Gold has been considered rare and beautiful since it was discovered by ancient Egyptians in 2450 B.C., and it has been financially valuable ever since—even when its market price is down.
Gold prices were up and down since the beginning of May, as stock market tumult, Federal Reserve interest rate hikes and U.S. debt crisis questions swirled. However, gold prices remain near the all-time high of $2,067 set in August 2021.
Here is where gold prices have been this year:
This Wall Street Journal video does a good job explaining why gold prices are historically strong when the stock market stumbles and inflation is high:
This post provides an overview what you need to know to understand the value of your gold jewelry, coin or scrap, and the steps you need to take sell your gold for the highest prices, quickly and safely for cash:
- Best place to sell gold for the most cash
- Other ways to sell gold
- How to sell gold
- FAQs about the price of gold and selling gold
But you likely really want to know:
Best place to sell gold for the most cash: CashforGoldUSA
Our No. 1 recommendation for selling all gold is CashforGoldUSA — one of the oldest online gold buyers for selling gold jewelry, coins, bullion and scrap gold.
Why we like it:
Pricing and payment
- CashforGoldUSA guarantees the highest price for your gold, coins and diamonds—free insured returns if you are not happy with the offer or service.
- Paid out millions of dollars to sellers since being founded in 2005.
- CashforGoldUSA pays a 10% bonus for items shipped within 7 days.
Speed to cash
- Get paid within 24 hours of accepted offer, up to 3 days of requesting an offer.
Reputation
- A+ Better Business Bureau rating
- 4.6 stars on Trustpilot
- Founded in 2005
Safety
- 100% free door-to-door free, trackable FedEx or USPS shipping
- Free Jewelers’ Mutual insurance up to $100,000 on each shipment
- CashforGoldUSA's facility insured by Lloyds of London
Value add
- No minimum value (other gold buyers only work with shipments of $1,000+)
- Also buys all diamonds, silver flatware, and scrap gold and silver
Get started selling your gold with CashforGoldUSA now >>
Real customers’ feedback about CashforGoldUSA:
Reviews from the Better Business Bureau and Trustpilot sites are overwhelmingly positive, apart from a few people who thought they should have been offered more for their gold:
More in our CashforGoldUSA review and our reviews of other gold buyers.
Other ways to sell gold for cash
We’ve done exhaustive research about all the ways to sell gold, jewelry, and coins. These are some of the best “near me” options we looked into (keep reading to learn more):
- Pawn shops
- Local gold buyers
- Local cash for gold businesses
- Coin dealers
- Jewelry stores
- Antique stores
- Metal recyclers
- Online marketplaces like ebay and Etsy
A reputable pawn shop can be a good option if you need cash quick and prefer to do business locally with people you know. Ask around for a recommendation, and get a few quotes. Don't be afraid to negotiate. Of course, pawnbrokers also give you the option of getting back your gold within the terms of the loan.
While there are many reputable local businesses that can give you an honest gold resale price for your gold jewelry, gold coins, gold nuggets, watch, gold bullion or dental gold, selling your gold online with a reputable business is usually the best way to go.
Using an online gold buyer is advantageous because:
- Selling gold online is more convenient and private than driving around to area businesses near you.
- An established online gold buyer will have a robust online presence you can research: reviews and ratings from Trustpilot, BBB, Yelp, Facebook, and more.
- CashforGoldUSA has an online gold calculator to help you understand their offer before you send in your item.
- Online gold buyers can better afford to offer high prices thanks to their lower overhead (no expensive retail rent), and the competitive nature of the internet.
Get a quote now with CashforGoldUSA now >>
If you have gold jewelry worth at least $800 that you really don't want to sell, but need the cash, you might consider a jewelry loan. Learn more: Where and how to get a loan on jewelry in 2023
How to sell gold in 3 easy steps
If you want to sell your gold items for cash, you’ll need to do the following:
- Check the karat symbols and markings to determine its purity.
