If you have gold jewelry tucked away in a drawer, now might be the time to cash in! The price of gold just hit a record high—soaring past $3,100 per ounce—and experts say it could climb even higher. But what does that mean for you? Whether you have a few old gold rings or a collection of heirloom pieces, here’s what you need to know about selling gold right now.

Why is the price so high right now? 

Gold prices have increased due to economic uncertainty, inflation concerns and strong central bank demand. 

Investors tend to flock to gold during uncertain times, which has pushed prices up nearly 18% this year alone, according to Reuters. 

And with some analysts predicting gold could hit $4,500 in the next 12 months, it’s no surprise that people are rushing to sell their gold.

How to tell if your gold jewelry is worth selling

Not all gold is created equal. The price you get depends on several factors.

One key factor is the karat value. Pure gold is 24K, but most jewelry is 10K, 14K, or 18K. 

You can check the karat value of your gold jewelry at home by looking for a stamp or hallmark on the inside of rings or the clasp of necklaces and bracelets. If the marking is unclear, you can also use a gold testing kit, which typically includes acid solutions that react differently depending on the gold’s purity.

Another important factor is weight, as gold is priced per ounce, meaning heavier pieces are worth more. Market prices also play a role, since gold prices fluctuate and timing can affect your payout. 

Additionally, there is a difference between jewelry and scrap gold. Designer and antique pieces may be worth more than just their gold content.

What about gold coins and gold bars? Are they more valuable?

Yes—gold coins and gold bars can often be more valuable than jewelry, especially if they’re made of high-purity gold (typically 22K or 24K) and have collectible or historical significance. 

Unlike many gold jewelry pieces, which are mixed with other metals and influenced by design trends, coins and bars are valued primarily for their weight and purity, making them easier to appraise and sell at market value. If you own gold bullion or certified coins like American Eagles or Canadian Maple Leafs, you may be sitting on a highly liquid asset that’s in demand when gold prices surge.

Where to sell gold for the best price 

If you’re ready to turn your gold into cash, there are several options available.

One option is to visit local jewelers or gold buyers. Many jewelry stores and pawn shops buy gold on the spot, so it’s a good idea to get quotes from multiple buyers to ensure you receive a fair price. Another option is to use online gold buyers. 

Websites like Worthy, Cash for Gold USA and Express Gold Cash allow you to mail in your gold for an appraisal and payout, offering a convenient way to sell from home.

If you have a unique or vintage piece, selling through an auction site may be the best choice. Platforms like eBay or an online auction house can help you reach a wider audience and potentially get a higher price for your gold jewelry.