How is the value of Gold Determined
If you are planning on selling your gold for cash, you will likely want to know how to determine its value. While every company that buys gold will have a different formula, they will all depend on some of the same factors. Knowing what these factors are can really help you to estimate how much you can expect to get paid when selling gold in Yonkers, NY.
Factors effecting the price for Gold
The following are some of the most significant factors that go into what you will get when you sell your gold. While some of these items you’ll need special tools (which we have) to learn, others you should already know. If you have any questions about any of these items, please don’t hesitate to stop in our shop or give us a call to speak with an experienced Yonkers gold buyer today.
• Market Value – Gold is traded on the open market just like other precious metals or even stocks. The price per ounce of gold goes up and down every day, and gold buyers like us will watch the current prices to see how much we are able to pay.
• Type of Gold – We buy gold of almost any type, so whether you have old gold coins, gold jewelry, a gold watch or even a gold bar, we’ll be happy to buy it. The specific type you have will impact how much cash you get for it. Gold bars, for example, are typically denser than a gold necklace, so you’ll get more money for it.
• Purity – The purity of the gold you have is a major factor. 24 karat gold, for example, is 100% gold so you would get paid a high amount for it. As the karat weight goes down, so does its value. No matter what the karat weight, however, it is still worth money so you can get a lot of cash for gold in Yonkers.
• Condition – While even broken or damaged gold items are still worth a lot of money, the condition of a piece of gold jewelry may impact the price.
• Amount – Of course, the amount of gold will be one of the most important factors that we consider when determining how much cash we can pay for your gold. The more of it you have, the more money you will get paid.
If you’re trying to estimate about how much cash for gold in Yonkers you can get, look online for the going market price and then estimate the other factors listed above. Of course, keep in mind that we need to make money for our business too. If you want to get an exact offer for how much you’ll get when selling gold, just stop in to DDBuyers, or give us a call and speak with one of our expert Yonkers gold buyers.
Contact Us Today
Whether you’re ready to sell your gold now, or you’re just looking to get some more information, feel free to come to our shop located at 55 West 47th St, New York, NY 10036, or call us at 646-736-7321. We’ll be happy to speak with you right away.