right now. If recent years are an indicator the price of gold remains a stable source of cash for consumers.
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