Gold prices, as with the price of any commodity, are driven by supply and demand, however there are a number of aspects which make buying and selling gold different to other commodities.
Gold is non-perishable, meaning it will never go bad, it will never be upgraded and it will rarely be thrown away (based on estimations that at least 80% of the gold that has ever been mined is still out there).
In recent years, one of the main reasons gold prices have risen is due to the highly volatile socio-political climate and the continuing worldwide fears of terrorism and war. Where currency markets and stocks and shares are cloaked in uncertainty, people look for investment opportunities that will not lose their value and the price of gold is one such investment.
Gold prices have been climbing steadily for the last two years and now could be the time to sell your gold..
- Gold is insoluble in nitric acid which is used to dissolve silver and base metals, a property that is used to confirm the presence of gold in items, hence the term ‘acid test’
- In the course of human history, it’s estimated that around 165,000 tonnes of gold have been mined. If it was all condensed together, it would form a cube 20.5 metres on all sides
- The world consumption of new gold produced is roughly 50% for gold jewellery, 40% for investment purposes and 10% for industry, such as dentistry and electronics
Current UK Gold Price per Gram
At the time of writing (October 2013) the current UK 24 carat gold price per gram is hovering around £25.20 / €29.70 per gram.
You will often see gold prices quoted in ‘troy ounces’ and one troy ounce is equal to 33.1g so all you need to do to calculate the UK price of gold per troy ounce is multiply £25.20 by 33.1 and you arrive at a figure of just over £834 (again, at today’s rate).
Historical Gold Prices per Gram
At the beginning of 1970 the price of gold was around £0.5 / €0.6 per gram. A decade later it was somewhere around £8 / €10 per gram and surprisingly, it didn’t go up significantly for the best part of 25 years when in December 2005 gold prices broke the £10 / €12 per gram barrier.
In the last seven years, again, partly due to the changing tastes and requirements of investors and partly due to the poor performance of world economies and interest rates, the price of gold in Europe has risen sharply. We first hit £20 / €24 per gram in January 2009 and £30 / €36 in May 2011.
Gold Prices Per Gram & Your Gold Jewellery
If you’re looking to sell gold jewellery then you’ll need to do a quick calculation to understand the value of your gold based on the gold price. This is because quoted gold prices are for 100% pure gold, whereas gold jewellery tends to contain only a certain percentage of gold:
- 24 carat gold is almost 100% pure – 24 parts out of 24 parts gold
- 18 carat gold is 75% pure – 18 parts gold, 25% hardening agent
- 9 carat gold is 37.5% pure, 9 parts gold, 62.5% hardening agent
So, to understand the value of your gold jewellery in relation to gold prices, you need to understand exactly how much pure gold your jewellery contains. For example, if you have a gold ring weighing 10g which is 9ct then in actual fact you have 3.75g of gold. At today’s prices that would give your ring a gold value of £125 / €144 – though most brokers would offer you less than market amount, factoring in their own costs and profit margins.
Also keep in mind that your jewellery may have additional worth in terms of other materials, valuable stones and even antique heritage.
Future Gold Prices
Simply put, it’s impossible to say. Some market analysts suggest the price of gold will peak toward the end of 2013 so buy now; some say it has peaked, so sell now. The first person to know for sure will be rich by the end of the year!
Gold Prices Online
One of the best ways to determine the value of your gold is by going to reputable and trustworthy online sites like www.62days.com.
- We give you a safe, secure and easy way to value your gold and to sell gold jewellery– we are expedient and appraisals and collections are 100% FREE.
- Every transaction is backed by TRUSTe, the internet’s leading online privacy provider.
- Once you sell your gold to us, you have a 62 day cooling off period.
- For an free, no obligation quote and the latest gold prices, upload a photograph of your gold item.
- We use 100% secure online payment providers including PayPal, Google Checkout, Neteller, Moneybookers. Alternatively we can deposit your funds directly into your bank account.
- Your items are collected and delivered by FedEx and are insured (and fully traceable) while in transit.
What You Should Do Now
If you’ve decided you’d like to find out more about gold prices, or if you’d like to sell gold jewellery with an expert quotation from 62days, simply upload your item now for a quick, free online quote.