Make Money

Paid Surveys

Gig Jobs

Passive Income

Is It a Good Time to Sell Gold in 2023? + 3 Places to Sell

DollarBreak is reader-supported, when you sign up through links on this post, we may receive compensation. Disclosure.

Best Places to Sell Gold and Jewelry

Cash for Gold USA

Cash for Gold USA logo

Cash for Gold USA will buy gold of any karat from 8k to 24k, and in any form, even scrap

Quick processing time for quotes – within 24 hours once gold is received

Free FedEx shipping label insured up to $5000 for you to send your gold

Express Gold Cash

Express Gold Cash logo

Sell any jewelry – bracelets, rings, necklaces, watches, earrings, coins, platinum

Free, overnight shipping for your items with insurance for up to $5,000

Accept the offer, and receive your payment within 24 hours or get a free return

Cash for Diamonds

Cash for Diamonds logo

Get a free appraisal kit by filling out the form – send diamonds with free, tracked shipping

Payments are typically processed within 24 hours after you accept offer

If you don’t like the offer – Diamonds will be returned free of charge

Now is an excellent time to sell your gold, be it jewelry, coins, or bullion, if you’re looking to get some additional cash. It’s because gold prices have been lingering above $1,500 per ounce since almost reaching a new high in early March and are likely to remain strong throughout the rest of 2023.

The table below shows the gold price changes over the years:

YearGold price

Why Is Gold So Valuable?

why is gold so valuable

The unique color and shine of gold, combined with the fact that it does not tarnish, gave it a distinct advantage over other metals and, thus, its value. 

In addition, the rarity instilled confidence because people could have faith that it would retain its value. The difficulty in mining gold meant no one could try to devalue the metal as a currency.

What’s Driving Up Gold Prices?

what is driving up gold prices

According to Atlanta gold buyer Tony Davis, people turn to gold for stability during times of crisis, which enhances the value. The Russia-Ukraine conflict, global supply chain challenges due to the epidemic, and inflation contribute to the price increase.

Davis also mentions that even if things calm down in Ukraine soon, many other contributing variables are still likely to remain.

5 Tips for When You’re Selling Gold

5 tips for when you are selling gold

Get the Best Price for Selling Gold Jewelry

You can find current gold prices online, but only institutional dealers receive the “spot price.” It’s because companies who purchase your bullion or jewelry must cover various costs like advertising, overhead, melting jewels, and so on. Since they must earn a profit, they buy below spot.

Pro tip: When selling gold bars or coins, aim for 90 to 95% of the current price and 70 to 80% of melt value for jewelry and other products.

A karat is a unit of measurement for gold purity. Your 12-karat gold band, for example, is 50% gold. A band made of 18-karat gold is 75% gold. Carat should not be confused with karat. A carat is the weight of a gemstone, generally a diamond. So, for example, you may have a 2-carat diamond set in an 18-karat gold ring.

The table below can help you to evaluate your gold:

24 karat99.9% pure
22 karat91.6% pure
20 karat83.3% pure
18 karat75% pure
14 karat58.3% pure
12 karat50% pure
6 karat25% pure

Find the Melt Value of Your Items

Gold buyers use troy ounces to measure gold. One troy ounce equals 31.1 grams. If you have solid gold bars or coins, you’ll most likely find the weight made on them.

Because pure gold is too delicate for use in jewelry, it is combined with other metals. The quantity of gold in “gold filled” jewelry is around 5%.

The object is weighed and its karat-mark is evaluated to establish the “melt value.” A professional gold buyer will analyze the worth of the gold for those of us who are new to the selling gold game, as well as those who have been doing it for a long.

Make Sure Jewelry Isn’t Valuable for Another Reason

Before sending any jewelry to be melted down, consider whether it is worth more than the gold value. Get an evaluation or find out how much a jewelry dealer would pay for your items. Who knows, you may be dealing with an antique.

Costume jewelry, often known as fashion jewelry, can be constructed of a variety of materials, including plastic, although it is rarely made of precious metals, particularly gold. These objects would not be of interest to gold purchasers, but that doesn’t imply they aren’t valuable. Costume jewelry may also include pearls and semi-precious stones.

Here’s the list of the things you might own that contain gold but are valuable for other materials as well:

  • Engagement and wedding rings
  • Class rings
  • Earrings
  • Necklaces
  • Bracelets
  • Fallen out tooth fillings 

Compare Prices from Multiple Vendors

To get the most money out of your precious items, I highly recommend that you take your gold to several local dealers and obtain multiple quotes. 

Some internet dealers can provide you with an estimate without requiring you to send in your item, and you should be able to speak with a real person to ask the following questions:

  • How will I get my gold item back if you refuse to buy it?
  • How long do I have to consider your offer?
  • What percentage of “melt value” would you pay?

The companies typically give a range of “melt value”, because it may cost more to recover precious metals in some items than others. But if they hesitate to give you any answer, simply move on.

Avoid Scams When Selling Gold Online

Selling gold online means you might be exposed to scammers. Here are some tips to avoid getting scammed:

  • Know your gold item’s value.
  • Avoid following any links potential buyers may send you.
  • Don’t provide your personal information to anyone.
  • Don’t provide your debit card information to anyone.
  • Use a delivery/shipping service to deliver the sold item.
  • Request payment before delivering the item.
  • In case you prefer to meet the buyer in person, make sure to schedule the meeting in a public place. Meeting at your bank is the safest option to get the payment safely.

Where to Sell Gold?

Cash for Gold USA

Cash for Gold USA Summary

  • Free shipping and $5000 insurance
  • Quick 24 hour processing time for quotes
  • Earn up to 3 times than elsewhere
  • Sell all sorts of gold, even scrap gold

Cash for Gold USA accepts all forms of gold and is the ideal location to sell your scrap gold jewelry. The company will send you a prepaid FedEx shipping label and provide up to $100,000 in package insurance.

The firm will provide you with a final offer after it receives your item. If you accept the offer, you will get the payment within 24 hours. However, if you are unhappy with the amount provided by Cash for Gold USA, the business will return your gold item for free.

SellYourGold is another large gold buyer that has been voted the #1 Gold Buying Company of 2019 by NBC Today Show.

The company promises same-day offers and payments within 24 hours of delivery.

After you accept their offer, you will receive a prepaid and insured overnight FedEx delivery label.

You may also select FedEx VIP door-to-door delivery and have your items picked up from your home.

Liberty Gold and Silver

Liberty Gold and Silver will provide you with a free price offer as well as a free shipping label with insurance up to $1,000.

If you sell more than $1,000 worth of gold, you must ship and insure it yourself. However, the insurance firm will issue a refund after it receives your item.

Photo of author

Kate Starr


About the author:

The content on is for informational and educational purposes only and cannot replace any professional financial advice.
Conduct your own research and seek the advice of a licensed financial advisor. Please read the full Terms of use and Privacy Policy.