October 19, 2025
The cost for the precious metal has doubled its record-high set less than two years ago.
The price of gold is officially going up, bringing new opportunities for those with valuable pieces wanting to cash in.
According to Today, the cost for the precious metal has doubled its record-high set less than two years ago, currently priced at over $4,200 an ounce. In the midst of economic strife and uncertainty, gold prices have skyrocketed for its stability amid a turbulent market.
“When times are turbulent, global economy is going crazy, people turn to gold to invest. That’s what’s pushing the demand up,” shared NBC’s Vicky Nguyen to the news program.
With gold stocks climbing, people have begun to take advantage of the high rates to turn in or transform jewelry. One expert told CNBC that buying in on the rising trend could yield a hefty payday, especially to remedy a financial strain. For others, the price hike could allow them to get higher appraisals for jewelry that has been long-forgotten or unworn.
“For some, it’s a way to cover urgent expenses; for others, it’s an opportunity to capitalize on long-forgotten pieces that have suddenly become far more valuable than they were just months ago,” explained Tim Schmidt, the founder of Gold IRA Custodians, an online resource for buying gold.
The trend recognizes a pattern of gold prices soaring amid fears of economic downturn. As Trump unleashes fluctuating tariffs, the positives from this market instability is the influx of gold’s value. Other experts say now is the perfect time to review some jewelry items sitting in one’s home to see if they can provide a financial cushioning.
“If you can find a moment when people are the most fearful, that’s an ideal time to sell your gold. Strike while the iron is hot,” shared Kathy Kristof, a personal finance expert and founder of SideHusl.com.
However, knowing when to trade-in, and what remains an important element of getting the most value out of these gold pieces. Before one heads to the pawn shop, they should do their research on the spot price of gold as well as their specific pieces’ purity and weight. Getting a sense of its appraisal value can help one make better deals when dealing with buyers.
Ngyuen added, “But let’s say you’ve got a damaged piece, something you know you’re not going to wear or want to pass on, or maybe it’s one year and you don’t have the other one. Those are the pieces you might want to take to a pawn shop, a jeweler, or those places that specialize right now in paying cash for gold. Just make sure you get multiple offers before you sell anything.”
While closing the deal, sellers must also be aware of higher tax rates for gold sales. The IRS may consider it a collectible, thus having federal long-term capital gains taxes as high as 28 percent. Understanding how this cost may impact the worth of the sale could lead to re-evaluation of selling altogether.
Furthermore, those with more precious heirlooms should consider whether their gold is worth more in its original state or better off melted down. Researching the value of the jewelry as-is may lead to better returns in the future if kept intact.
Schmidt added, “It can be a smart move for those needing immediate funds, but not every piece should be melted down. Items with historical or artistic value, like family heirlooms or antique jewelry, may be worth more in their original form than as melted metal.”
Whether or not one should venture into selling their gold in this market is a gamble, but sellers could strike big if they do so with thoughtful consideration of the entire process.
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