- Check the current price of gold.
- Get multiple offers from quality buyers, compare and negotiate.
1. Check the markings and understand the value of your gold
Gold is usually an alloy, meaning a mix of gold with other metals.
- Pure gold is 24 karat, and will be marked 24K — with “K” the abbreviation for karats.
- Purity marks on gold tell you the percentage of pure gold vs the amount of other metals mixed in the alloy.
- Real gold will not float, and will not rust. Drop your gold into a glass of water. If it floats, it's fake.
- Check to make sure your item is not simply gold plated by testing your gold with a magnet — pure gold is not magnetic.
These are the karat markings on gold jewelry, and the purity of gold they represent:
- A piece of gold jewelry or gold coin with an etching or stamp or hallmark that reads “18K” or “750” indicates that it is made up of 75% gold
- A “14K” or “585” mark means the metal is made up of 58.5% gold. This stamp is typically either a karat number, such as 18K, or 12K, in the shape of a rectangle with the corners cut off, and with a number inside.
- A piece of gold jewelry or gold coin with an etching or stamp or hallmark that reads “18K” or “750” indicates that it is made up of 75% gold, while a “14K” or “585” mark means the metal is made up of 58.5% gold.
Here's a guide to deciphering the symbols stamped on jewelry.
As of , the amount of gold per karat in yellow gold, assuming a price of $ per troy ounce:
| Stamp | Purity | % gold | Spot price |
| 999 | 24 karat | 99.9% | $ |
| 990 | 22 karat | 99% | $ |
| 750 | 18 karat | 75% | $ |
| 585 | 14 karat | 58.3% | $ |
| 375 | 9 karat | 37.5% | $ |
Gold bars and gold bullion are nearly always 24K gold.
Determine the weight and karat of your gold by looking for markings and using a scale — like this one from Amazon that sells for about $16. You can also stop into a pawn shop, or jeweler near you and ask them to weigh your gold (they should for free).
Learn how to tell the difference between these common metals:
If your gold jewelry comes from a high-end jeweler like Tiffany, Cartier, or David Yurman or is otherwise unique, it could be worth more than its scrap metal value. A jeweler can provide you with a jewelry appraisal, which can help you determine the value of the items you have and where to sell them.
2. Check the price of gold to see what is trading today
You can always google ‘gold price' to get the current rate.
As of , the spot gold value in the United States was trading at $ per ounce, or $ per gram.
You can get an idea of the price of your gold with CashforGoldUSA's gold calculator, which factors in the current price of gold, before the gold buyer's commission:
Your offer will depend on your appraisal, the spot price of gold (more below), and what the buyer feels like offering.
Gold prices exceeded $2,000 into May, with Yahoo!Finance experts predicting record prices sometime this year:
One UBS analyst predicts will hit $2,100 per ounce by the end of this year and $2,200 by early 2024.1
However, it may be futile to try to time the market and sell gold high. Cash in hand today is worth much more than waiting a few weeks or months to see if the price increases a little.
3. Find a reputable buyer, compare offers and negotiate
- Look to Better Business Bureau, Trustpilot, and Yelp reviews for selling gold locally
- Search the company name and look for negative press
- Ask around to friends and neighbors you trust
Just like with other financial transactions, it is always helpful to get more than one offer. You can shop your gold around to various pawn shops, jewelry stores, or cash for gold locations in your town. Look up reviews from the Better Business Bureau, Yelp, and Trustpilot, and research price guarantees and insurance terms if you’ll be selling online.
You can also get quotes online or by mailing your gold item to multiple online buyers — as long as they offer free, trackable and insured shipping both ways.
All of these businesses expect you to negotiate—go for it!
More tips in this post on selling gold “near me.”
Gold price FAQs
When you decide you are ready to sell your gold items, it helps to understand the terminology and what influences the value of gold.
What is a gold spot price?
The spot price is the price that gold is trading today and will sell for — on the spot. The gold spot price is used by gold buyers to set the price they will offer you for your gold today.
