Welcome back dear loyal readers of Financial Empires, even today we are happy to find you every day here with us, in our daily article we will deal with a very interesting topic, we will talk about used gold prices 2022, we will see how they are calculated and the fluctuations that the market undergoes. ‘gold.
What does the gold price depend on?
Let’s start by understanding how the price of gold is determined. It should be considered that this precious metal is the most widespread and used since distant times and has always represented the very symbol of wealth.
For this reason, there are many reasons why the precious yellow metal has taken on a high value. Summarizing, the gold used as it is worth per gram is quite appreciated, its extraction is particularly complex.
However, it must be said that it has almost unique characteristics of duration over time, for example:
- Variety of use
Therefore, we can say that the value of gold quotations used today has a market that determines its price trend.
Before starting to analyze the factors that influence the value of gold today, we need to clarify some main data on which the sector market is based.
How does the gold market work?
The trend in official used gold prices is expressed in dollars per troy ounce, which weighs about thirty-one grams, and its amount is established by the market, and therefore also undergoes fluctuations.
But for practical reasons, especially with regard to physical metal trading, the London Stock Exchange sets a reference price twice a day, the so-called gold fixing.
Another fundamental aspect is that when we talk about the stock exchange, we are talking about the purchase and sale of contracts on gold, or the so-called paper gold, and never the physical exchange of physical gold instead of money.
What affects the price of gold?
Now let’s analyze the factors that influence the gold market price.
As we said earlier, the price of this material is set in dollars, therefore, the value of the dollar substantially affects that of gold.
In fact, if the currency increases in value, that of gold will drop accordingly because it will take less to buy the same ounce of the precious metal.
Read also: Gold Ingots Investment | Guide To Invest
The fact that gold is considered a safe haven has a great influence on the market trend, as the price tends to rise in periods of political or financial stability, leading most investors to focus on used gold.
It should also be considered that the dollar itself is considered the safe haven currency par excellence, therefore an increase in gold and the dollar in the same period should cancel or calm both prices. It should be noted that it almost never happens, given that raw materials and currencies have different reaction times:
As for gold, it usually reacts more strongly to news, and it is not uncommon for it to earn or lose several dollars in a short time
The price of oil, for example, usually mirrors that of gold, so it is easy to see how the price is influenced by the same factors that affect the price of gold and have a parallel impact on the value of gold, oil and currencies.
This means that the performance of some important economies is directly linked to the trend of gold, precisely because countries in strong economic expansion are buying ever greater quantities of gold.
Used gold prices 2022. How much is used gold worth today?
In the next paragraphs, let’s see how much gold used now is worth, because knowing how much gold used today is essential for choosing how to best invest money in precious metals.
Indeed, as many of you will know, gold has seen a great growth in its value since the start of the Russian-Ukrainian war; and consequently, in recent months, large investors, due to the uncertainty of the international scenario, have started to invest in gold again, increasing demand.
The result is obvious, the price of this commodity has risen and has reached points hitherto never reached, and today gold owners very often wonder if it is worth selling their gold or keeping it, in view of the future. which may reserve uncertainties.
How much is the gold used worth?
Let’s now find out all the details on the value of the gold used.
Currently, the value of 24 karat gold is € 55.22 per gram. The 2022 used gold prices are completed with the following values:
- 18-karat gold is worth € 41.34 / gram
- How much is 14 karat gold worth? 14k gold is quoted at a value of 32.22 euros / gram
- How much does 9 carat gold cost? While 9k gold is currently around 18.29 euros per gram
Those who regularly follow the price of used gold will have understood that the value of gold is slightly down compared to the last period. In fact, it stood at a value of approximately 56 euros / gram in the last month.
As for gold price changes, they should not be overlooked, because we are in a phase that can be defined as stable for the value of gold, and by analyzing the graphs of the historical value of gold, we must be aware of the growth of these years:
We are talking about 544% in the last 20 years and 70% in recent years.
Is used gold worth selling today?
Let’s see it now! The gold forecasts that attested to the achievement of 80 euros / gram by the end of the current year proved to be very risky, given that today the fluctuations establish that this quota will probably not be reached.
On the other hand, it is very likely that gold will return to permanently touch more than 60 euros / gram for the second half of 2023.
Read also: Is it worth investing in gold today?
For this reason, we would like to tell you that now is not the best time to sell gold, even if it is worth much more than recently, an additional profit of 5/10 euros per gram should not be unthinkable, even if we talk about lower carats.
We recommend that you still keep this precious material and if you decide to go to the various jewelry and jewelry shops to sell your items, do not forget to check the verification of gold carat and weight, before deciding to get rid of your goods.
Handcrafted valuations will also be welcome, especially for comparing the gold purchase proposal you expect to receive.
Finally, dear friends of Financial Empires, in essence, we would like to advise you to evaluate well before deciding to sell used gold, and if you have to, make sure you receive the right valuation and the exact 2022 used gold prices.
Financial Empires, The Editorial Staff
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