Gold price can mean various things, depending on who is doing the selling and what exactly they are selling. Typically, the price of gold is the daily price to buy pure gold. But, if you are planning on buying or selling gold, there are a lot of different types of gold that have different prices. You need to know what you’re buying or if you’re selling, you need to know the actual price you’ll get.
There is going to be a different gold price for each type of gold that you might buy. Different ways you can buy gold are pure gold, gold futures, gold plating, 24k gold, 18k gold, 14k gold and 10k gold. The various colors of gold don’t matter as far as price. What matters is the number of carats of pure gold that colored gold contains.
Pure gold and gold futures are something you buy when you are investing. There are lots of investing websites that go into detail on those two things. For this blog post, we’ll talk about selling your gold jewelry or scrap gold.
Different Prices on Scrap Gold
When you take in your jewelry to get cash for your gold, you’ll be given a price for your gold that is very far away from the pure gold price of the day. The reason for this is that your ring, necklace or bracelet is not made from pure gold. Likely, it is only 14k gold.
Jewelry has a low gold content in order to make it durable for wearing. How much gold is in the jewelry is explained by the 10k, 14k, 18k, etc. If the necklace weighs 100 karats, then only 10k or 18k, etc., is actually pure gold. So, if you’re wondering why they didn’t give you $1300 for that brooch that weighs one ounce, this is why. It isn’t pure gold.
Cash for Gold
All that glistens is not gold, sometimes it is only 18k of gold. If you’re looking to sell your gold jewelry for cash, contact Ben David Jewelers. We give a fair gold price for your gold and diamonds.