If you have any piece of gold lying around in your home, don’t let it go to waste. Scrap gold prices have recently increased and there’s many a gold buyer who would love to take it off your hands. Here’s all you need to know about scrap gold and its market value.

What Is Scrap Gold?

Scrap gold refers to any gold that doesn’t hold the same value it did in its original marketed form, such as broken jewelry. Gold buyers then send it to a refinery where it’s melted down and recycled into a new product. 

How Much Can I Sell Scrap Gold For?

The value of scrap gold fluctuates daily, depending on the economic market. It’s usually measured in troy ounces during appraisal, with 1 troy ounce equaling 31.1 grams. Scrap gold’s value will also depend on the purity of the gold, since most golden products on the market aren’t made from pure gold. Gold’s purity is determined in karats, with 24-karat gold being the purest gold.

Where Do I Sell My Scrap Gold?

If you’re looking to sell your gold, not just any buyer will do. In order to get a fair price, take your scrap gold to a reputable gold buyer for a proper appraisal. If your jewelry hasn’t been touched in years, it’s a good idea to clean it with dish soap and warm water to make it look its best before taking it to a store. Keep an eye out for the market value of gold, and when the prices are high, take yours for an appraisal.

If you’re looking for a reputable gold buyer in Saint Charles, MO, visit Smith Jewelry & Coins. For over 50 years, this jewelry store has appraised, bought, and sold jewelry and coins. They can tell you the value of your jewelry and answer all your questions. Visit their website for information about their products, or call (636) 441-6789 to ask about your scrap gold.