Gold price increased too high, many people take advantage of selling

In an interview with Kitco News, Tobina Kahn - President of House of Kahn Estate Jewelers said she continued to see a stable number of customers began to pay attention to the price increase of gold when the orthodox media was also interested in This development.

She added that until recently, most customers did not know how much their use of jewelry was valid, but that view was starting to change.

“Most people don't know exactly the existing gold price, but they began to realize that the price was fluctuating strongly. Many people were surprised to discover how much their grandmother's bracelet was worth. About 8/10 customers come and finally decide to sell jewelry when they know their real value ” - she said.

Kahn said that in the current environment, gold price will easily reach US $ 3,000/ounce, so it is not surprising that some consumers hesitate to sell broken jewelry or no longer used at this time.

However, she also noted that some consumers' expectations may be a bit too high. She explained that currently, some people still wait for gold price to reach US $ 4,000/ounce, even $ 6,000/ounce.

“I think gold can finally reach that level, but it may take a few more years. I think no one should try to guess the exact time of buying and selling on the market, because it may be a mistake. It is even more wrong if the borrowing is just waiting for gold price to rise higher, ”she said.

Kahn also shared about the special psychology of customers selling jewelry. She said that in 2024, more consumers were more panicked, selling jewelry to have more cash to cover living expenses in the context of persistent inflation. However, the market is no longer as urgent as before.

"Consumers still want to have more money, but what they were most surprised was when they discovered the broken necklace or an odd earring of such high value," she said.

She predicted that gold price will continue to be supported by the geopeanis situation in 2025. “Gold is attractive because it is not subject to political risks. With all geopolitical instability and trade discussions, gold is the only asset with stability. Gold will continue to hold a solid position until we control the debt of the government, ”she said.