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Home Personal Finance

Soaring gold price tempts customers to cash in coins and old jewellery

newszabi@gmail.com by newszabi@gmail.com
May 6, 2025
in Personal Finance
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Soaring gold price tempts customers to cash in coins and old jewellery
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The surging gold value has brightened the monetary prospects for these contemplating promoting scrap gold or collectable cash, as UK excessive road pawnbrokers report a brand new wave of shoppers.

Gold hit a file $3,500 per troy ounce on the finish of April as traders piled into secure haven property amid the market volatility unleashed by President Trump’s commerce struggle. Whereas the value has now retreated from latest highs, pawnbrokers say it has prompted extra individuals to inquire in regards to the worth of gold objects that could be sold or pawned.

Sutton & Robertsons, which has 4 shops in central London and operates a web based service, says it has seen a 30 per cent enhance in first-time pawnbroking clients year-on-year. About 90 per cent of its loans are secured in opposition to gold, luxurious watches and jewelry and as much as 75 per cent of the gold’s spot value could be superior.

Jim Tannahill, managing director, says his clients — a lot of whom are entrepreneurs and small enterprise homeowners — are conscious they will borrow extra in opposition to their gold objects than they ever might earlier than. H&T, the UK’s largest pawnbroker, reported record profits at its full-year ends in March, saying the hovering gold value had boosted the variety of new pawnbroking clients to an all-time excessive.

Nevertheless, others want to promote their objects and money in. Sutton & Robertson’s common month-to-month gold purchases have elevated by 105 per cent since final September, in contrast with the previous eight-month interval.

One of many largest traits is collectors trying to promote their gold cash. Income from promoting British sovereigns and Britannias made by the Royal Mint have the benefit of being free of capital gains tax. “Should you’ve been amassing them through the years, you’d have completed nicely,” he says, including that loads of individuals move them on as items for youngsters and grandchildren.

Nevertheless, clients are additionally realising the hovering worth of undesirable or damaged objects of gold jewelry. For example, over the previous three years, the scrap value for a person’s chunky gold marriage ceremony band has risen from £300-£400 to £500-£600, relying on the precise weight and carat. A girl’s marriage ceremony band could be value round half of this charge. An 18-carat gold chain weighing round 15 grammes might command £700-£900.

Line chart of Gold price per troy ounce ($) showing Gold surges as investors seek havens

These contemplating promoting gold objects can do some detective work about an merchandise’s potential worth earlier than approaching patrons. Tannahill suggests searching for hallmarks on gold objects which point out their purity. Numbers 9, 18 or 22 denote the carat, which is also displayed as 375, 750 and 916 respectively (this pertains to the proportion of the merchandise made out of pure gold; 37.5 per cent for 9 carat and so forth).

Reside gold value per gramme information could be discovered on commerce web sites like Mastermelt (although sellers have a tendency to supply 10-15 per cent decrease than this).

One potential draw back of gold’s dramatic rise is that the intrinsic worth of many objects, like vintage pocket watches, has been overtaken by the scrap worth of the gold they’re made out of.

Tannahill mentioned that Artwork Deco items and gold jewelry from manufacturers reminiscent of Cartier and Tiffany nonetheless had a price “past their weight in gold” as long as they have been in good situation.



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