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Gold Sellers Continue to Enjoy High Prices in 2020

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.


Looking to sell your cash for gold in central CT?  Head to Meriden Pawn, home of the “Pawn King”, licensed and trusted since 1995.