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Selling jewelry

A jeweler, pawn broker, gold refiner or scrap gold dealer will buy the stuff in the back of your jewelry box at a price based on the weight of its gold content, minus a handling fee. He melts down the jewelry, extracts the gold and sometimes some of the hardening agents and resells it or uses it himself.

You can pocket the cash -- or if you prefer, many jewelers will trade the old jewelry in for something you like better.

The gold content of jewelry is indicated in karats. Solid gold jewelry is 24 karats. Lesser jewelry has less gold content and more of other metals and hardening agents. Gold buyers will only pay for gold. With few exceptions, other metals have no resale value.

Generally, the gold content of any piece of jewelry will be marked on it somewhere -- on the inside of a ring or bracelet and on the clip of a necklace or the back of an earring. For instance, a 14-karat piece of jewelry may actually have "14 karat" inscribed on it in tiny lettering or the lettering may say "14/24" or "14K."

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The less gold content in a piece of jewelry, the less money it will be worth to anyone who intends to melt it down. When you buy jewelry in the store, you are paying for the design and craftsmanship, as well as any precious and semi-precious stones that may be a part of the piece. A beautifully designed piece of jewelry may have more resale value as used or "estate" jewelry than it will have as recycled gold. If you think that might be the case, get the piece appraised.

Michael Gusky, owner of Goldfellow.com, points to the heavy gold chains and bracelets that were popular among men in the 1970s as perfect candidates for meltdown. They have no resale value as jewelry because they are so far out of fashion, but the best of them had substantial gold content. Gusky says he recently paid $1,575 for a gold bracelet a customer bought 30 years ago for $1,000 during a visit to the Caribbean. The customer was "absolutely stunned," Gusky says.

Most buyers of gold won't pay anything for stones, with the exception of diamonds. So if you want them, remove them yourself or have them removed before you turn a piece of gold jewelry over to a buyer.

Gold coins

If you've inherited somebody's coin collection and it includes some gold coins, these can be sold for meltdown as well. But it will probably pay to get an informal appraisal first. Coin dealers who are members of the American Numismatic Association subscribe to a code of ethics and should be able to examine gold coins and tell you whether they have more value as coins or bullion.

"When valuing gold coins, there are a lot of components. When the price of (gold) is very strong, based on authenticity, condition and rarity, some coins are worth more for their bullion than they are as a coin. A good dealer should be able to help you with this," says Jay Beeton, the association's marketing director.

Beeton also suggests getting a second opinion -- "because there are people who will take advantage of you."

Dental and other gold

Dental fillings, gold teeth, bridges and crowns are usually 16 karat gold and can be resold as well. Some dental gold contains platinum as a hardening agent, and that has a separate and often greater value. It pays to shop around if you have this kind of gold to sell. It can be harder to value than gold jewelry.

Gold knickknacks, medallions and religious items also are salable, but again, first find somebody who will help you determine their value as a collectible before you sell them to be melted down.

Suddenly pawnshops are in the spotlight. Thank the Great Recession and the popularity of reality TV.

Turn on TruTV's hit show Hardcore Pawn and you will catch glimpses of the goings-on at Detroit pawnshop American Jewelry & Loan. A middle-aged man wearing a backwards hat ambles into the store, reaches into his mouth and pops out his gold tooth, slapping it on the counter as collateral for a $10 loan. In another episode an amputee pawns his prosthesis for a $50 loan and leaves on crutches.

Scenes like that are the stuff of hit cable-TV shows, but the underlying high-margin business is experiencing a miniboom and creating an opportunity for investors ­seeking stocks that capitalize on lingering economic woes and down-and-out consumers. It's no longer just the unemployed or uneducated who are flocking to pawnbrokers, payday loan firms and ­bargain retailers.

Pawnbrokers are seeing waves of homeowners unable to qualify for credit cards, entrepreneurs looking for seed capital and small-business owners struggling to make payroll. In some cases pawnshops are stepping in where the banks are stepping back.

"We're servicing people that in the past had easy access to credit," says Todd Hills, CEO of Pawngo.com, an online pawn operation that launched in June of this year and specializes in high-value loans. "Ninety percent of our customers are college educated or own a home. They're in the $75,000 to $150,000 range in income. Bank solutions have dried up."

"We've had 30% to 40% earnings growth over the last four or five years," says Eric Fosse, president of North American operations at EZCorp.

If you've never set foot inside a pawnshop, here's how they work. People in need of quick cash come in with things like jewelry or electronics, and brokers make on-the-spot loans based on the collateral presented. No credit check is necessary, though a description of every item is sent to local police.

