What Is the Price of Gold Per Ounce?
If you’re considering unloading gold you have in the form of gold bars, gold jewelry or something else entirely, you are probably wondering how the value of gold is determined on a day-to-day basis. You have probably heard that the value of gold is sky-high right now, making it a seller’s market—if you know what it is you’re doing. Here is a look at how the price of gold per ounce is determined, so you can make sure you are being sufficiently compensated for your gold.
Supply and Demand
The price of gold per ounce is based primarily on supply and demand, but it is a bit more complicated than that. Global demand for the material, production costs, inflation and growth all play a role in determining the ever-changing value of gold. Gold prices often spike in a poor economy, and also when war is on the horizon.
Most gold jewelry has a little stamp on the inside that indicates its karat weight. This reveals just how much of the item is pure gold, which in turn will give you an idea of its true value. Consider this: 24 karat pieces are almost entirely made of pure gold, whereas 10 karat pieces are just over 40 percent gold.
There are many factors that determine the price, and many gold buyers are reluctant to part with exactly how they come up with their estimates. By becoming an informed consumer yourself, you are that much more likely to receive adequate compensation for your valuables. For more information on the price of gold per ounce, call (480) 949-9299 today to speak with the experts at Ralph Mueller and Associates.