Gold cheaper in dollars, dearer in euros
On 13 September gold averaged 4,348 dollars per troy ounce; on 26 September, 4,285. That is 1.4 per cent less. Yet in euros you received slightly more on 26 September: 120.94 euros per gram against 120.54. The difference lies not in the gold, but in the euro.
Two rates, not one
The price you get for gold comes from two rates: the gold price in dollars per troy ounce, and the euro against the dollar. If both move down, they can cancel each other out, or even reverse.
That is what happened over the past two weeks. The euro fell from 1.1597 to 1.1392 dollars, 1.8 per cent. Because a weaker euro means more euros for the same dollar, it more than made up for the lower gold price.
The sum. 4,348 ÷ 31.1035 ÷ 1.1597 = 120.54 euros per gram (13 September). 4,285 ÷ 31.1035 ÷ 1.1392 = 120.94 euros per gram (26 September).
What happened in between
It was not a straight line. On 18 September gold rose to an average of 122.45 euros per gram, the highest daily average of the period; the highest single reading was 123.04. After that it slipped back. The lowest reading of the fortnight was 118.83 euros per gram.
For your jewellery, 120.94 euros per gram means: 14 carat (585) represents 70.75 euros per gram in material, 18 carat (750) 90.71 euros. What you are paid lies below that: the margin for melting and refining comes off the material value.
What you can do with it
Not much, and that is the honest message. Nobody knows in advance which way the euro or gold will go, not even us, and we measure every minute. What you can do: know today's figure, and decide on what you know.
Our price pages show the rate per fineness, updated every minute. If you want to know what your own pieces are worth, you can have them valued free of charge at one of our 45 branches or at home. You hear the amount, and you decide.
- A question about your gold? Send us a WhatsApp messageBesides phone, email and the chat on our site, you can now reach us on WhatsApp. Handy for a photo of a hallmark or a quick question in between.Read on
- New for home visits: see when the valuer arrivesWhen our valuer comes to your home, you receive a link as they set off. It shows the expected arrival time, and you get a notice when they are almost there.Read on
- Silver at 1.82 euros a gram: what cutlery and coins are worthSilver stood at 1.8154 euros per gram on 26 September. What that means for a box of cutlery, a roll of guilders or Belgian fifty-franc pieces, worked out.Read on
Still something unclear?
Ask it here. You will receive a personal reply by email, usually within one working day – no automated message and no phone call you did not ask for.
- An answer from a valuer, not from a template
- We keep your question so that you need not repeat anything
- No sales pitch afterwards
Sources
Where you can verify what you have just read.
- LBMAThe London gold and silver price our daily rate is built on
- WaarborgHollandThe Dutch assay office that verifies fineness and strikes hallmarks
Rather just have it looked at?
A valuation is free and without obligation, at a location near you.