Gold Prices Near New Record Levels as the UK Crashes into Recession

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The United Kingdom has plunged into the deepest recession in history after the COVID-19. On the other hand, prices of gold are on track on reaching new record levels. And it is great news for those who are looking to sell scrap gold or gold jewellery for cash.

In early August, the UK set foot in recession, and there have been two consecutive phases of the downturn. While the economy started to slide, gold price began moving on the track to reach for the sky. The cost of gold peaked at £1,572 on August 7th, and it seems today like an abiding price surge.

Gold is indeed the worthiest investment as it retains value. In fact, the price of this most popular metal appreciates during the economic downturn or crisis.

If you have any gold jewellery items that you no longer use or are broken or tangled, it is indeed the best time to sell your gold and raise fast cash. You can use the money to invest in a new gold jewellery piece or meet any financial needs.

Why Gold Hold its Value at times of Crisis?

Gold is regarded as the safe-haven investment all year round; however, especially during a time of crisis. This precious metal is not as volatile as any other forms of investment, such as stocks that can appreciate and depreciate dramatically.

However, when the value of currency decreases, gold is considered as a safeguard against inflation. The fact is that the costs of services and goods rise during inflation. While central banks begin printing money, it causes the currency to lose its value. But gold remains unaffected during this time too.

So will prices of gold continue to surge?

Gold prices are on track to surge, thereby making new record levels in 2020. However, over the past decade, price of this precious metal has virtually doubled.

In 2020, the market has seen a remarkable 30% increase in gold prices. And you can expect its price to continue to increase in coming days, considering the recession.

How to Sell Scrap Gold in London?

You may have scrap gold lying in your drawer, perhaps a piece of jewellery that you no longer wear or a family heirloom. At the time when gold prices are near a record high, selling your unwanted gold is the best decision you can make. You might be surprised to know how much it can fetch you now.

The Luxury Hut offers a quick and secure way to obtain cash for gold online or via appointment in London or from anywhere in the UK. We are one of the most trusted scrap gold buyers who always aim to offer the best price for your scrap gold.

Our process of selling scrap gold is straightforward and convenient.

  • Fill up our online form
  • Get a free competitive quote shortly
  • Send us your gold via a specialized and insured delivery envelope that we may arrange for you
  • Or call on 0207 242 5411 to book an appointment and visit our office in Hatton Garden, London to sell your gold in-person
  • Get paid within minutes.

We continually keep track of the changing market prices of gold and will make you an offer based on the metal’s price on the day of valuation. Thus, rest assured that you will receive the most updated and competitive price when selling your scrap gold to us.

So if you want to ascertain how much you can get for your scrap gold, call us on 0207 242 5411 today.

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