Bring in a television worth $300 and you might get a 30-day loan of $100 at 20% interest per month. Pay $120 back after the first month and you get your TV back. Or just pay $20 per month in interest until you can pay off the entire loan. If you miss a payment, the pawnbroker sells your TV after a month's grace. Most states cap the monthly interest rate, which ranges from 4% in New York to 25% in Florida.

The big profits, of course, come from lending and not from selling TVs or Barcaloungers in pawnshop showrooms. In fact, loan defaults are surprisingly low. The National Pawnbrokers Association says that 80% of all pawn loans are repaid.

The gold bull has been good for pawnbrokers. Some 60% of all pawn loans are made on jewelry. As gold prices rise, so do loan values, even for unsellable gold jewelry, which can be smelted and sold. "If gold is at $1,650 today, these guys are only lending on the equivalent of $1,000," says David Burtzlaff, analyst at Stephens. "They've built in a cushion so that if gold falls it doesn't just wipe out their business."

Suddenly pawnshops are in the spotlight. Thank the Great Recession and the popularity of reality TV.

Turn on TruTV's hit show Hardcore Pawn and you will catch glimpses of the goings-on at Detroit pawnshop American Jewelry & Loan. A middle-aged man wearing a backwards hat ambles into the store, reaches into his mouth and pops out his gold tooth, slapping it on the counter as collateral for a $10 loan. In another episode an amputee pawns his prosthesis for a $50 loan and leaves on crutches.

Scenes like that are the stuff of hit cable-TV shows, but the underlying high-margin business is experiencing a miniboom and creating an opportunity for investors ­seeking stocks that capitalize on lingering economic woes and down-and-out consumers. It's no longer just the unemployed or uneducated who are flocking to pawnbrokers, payday loan firms and ­bargain retailers.

Pawnbrokers are seeing waves of homeowners unable to qualify for credit cards, entrepreneurs looking for seed capital and small-business owners struggling to make payroll. In some cases pawnshops are stepping in where the banks are stepping back.

"We're servicing people that in the past had easy access to credit," says Todd Hills, CEO of Pawngo.com, an online pawn operation that launched in June of this year and specializes in high-value loans. "Ninety percent of our customers are college educated or own a home. They're in the $75,000 to $150,000 range in income. Bank solutions have dried up."

"We've had 30% to 40% earnings growth over the last four or five years," says Eric Fosse, president of North American operations at EZCorp.

If you've never set foot inside a pawnshop, here's how they work. People in need of quick cash come in with things like jewelry or electronics, and brokers make on-the-spot loans based on the collateral presented. No credit check is necessary, though a description of every item is sent to local police.

Bring in a television worth $300 and you might get a 30-day loan of $100 at 20% interest per month. Pay $120 back after the first month and you get your TV back. Or just pay $20 per month in interest until you can pay off the entire loan. If you miss a payment, the pawnbroker sells your TV after a month's grace. Most states cap the monthly interest rate, which ranges from 4% in New York to 25% in Florida.

The big profits, of course, come from lending and not from selling TVs or Barcaloungers in pawnshop showrooms. In fact, loan defaults are surprisingly low. The National Pawnbrokers Association says that 80% of all pawn loans are repaid.

The gold bull has been good for pawnbrokers. Some 60% of all pawn loans are made on jewelry. As gold prices rise, so do loan values, even for unsellable gold jewelry, which can be smelted and sold. "If gold is at $1,650 today, these guys are only lending on the equivalent of $1,000," says David Burtzlaff, analyst at Stephens. "They've built in a cushion so that if gold falls it doesn't just wipe out their business."

How can I sell my gold?  We see this question here everyday.  It should come as no surprise that people are still looking to sell off their old gold jewelry, coins, or any other scrap that they might have since the economy still hasn't recovered.  Well to answer the question, there are actually several ways to go about selling your gold - it just depends on what type of gold you will be selling.  For instance, the best place to sell gold bullion is not the best place to sell gold jewelry. Also you will need to research cash for gold companies thoroughly beforehand as well as pick a company that will actually pay you what your gold is worth.  In this article we will break down the best places to sell to and how to do so into three major sections:

How To Sell My Gold Jewelry

One of the most common kinds of gold that people try to sell today is gold jewelry.  It can be for several different reasons but most people just want to make some extra cash off of the jewelry that they never wear anymore.  The first thing you have to do is to find out how much your gold is worth.  Once you figure that out, you need to choose a place to sell to.

