The price of gold today
Since the media hasn’t been covering the price of gold as much recently as in the past a lot of people think the price of gold has gone down. This is not true! In 2007 the price for 1oz. of 24k gold was $600, today that price has more than doubled! Gold is currently trading for approximately $1,350 an ounce and fluctuates daily.
How does the price of gold affect me?
Most people aren’t walking around with 24k gold jewelry, it’s too soft of a metal and is usually held in coin or bar form. Most jewelry is made out of is 18k, 14k, and 10k gold. The higher the karat means a greater percentage of gold is in your jewelry. For example, 18k gold is 75% of pure 24k gold and the price of your item will be 75% of what an ounce of gold is trading for that day (todays price of $1,285 in 18k gold would be $963). 10k gold is 41.7% of pure gold is still worth $535 an ounce in today’s market.
Will the price of gold go up or down?
There’s really no way to tell if gold is going to rise in price or fall. The best thing to do is hold onto your gold if you don’t need the money. But, if you do need money, right now is a great time to sell. Furthermore, if you need money but don’t want to sell your gold you always have the option to come down to Pawtucket Pawn Brokers and get a loan. With a loan you can retain ownership of your jewelry but get the money you need in the meantime.