The price of gold has been trading at an all-time high, with the spot price of gold exceeding $2,000 in recent weeks for the first time since its all-time high in 2020. Specifically, gold’s price-per-ounce closed at $2,040.02 on Thursday, April 13th 2023, just $35 less than the all-time intraday high of $2,075. The rise in the price for gold can largely be attributed to the outlook on interest rates, global military actions, and general economic uncertainty. As the Federal Reserve has continued to raise interest rates in an attempt to bring down inflation, gold investors have turned to the precious metal as a hedge against inflation, causing the precious metal’s price to skyrocket. Gold also has a negative correlation with the U.S. Dollar, so as the buying power of the dollar weakens, buyers will have to pay more for the same amount of gold. While it’s hard to predict the future, signs are pointing to gold prices continuing to rise, with many analysts predicting that by the end of the year we may have a new all-time peak for gold prices.
What Does The Rise In Gold Prices Mean For Me?
The rise in gold prices can mean one of two things for you, depending on which side of the market you stand on. If you are buying gold, you’re likely going to end up paying a little bit more for the same amount of gold than you would have a couple months ago. However, if you’re selling gold jewelry or any other kind of gold, the pawn shop you’re selling it to will pay you more for it than they would have a couple months ago! This means that if you have any gold items you’re thinking about selling, now is the time to do so!
Sell Your Gold Jewelry To Empire Loan!
Here at Empire Loan, we’ll pay you more for your gold jewelry than any of our competing pawn shops in Massachusetts and Rhode Island! We buy and offer pawn loans on all kinds of jewelry: broken jewelry, loose earrings, flat-out ugly pieces, and jewelry that you simply don’t want anymore! Because the gold market is constantly fluctuating up and down, the price we pay for your jewelry may change on a daily basis! Your gold jewelry is worth more now than it has been for years, so if you have a piece you’re thinking about selling, come see us today at one of our eight locations throughout Massachusetts and Rhode Island! If you have any questions about buying or selling gold, give us a call today on our toll-free line at 1-800-375-PAWN or fill out the contact form on our website!