Is Now a Good Time to Sell Gold?
Gold has fallen sharply from its January record and a lot of people are asking the same question. An honest answer: what moves the price, why nobody can time it, and what actually decides what you get.
Is now a good time to sell gold? Nobody can time the price, but you can control most of what you get:
- Gold peaked just under $5,600 an ounce in January 2026. On 2 October it was about $4,180: a quarter lower, but up about 7.5% on a year earlier.
- Nobody can reliably say where it goes next. Forecasters publishing the same week disagreed.
- Purity, weight, the buyer's margin and value above scrap usually matter more than the week you sell.
- Antique or signed? Get a jewellery valuation before a scrap price.
In this article
Where the gold price stands today
The live price of gold in pounds, by carat, updated through the day.
Loading the live gold price…
The value of the gold content at the spot price. A buyer's offer for scrap is below this figure; an antique or signed piece can be worth more.
How gold got here, in US dollars per troy ounce, the global benchmark:
| When | What happened | Source |
|---|---|---|
| Late January 2026 | Gold set its all-time high, just under $5,600 an ounce. Price feeds differ by a few dollars: $5,589 to $5,608. | Investing News, Trading Economics |
| 30 January to 2 February 2026 | Below $5,000 within two days, and as low as $4,400 by 2 February. | Investing News |
| 28 September 2026 | London gold at $4,153, its lowest in about eight weeks. | BullionVault |
| 2 October 2026 | About $4,180: down 6.6% on the month, but still up 7.5% on a year earlier. | Trading Economics |
So gold is roughly a quarter below its January peak, and still higher than a year ago. Both are true, which is why the question is hard.
Why has the gold price fallen?
You are not the only one asking. On 28 September a Reddit thread titled "Gold getting hammered. What's causing this?" drew more than 1,800 upvotes and 950 comments. The reasons reported at the time:
Gold pays no interest. The Fed raised rates on 16 September, and US inflation-protected yields reached 2.87%, the highest on record outside the 2008 banking crisis, BullionVault reported.
Gold is priced in dollars, so a firmer dollar tends to push the dollar price down.
Higher oil prices on fears of a wider US-Iran conflict fed inflation worries, and with them expectations of higher rates.
In the UK the pound matters too. Gold is priced in dollars and paid in pounds, so the sterling price can move on a day the dollar price stands still, which is why the live figures above are in pounds. More in gold's role in the world economy.
Why nobody can time the top
Gold is easy to price today and impossible to price next month.
Three reminders
- The January drop. A record at the end of January 2026, then more than $1,000 an ounce lower within days.
- Brown's Bottom. From 1999 to 2002 the UK Treasury sold 395 tonnes, about half of Britain's reserves, at an average of about $275 an ounce, near a 20-year low. The low was named after the Chancellor, Gordon Brown.
- The forecasters disagree. In one September week Natixis expected $4,100 by the year end (Kitco); a hedge fund called the fall temporary (Mining.com).
If the Treasury could not time gold, a private seller should not expect to. We do not predict the gold price, and nothing on this page is investment advice. What we can tell you is how the price works and what a buyer will pay.
What actually decides what you get
The headline price is one of five things, and the only one you cannot control.
| Factor | Why it matters |
|---|---|
| Purity | 9ct is 37.5% gold, 18ct is 75%, 22ct is 91.6%. A gram of 18ct holds twice the gold of a gram of 9ct. |
| Weight | Only the gold counts. Stones, steel clasp springs and non-gold parts are taken off the weight. |
| The buyer's margin | Every buyer pays below spot to cover testing, refining and their own costs. How far below varies a lot from buyer to buyer. |
| Value above scrap | Antique, signed designer and gem-set pieces can be worth far more than their gold. Sold by weight, that extra value is lost. |
| The price on the day | It moves every day, in both directions. |
Put numbers on it
A 10 gram 9ct chain holds 3.75 grams of pure gold, worth … at today's price. A 10% move in the gold price changes that by about ….
Two buyers' offers for the same chain on the same day can differ by more than that. Choosing the buyer matters at least as much as choosing the week.
Is your piece worth more than its gold?
Hallmarks tell you the carat. A maker's signature, an early date or fine workmanship can make a piece worth more as jewellery than as metal, like this coiled mesh serpent with ruby eyes.
More in gold hallmarks explained, how to tell if gold is real and 9ct vs 18ct vs 24ct.
How to check an offer in five minutes
You do not need to be an expert. The hallmark, a kitchen scale and today's price are enough to tell whether an offer is fair.
We publish what we pay per gram for each carat on our scrap gold price page, so you can check our offer before you send anything.
