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HOW MUCH DOES
GOLD SELL FOR?

Gold has been traded for centuries as a precious commodity and is probably the oldest currency in the world. Many consider it a great investment as it’s rare for gold to depreciate in price. In fact, gold has been on an uptrend, especially over the last decade, and as a common hedge against inflation. 

However, with gold prices at the highest they’ve been for nearly a decade, you may be considering selling your precious metal. If you have gold jewelry, old coins, or gold bullion, selling it is an excellent way to bring in some quick cash for something sitting around collecting dust. 

But, before you do, you need to know how much it’s worth. In this guide, we take a look at how much gold sells for and what you need to know before selling your gold today.

How Much Does Gold Sell For Per Gram?

The price of gold per gram is dependent on its purity, which is measured in karats, as well as market demand and a multitude of other (uncontrollable) market factors. As of November 24, 2021, 24 karat gold is selling for $57.67 per gram. 

As 24k gold is 99.9% pure, it’s worth is greater than lower karats. For example, on the same date, gold prices for some of the more common karats were:

  • 18 karat: $43.30
  • 14 karat: $33.77
  • 10 karat: $24.07
 

Given gold’s increase in value in recent years, now is a great time to sell this asset and cash out at the top. That said, the future is unpredictable and gold may increase or decrease in value.

How Much Does Gold Sell For Per Ounce?

Gold is sold in grams, pennyweights, and troy ounces. A troy ounce is equal to 31.1034768 grams and is used in the trading of gold. This is larger than a regular ounce which is the equivalent of 28.35 grams.

As of November 24, 2021, the spot price for a troy ounce of 24k gold is $1,795.33.

HISTORICAL CHART OF GOLD PRICES

As the following chart shows, the price of gold has risen steadily in recent years:

How Much Is A Gold Brick?

A gold brick is what we all recognize from TV and the movies — a block or bar of gold that’s often referred to as bullion. Gold bricks come in a range of sizes but the most common one is the “standard” gold bar that’s held by central banks and traded between bullion dealers across the world.

The “standard” gold bar you’re most used to seeing measures 3.72 inches x 10.7 inches x 2.03 inches. This hefty piece of gold weighs in at a whopping 27.4 pounds or 400 troy ounces (438.9 normal ounces) and costs around $720,000.

What’s The Best Way To Sell Gold?

How you sell gold depends on what it is you’re selling. Whether it’s jewelry, gold coins, or bullion, always look to sell to a specialist. Coin buyers will know the true value of your old coins while a gold dealer will understand the investment value of gold bullion. 

On the other hand, a jewelry store will offer you a better rate for any of your old jewelry. With their specialist knowledge, they will understand the true value of both the gold and any precious gems the piece contains. 

Always sell your gold to a legitimate company that knows its market as they will often offer you the best price. Online gold buyers are an excellent option for selling your unwanted gold and turning it into cash. They have low overheads and expenses which is often reflected in the rates they offer.

How Much Does Gold Sell For Per Ounce?

Gold is sold in grams, pennyweights, and troy ounces. A troy ounce is equal to 31.1034768 grams and is used in the trading of gold. This is larger than a regular ounce which is the equivalent of 28.35 grams.

As of November 24, 2021, the spot price for a troy ounce of 24k gold is $1,795.33.

How Much Gold Can I Sell Without Reporting It?

In general, if you sell any precious metal in the U.S., including gold, for a profit, then you’re required to report the profit on your next income tax return. Selling more than $1,000 worth of gold coins in a year also requires a separate Form 1099-B to be submitted.

It’s worth noting that there are also certain circumstances under which the gold buyer has to report the transaction. However, the following do not need to be reported:

  • Less than 25 pieces of:
    •  1 ounce Gold Maple leafs
    • 1 ounce Mexican Onzas
    • 1 ounce Krugerrands
  • Any amount of American Gold Eagles
  • Less than 1 kilogram of gold bars
  • Any gold coins less than 1 ounce

 

Keep in mind the rules regarding reporting may vary based upon your jurisdiction, and that rules, regulations and laws are always evolving. Always do some due diligence to see what rules apply to you where you reside.

Reasons to Sell Now

1

Relatively Low Inflation

Although gold is considered an inflation hedge, the rise of gold prices is drastically outstripping the rate of inflation (0.65% in 2020), just as it did in 2012 (2.07%) – further indication that it is currently overvalued and should be sold.

2

High prices

At present, gold prices are higher than they’ve been in years, and there’s no guarantee that the upward trend will continue

3

Uncertain economy

It’s difficult to predict the economic fallout from the COVID-19 crisis. Selling now ensures you get a good price for your gold.

4

Investor enthusiasm

Gold tends to be considered a safe investment in volatile economic times. As a result, many investors are seeking out gold in 2020, which is artificially driving up prices.

5

Immediate funds

Selling your gold gives you access to cash that can be used for a variety of expenses.

Historical Trens in Gold Prices

The price of gold today is close to a 100-year high:

The price of gold - the figure at which it can be sold or bought at the current time - is known as the spot price.

Yes it is! With gold prices at a high, it’s better to cash in your gold jewelry, coins, or scrap than leaving it in a drawer or safety deposit box. If you need money to pay the rent, utilities, or car note, selling your gold is an excellent and quick way to bring in some much-needed cash.

You could also consider re-investing the money in real estate, depositing it into a retirement account, or using it to pay education fees.

  • The price is calculated according to the troy ounce (31.10348 grams) rather than the standard avoirdupois ounce (28.34952 grams).
  • The spot price fluctuates continuously even from one hour to the next.

Gold is assigned a karat rating
according to its degree of purity. The presence
of other metals will reduce its value.

The karat rating prefers to the amount of gold present; for instance:

24 karat

It is the highest possible rating

18 karat

14 karat

9 karat

Factors that Influence the Price of Gold

Value of the dollar

A strong dollar lowers the price of a gold, a weak dollar raises it.

Inflation

High inflation tens to push the price of gold upward.

Supply and Demand

Increased consumer spending on jewelry and other products that contain gold will increase its price.

Central bank diversification

Banks buying more gold increases its price.

Mining productivity

Amount of gold being mined affects its value.

Do I Have To Pay Tax When I Sell My Gold?

You know the saying, ‘the only two things guaranteed in life are death and taxes’. And, unfortunately, the ‘man’ (i.e. IRS) wants their cut.

The IRS considers precious metals to be capital assets with any financial gain considered taxable income. Similar to selling any type of personal property of value, the profit you make on gold jewelry and coins is therefore taxable.

Capital gains tax is charged at 28%. The amount of tax due is calculated by taking the item’s current market value and deducting the price it was originally bought for. For example, if you paid $200 for a gold chain and later sold it for $300, the capital gains would be $100 and the tax owed is $28.

If the gold was a gift or part of an inheritance, the value when it came into your possession is its original worth.

There are certain exceptions and the tax rules around buying and selling gold vary from state to state and can be pretty complicated. If in doubt, speak with a CPA or attorney to avoid encountering issues with the IRS.