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One particular category of metals we haven’t covered much is precious metal which includes Scrap gold. Gold, a transition metal and member of group 11, is known for its low reactivity and solid state under standard conditions. It is commonly found in its natural state, as nuggets or grains, in rocks, veins, and alluvial deposits.
Current Scrap Gold Prices Per Pound
| Purity | Price Per Gram | Price Per Pound |
|---|---|---|
| 9K Gold | $21.98 | $7,077.04 |
| 10K Gold | $24.45 | $7,904.80 |
| 14K Gold | $33.78 | $11,007.04 |
| 16K – Dental Gold | $39.72 | $12,932.64 |
| 18K Gold | $43.70 | $14,198.40 |
| .900 Gold | $53.45 | $17,532.00 |
| 22K Gold | $54.36 | $17,808.64 |
| 24K Gold | $59.73 | $19,467.52 |
Scrap gold prices in the US fluctuate based on a variety of factors, including supply and demand, economic conditions, and overall market sentiment. Historical data can provide insight into how scrap gold prices have changed over time.
One of the most significant factors that affect scrap gold prices is supply and demand. When demand for scrap gold is high, prices tend to rise, while a decrease in demand can lead to lower prices. Economic conditions also play a role in determining scrap gold prices. For example, when there’s economic growth and stability, demand for scrap gold may increase, pushing prices higher. During times of recession or economic uncertainty, demand for scrap gold may decrease, leading to lower prices.
Another essential factor that can impact scrap gold prices is overall market sentiment. When optimistic about the economy and financial markets, investors may be more likely to invest in scrap gold, pushing prices higher. Conversely, when market sentiment is negative, investors may be less likely to invest in scrap gold, leading to lower prices.
Historical data can provide valuable insight into how scrap gold prices have changed over time.
For example, data from the US Bureau of Labor Statistics shows that scrap gold prices in the US peaked in 2011 at around $1,800 per ounce. Prices then fell in the following years, bottoming out at around $1,050 per ounce in 2015. Since then, prices have been on a gradual upward trend, reaching around $1,700 per ounce in 2020.
How To Sell Scrap Gold
Selling scrap gold can be a great way to make extra money, as gold prices are often high and the value of scrap gold can add up quickly. However, before selling scrap gold, it’s important to understand the process and what to expect. Here are a few tips on how to sell scrap gold:
- Understand the value of your gold: The value of scrap gold is determined by its purity and weight. You can use a gold testing kit or take your gold to a professional appraiser to determine its purity and weight. Once you know the purity and weight, you can use online calculators or check gold spot prices to estimate the value of your scrap gold.
- Choose a reputable buyer: It’s important to choose a reputable buyer to ensure that you get a fair price for your scrap gold. Look for buyers who are members of professional organizations. You can also check online reviews and ask for recommendations from friends or family.
- Gather your gold: Once you have chosen a buyer, gather all of your scrap gold and organize it by purity and weight. This will make the process of selling your gold much easier and more efficient.
- Get an offer: Take your scrap gold to the buyer and have them make an offer based on the purity and weight. You can negotiate the price if you think the offer is too low.
- Get paid: Once you have agreed on a price, you will receive payment for your scrap gold. This can be done in cash, check, or bank transfer depending on the buyer’s preference.
It’s important to remember that the value of scrap gold can fluctuate based on the current market conditions, so it’s a good idea to check the current gold prices before selling. Additionally, it’s important to understand that there is a difference between scrap gold and gold bullion. Bullion is gold that has been minted into coins or bars and carries a higher value than scrap gold.