Gold spot prices is the value of gold to be delivered immediately after purchase is called the spot price, calculated as the average net value of all currently traded gold futures for the next month.
As of , the spot gold value in the United States was trading at $ per ounce, or $ per gram.
What are gold futures?
Meanwhile, gold futures prices serve as the basis for the LBMA Gold Price, which is based on contracts for the physical delivery of a specified amount of gold on a set date in the future, and determined by predicted changes in supply of and demand, the estimated cost of transporting and storing gold.
Why do gold prices fluctuate? What causes the price of gold to go up?
Gold is like any other asset: stocks, real estate, even human labor. When there is more demand, prices go up. When there is less demand for gold, prices go down.
Typically, gold has been considered a safe investment, so when there is a lot of volatility in the economy or stock market, investors tend to favor gold.
Historically gold prices increase when:
- The stock market is down
- There is great economic stability
- The higher the gold price, the more people tend to want to buy — which drives gold prices up further
Although gold prices declined for most of 2022 mostly due to rising interest rates, gold prices began to increase in the final quarter of the year and have remained strong in the first part of 2023—softening through the spring as higher U.S. Treasury bonds made for more attractive safe-haven investments.
Selling gold and gold jewelry FAQs
You probably have a lot of questions or concerns about selling gold and gold jewelry. Here are our honest answers to try to help you get the most cash for gold:
How much does gold sell for?
Ultimately, gold sells for what someone will pay for it, typically what the spot gold price says gold is trading at, minus a commission. Depending on whether you sell or pawn, online or offline, try to negotiate your gold sale.
As of , the spot gold value in the United States was trading at $ per ounce, or $ per gram.
Is now a good time to sell gold?
The price of gold indicates whether or not it is a good time to sell gold. Gold prices have been on the rise since November, 2022, with analysts predicting they will hold high and inch up through 2023.
Gold prices climbed to just shy of 2020 record highs in early May, though they have since fallen as Treasury Bond yields top 5%.
If you have gold jewelry, coins, gold scrap or other gold items that you do not use, or do not enjoy, then selling your gold means it can be used to pay down debt, take a vacation, go toward a down payment of a house or other useful purposes.
Again, it is better to have cash that you very much need now to pay essential bills like rent, a car note, or utilities — instead of gold coins, gold jewelry, bullion or scrap sitting in a drawer, or safety deposit box.
It can also make sense to sell gold for other investments, including stock funds in a retirement account, in real estate, or even education or a new business.
Even selling an old gold chain you haven't worn for years, or is broken, can mean a nice restaurant meal.
Also, it may make sense to sell your gold, and buy stocks or an index fund to take advantage of the down stock market.
Learn more at CashforGoldUSA >>
Can you make money selling gold?
Gold has been one of the best investments over the long-term. Since gold is now low, you may want to hold, or you may choose to sell your gold before prices go lower.
How much do you get for selling gold?
Expect to receive 90% to 95% of the current market value or spot price if you’re selling gold coins or bars.
For jewelry, expect to receive about 70% of the melt value. At the current scrap gold rates, a typical gold wedding band is worth between $100 and $300, depending on the weight and karat.
Where you sell your gold, what type of gold (coins, jewelry, bullion, scrap) and whether you sell online or at a location near you also affect how much money you can get for your gold.
Jewelry with diamonds and other precious gemstones can also bring more — but often the gold is the most valuable part of a piece of jewelry. And in this case, the jewelry may be worth more than the melt value.
Have diamonds? What you need to know about how to sell diamonds, and the best diamond buyers — including details about selling a diamond ring.
How much should I get for selling my gold jewelry?
When you sell your gold jewelry, expect to get between 50% and 90% of the melt value of your gold.
Is selling gold jewelry worth it?
If you need the money more than you need the gold jewelry, then it is worth it to sell. Even a small piece of scrap gold, dental gold or a broken gold chain can be worth $100 or more.
