Business World

Saturday 16 December 2017

Seek out a fair price in newest goldrush

One of the most visible trends for many consumers over the past couple of years has been the explosion in the number of retailers offering to buy gold jewellery for cash.

A quick search on the internet throws up a number of such operators in Ireland.

One,, currently pays €761.33 for 31.1 grammes, or one troy ounce, of pure 24 carat gold. That's about 73pc of the current spot market value for such gold. It pays €9.18 per gramme of 9 carat gold.

Most other websites don't indicate what prices they pay for gold, and consumers first have to post their gold items to the providers in order to obtain a price proposal.

The Consumers' Association of Ireland has previously warned people to ensure that they're getting a fair price for their unwanted items, having already been made aware of instances where consumers got a raw deal.

Dublin City Council also called late last year for the 'cash for gold' sector to be regulated as the number of shops offering such services in the capital continues to mushroom.

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