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The Impact of Covid-19 on Gold Price

July 13th, 2020
the impact of covid-19 on gold price

Unlike shares or many other short-term investments, Gold is the archetypal “safe-haven” asset. The price of Gold typically appreciates when time gets tougher.

Thus, people tend to hold onto assets made from this precious metal as long as possible. Now:

The outspread of COVID-19 has dramatically affected the financial market.

And there were speculations about what impact COVID-19 would bestow on the gold price. Gold’s status as the “safe-haven” asset might become a beneficiary.

Indeed, the market has seen a lot of changes in the past few months and weeks in the Gold’s scrap or spot price.

Let’s today know about the performance of the gold price during the current time.

The Surge in the Gold Price

Since February 2020, the price of 24ct Gold has ramped up to nearly £1,416 per ounce from £1,282 per ounce.

  • However, the surge in the gold price is currently discernable every day.
  • And it is assumed that the rush is not going to cease any time soon.

Indeed, while many prototypical blue-chip investments started to depreciate, people are turning to the “safe-haven” asset Gold.

Thus, for those who own any gold item like a ring, bracelet or necklace, continue reading below.

Spot vs Scrap Gold Price

The scrap price of an 18ct Gold chain weighing 23grams is nearly £853. It is 90% of the spot price; however, you can achieve it with a little bit of negotiation.

Moreover, a chain that is well-crafted and has hallmarks or the manufacturer’s marks will ideally worth much more than the scrap price.

The fact is:

  • The higher scrap price of Gold is serving as a rising tide that lifts all boats.
  • The base price of every jewellery item made of Gold has boosted by 43%.
  • Eventually, it is influencing everything made of Gold.

Thus, at a time when you may need access to fast cash to meet your short-term financial needs, you can decide to turn your old gold jewellery into cash.

However, like many others, you might choose to scrap your beautiful jewellery piece just because the current scrap gold price is steep.

But rather than scrapping your gold item, you could opt for a pawnbroking loan against it.

Pawn your Gold

Pawning your gold jewellery with trusted pawnbrokers like at The Luxury Hut is ideally the best choice, especially if it has an emotional value attached with it.

The maximum tenure of a pawn loan is usually six to seven months. Once you pay off the original loan amount and its interest due, you can retrieve your exquisite asset and enjoy wearing it or use it as collateral again if needed.

Whether it is a gold ring, necklace or any other assets of Gold, secure a short-term pawn loan against your gold item today and raise instant cash.

Rest assured that your gold item will fetch you a premium right now than ever.

And with trusted pawnbrokers in London at The Luxury Hut, you will receive the highest possible cash loan offer against your precious metal instantly.

Here at The Luxury Hut, our expert evaluators continually keep track of the current market condition and prices.

We pride in ourselves for offering seamless customer service and hassle-free way to secure a loan against luxury watches, diamond and gold jewellery.

We will determine an accurate price of your gold item, considering its most updated value on the day of the appraisal.

Thus, fill up our simple online form and get a free competitive loan quote immediately.

Or call us on 0207 242 5411 to book an appointment at our office in Hatton Garden, London.

© The Luxury Hut is a trading name of Golden Cash Limited. Authorised and regulated by The Financial Conduct Authority for pawnbroking. Registered in England as Golden Cash Limited. Registered Number is 07309335. Registered office address: Treviot House, 186-192 High Road, IIford, Essex, IG1 1LR.
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covid-19 update

Following the latest government guidelines, we have changed some of our working practices to ensure safety and good health of our staffs and customers. Our online shop is open for business as usual, and our delivery process will cause no inconvenience. All viewings, selling and pawnbroking, can be done by Appointment only. For any enquiries, contact us via WhatsApp.