(KMOV) – News of the country’s credit downgrade has many investors running from riskier investments and turning to gold. As a result, the precious metal’s value shot up to $1,700 per ounce Monday.
With gold’s increased value, now might be prime time for selling your unwanted gold, but remember you will not get more than $1,700 per ounce.
For example, half an ounce of 14 karat gold, sells for about $370. Since gold’s quality determines how much buyers are willing to offer, expect to see about $740 an ounce instead of $1,700.
Gold buyers will determine your gold products quality by rubbing pieces on a sharpening stone and applying acid. If the gold is real, the buyers can see through the acid and some of the gold will be left on the sharpening stone. After determining the quality, buyers weigh your gold and calculate an offering price.
If you want to sell your gold, be sure to shop around for the best offer. News 4’s Robin Smith took the same gold bracelet to two stores in the St. Louis area today and received two offers – one for $426.60 and another for forty dollars less, $386.68.