Is it safe to sell gold online?
Reputable gold buyers guarantee safety through trackable shipping and coverage through reputable insurers.
For example, CashforGoldUSA insures all shipments up to $100,000 through Jewelers’ Mutual insurance, and you can track your package from door-to-door through a FedEx or USPS tracking number — all free.
How can I sell my gold jewelry without getting ripped off?
The best way to get the best value for your gold jewelry is to truly understand what you have: karat, weight, and whether your coin is a collectible or your jewelry a luxury brand that may have more intrinsic value than just the scrap value.
If you are unsure, bring your item to a few fine jewelry stores, gold buyers and pawn brokers near me. Ask them to verify the karat and weight of your gold and make you an offer. Also, check the price of gold today and run your item through an online gold calculator.
If you chose to sell through an online gold buyer, make sure that your package is insured, and you have a tracking number with a known carrier, like FedEx, USPS or UPS. Only work with gold buyers who have strong online reputations with many reviews and a guarantee to return your item if you choose not to sell.
Bottom line: What is the best way to get cash for gold?
Cash is king. If you aren’t using your gold jewelry or you have gold coins lying around, it may be a good time to sell, regardless of prices. If you need the money right away, a pawnshop or gold buyer near you with a good local reputation can help.
If you have a few days, we recommend our No. 1 choice, CashforGoldUSA that specializes in buying gold, has a 100% highest-price guarantee and pays within 24 hours of an accepted offer.
Sources
- “Three reasons to buy gold now” UBS Wealthy Management, May 18, 2023. https://www.ubs.com/global/en/wealth-management/our-approach/marketnews/article.1591648.html
*10% bonus offer. Customers who send in their item(s) within 7 days of receiving the shipping materials will automatically receive an additional 10 percent bonus on top of the appraisal value of their items, compared to standard pricing. Total payout may not exceed melt value of items. The 10% bonus offer is not valid or able to be combined with any other special offers.
Ultimately, gold sells for what someone will pay for it. Depending on whether you sell or pawn, online or offline, be sure to negotiate for the best price.
Cash on hand is always better than not, and gold prices are very strong and expected to stay strong.
Expect to receive 90% to 95% of the current market value or spot price if you’re selling gold coins or bars.
When you sell your gold jewelry, expect to get between 50% and 90% of the melt value of your gold.
If you need the money right away, a pawnshop or gold buyer near you with a good local reputation can help. If you can wait a few days, an online gold buyer is best.
The best place to sell your gold is online. But before selling its advisable to do research on current market price to get the best for your gold
100% great advice
Thank you. I learned a lot about selling gold
How do I measure how much my gold weighs before I send it? What % does the company keep of the sale?
A local jeweler, pawn shop or cash for gold exchange can weigh it for you!
If you choose to try an online jewelry or gold buyer, check its reputation with the Better Business Bureau. Also read the fine print of its website so you understand what you’re getting into. Look for things like how much time you have to respond to an offer before the buyer considers it a done deal and how long it will take for the buyer to pay you. Take photos of your jewelry before shipping it. And send it insured with a delivery method that proves the company received it.
I have a collection of Bradford and other exchange purchased commemorative gold, silver and platinum coins that a relative left me when she died. How do you sell these? Also in the collection are 5 St. Gaudens $10 gold coins of various dates. From my research, these do not seem rare so I guess a melt value makes sense. Any thoughts?
You can send them to CashforGoldUSA and they will tell you what they are worth. If you don’t want to sell, they will send the coins back to you for free – pretty low-risk.
I liked that you mentioned that gold coin bullion can be sold the same as other scrap gold and a bar is better sold to a local dealer. My aunt has a lot of coins and other gold and silver bullions that she wants to get rid of or sell. I’ll be sure to share this article with her so she can get the right price for each of her gold.
It is a great time to sell – Gold is around an all-time high!
I’m interested in selling gold