- Find the carat
Look for the hallmark: 375 is 9ct, 585 is 14ct, 750 is 18ct, 916 is 22ct, 999 is 24ct. No mark does not mean no gold, but it will need testing.
- Weigh it
A kitchen scale that reads to 0.1 g is close enough for a first check. Weigh each carat separately.
- Work out the gold value
Use the calculator above or our gold price calculator. That is the ceiling for a scrap offer.
- Ask for the working
A fair buyer tells you the weight they measured, the carat and the rate per gram. If an offer comes as one number, ask for the working.
- Ask about value above scrap
If the piece is antique, signed or set with good stones, ask for a valuation as jewellery as well as a scrap price.
More in how much you get when you sell gold.
Get a free quote for your gold
When selling makes sense, and when to wait
There is no right answer on price alone. These questions usually settle it.
| Selling usually makes sense when | Waiting usually makes sense when |
|---|---|
| You need the money, or would rather have it than the gold. | The piece means something to you or your family. |
| It is broken, a single earring, or has sat in a drawer for years. | You have only had one offer. Compare first. |
| You are settling an estate and need a figure to share. | It may be antique or designer. Get a valuation before a scrap price. |
| You would sell at any price this year, and simply want a fair one. | You are selling only because you expect the price to fall further. That is a forecast, and so is holding on for a rise. |
Sell some, keep some
Some people sell the broken and unworn pieces now, and keep the ones they like.
Tax. Gold jewellery is a personal possession for Capital Gains Tax: tax may be due on a gain when a possession sells for £6,000 or more. British sovereigns and Britannias are legal tender and exempt. See tax when you sell gold and selling gold sovereigns.
Selling your gold with Mozeris
We buy gold jewellery, coins and broken gold directly, and look at every piece as jewellery before metal.
See us by appointment at 47 Maddox Street, Mayfair, or at our Braintree showroom, or send your gold fully insured. Call 01376 334482.
- Send photos
Use the form below, WhatsApp 07494 214652 or our free valuation form. Include the hallmarks if you can see them.
- Get an offer
We reply with a figure, usually within 24 hours, and tell you whether we are paying for the gold or for the piece. No obligation.
- Bring it or post it
Mayfair or Braintree (sell gold in Braintree), or insured post. We XRF test and weigh every piece before we confirm the offer.
- Get paid
Bank transfer the same day you accept. If you decline, we return your gold insured at our cost.
Selling something specific? See gold jewellery, broken gold, inherited gold, designer jewellery or antique jewellery.
Request your free gold valuation
- Gold is about a quarter below its January 2026 record and still up on a year earlier (2 October 2026).
- Nobody can time the top; even the UK Treasury sold near a 20-year low.
- Choose the buyer carefully: the gap between offers can be bigger than a month's price move.
- Antique and signed pieces can be worth far more than their gold. Get a valuation before a scrap price.
Questions we are asked
Is now a good time to sell gold?
Nobody can say for certain. On 2 October 2026 gold was about a quarter below its January record but up about 7.5% on a year earlier. Purity, weight, the buyer's margin and value above scrap usually matter more.
Why has the gold price fallen?
A US rate rise on 16 September 2026, real bond yields near a record, a stronger dollar and higher oil prices. Gold hit an eight-week low on 28 September.
Will the gold price go back up?
No one knows. In the same week of September 2026 one bank forecast a further fall to $4,100 by the year end while a hedge fund called the drop temporary. We do not make predictions, and this is not investment advice.
Should I sell my gold jewellery now or wait?
If you need the money, or the pieces are broken or unworn, waiting is a bet on the price. If a piece may be antique or designer, get a valuation as jewellery before you accept a scrap price.
How much will I get for my gold?
Multiply the weight of each carat by today's price for that carat, then compare the buyer's per-gram rate. Our rates are published on our scrap gold price page. Antique and signed pieces are valued separately.
Do I pay tax when I sell gold?
Possibly. GOV.UK says Capital Gains Tax may be due on a gain when a personal possession sells for £6,000 or more. British sovereigns and Britannias are legal tender and exempt.
Why did Gordon Brown sell Britain's gold?
Between 1999 and 2002 the Treasury sold 395 tonnes, about half of the UK's reserves, to diversify the reserves away from gold, which it judged too volatile. The average price was about $275 an ounce, near a 20-year low, and the low became known as Brown's Bottom.
Thinking of selling gold?
Send photos for a free, no-obligation offer. We buy gold jewellery, coins and broken gold directly, and pay by bank transfer the same day you accept.
- We buy directly
- Free valuation from photos
- Appointments in Mayfair and Braintree
- Insured postage or collection
New pieces reach our list first: join the Mozeris list.