Selling Scrap Gold and the Ukraine-Russia Conflict 

As the conflict in Ukraine continues to fuel global and economic uncertainty, it may be a good time for you to sell scrap gold that you may have collecting dust at home.   

The conflict in Ukraine is showing no signs of easing. According to UN figures, the number of refugees recently surpassed the 2 million mark. It is this level of human suffering and political turmoil that epitomises the kind of uncertainty that pushes up the price of gold.  

Keep reading to learn why now may be a great time to sell your scrap gold. 

Why the war in Ukraine is causing the gold price to rise

Economic uncertainty centred around global supply chains and inflation, combined with the shocking events in Ukraine during the last week of February, pushed up the Gold price by approximately 8 per cent in February. President Vladimir Putin is now being accused of war crimes by individual governments. In particular Germany’s federal prosecutor has initiated this path, exploring the incidents relating to this accusation. In response to all this volatility, gold prices are continuing to rise. The price of scrap gold changes daily in accordance with the live spot gold price in the UK, and as of 10th March, gold was trading around £1,517 per troy ounce. The National Association of Jewellers even mentioned that some analysts believe gold prices can go higher in the coming weeks depending on how events unravel. 

Golden markets open up for sellers 

For individuals with spare reserves of scrap gold, it may be a good time to sell. Whether you want to trade old gold jewellery, coins, gold fillings or trinkets, we can convert your gold into cash, allowing you to spend your money on something you want to own.  

As well as gold, the price of energy is also being affected as the political situation unravels. European gas prices rose by a third after Russia threatened it would stop supplies following western sanctions imposed by Europe over the invasion. Russia’s attack on Europe’s largest nuclear power plant in Zaporizhzhia, southeastern Ukraine, has also fuelled concerns surrounding a potential nuclear catastrophe. Incidentally, Ukraine’s foreign minister said an explosion would be ‘ten times worse than Chernobyl’. This disaster has had a substantial effect on gold prices. After the attack on the nuclear plant, the gold price rose drastically and reached a six-day high at just above £1,479. 

Sell your scrap gold today  

To find out the value of your gold, you can use our simple, no-hassle gold calculator. Just enter the weight and carat of your gold object and find out how much you can make from selling your unwanted gold treasures. At Cash For Your Gold we can offer a more competitive price for your gold in comparison to high street prices.  

Our knowledgeable customer service team can help you with any gold queries you may have. If you need to liquidate some cash or simply want to offload anything made out of this precious metal, get in touch with our team on 01902 623 253, and we would be happy to help. 

If you would prefer a face-to-face meeting, we would be happy to make an appointment to see you at our offices in Wolverhampton.