The first place that most people think of is a jewelry store or pawnshop.  Most of these places will gladly buy your gold based on the spot price of gold minus their cut.  These places are best to sell to if you only have one or two pieces that are not worth a whole lot or you have a very well-crafted or antique piece of gold jewelry.  If you do then they may pay you more than just the spot price unlike the other gold refiners.

The other main place to sell your gold jewelry to is a gold refiner or dealer.  Gold refiners and dealers exist to buy scrap and other unwanted gold and smelt it down to be reused.  They only buy based off the spot price of gold which you can find on the right side of this page. Of course the scrap price which they pay is based on the value of the gold itself and doesn't reflect any antique, craftsmanship, or aesthetic value.  So if you do have a well-crafted piece you probably think about a jewelry store or pawnshop instead.

How To Sell My Gold Scrap

Many people actually have more gold scrap around the house than you might realize.  Gold scrap comes in all kinds of items and can be anything from gold screen, wire, solder, flakes, mesh, or even gold from electronic scrap.  Some people even make a living from just selling gold scrap in common items to gold refiners.

The first thing that you have to do is to figure out the total value of your gold scrap.  This can be a lot harder than other types of gold to figure out because you will have all different kinds of karats depending on where the gold came from.  If you are trying figure it out on your own the best thing you can do is to separate all the different karats into separate piles (you will need a gold testing kit) and then follow our gold value guide from there.

Once you have a ballpark figure need to find a gold refiner to sell to. You should avoid gold dealers if at all possible and sell straight to a gold refiner that owns their own refinery.  You can get a lot more cash for your gold that way.  Most refiners pay out on a graduated scale based on how much scrap gold you have to sell to them.  Over an ounce will usually get you a better deal and over 5 ounces should get you close to 95% or more.  Try to find a refiner that will pay out at least 90% or more at the top of the scale. You can usually find this out on their website.

How To Sell My Gold Coins Or Bullion

Most people buy gold coins or bullion as an investment so with gold as high as it is today, there are a lot of people looking to sell off their gold for a tidy profit.  Just a few years ago gold was at $500 an ounce and now it is well over $1000 an ounce again. So now really is a great time to sell gold coins or bullion - it is just a matter of finding a buyer.

While you can sell to a gold refiner, it is usually a much better idea to sell directly to a gold coin or gold bullion dealer.  You can also consider selling online at a place like eBay.  Most of those places will pay either the exact spot price or just below depending on how the market looks for the future.

And those are the three major types of gold that most people sell. We hope that we've answered your question of "where can I sell my gold" but if you have any other questions you should check out our individual guides on selling each type of gold.  This was just meant to be a brief overview of the different types of gold you can sell and where to sell it to.

Skyrocketing gold prices have citizens across the country digging into their jewelry boxes, looking to sell while the market's hot.

Gold surged past $1,700 per ounce Wednesday. It traded at more than $1,800 during August and September, amidst a sluggish U.S. economy and continued uncertainty over Europe's debt crisis.

That means "now's the time" to sell your gold and silver, said Neil Nielsen, a manager with THR & Associates, a Springfield, Ill.,-based company that buys precious metals, coins and antiquities. The company also has a nationally syndicated reality TV series, "Treasure Hunters Roadshow."

"Right now, silver and gold are at all-time highs," Nielsen said.

Nielsen and a co-worker have set up shop in Marshfield's Holiday Inn, 750 S. Central Ave., this week to purchase local residents' old coins, vintage paper currency and scrap gold, silver and diamonds. They are one of 125 THR teams traveling around the country hosting these events.

After examining people's items, they will quote a price. If the sellers agree, the THR representatives will write them a check on the spot.

But the hotel events are not the only place to sell valuables. People also can take them to jewelers, pawn shops and refineries, and there's some debate over which option yields the best price.

Shannon Dalton, shop manager at Wickersham Jewelry in Marshfield, said he can offer at least 15 percent more than the traveling buyers. The jewelers will assess the item and calculate a quote based on the precious metal's spot price of the day.

Although Wickersham must factor in its own "small percentage" of profit and the costs of selling to a refinery, Dalton said its costs still are lower than those of THR, which pays for advertising and renting a space in each town on the tour.

"We can usually give a better price," Dalton said, adding that he would at least match a traveling buyer's quote. "I would say take it to a local jeweler. It's the best value."

Dalton said it's also a matter of trust, noting that the jeweler will take pictures and keep records of the sale, and the store isn't going anywhere.

Euro zone leaders struck a deal with private banks and insurers for them to accept a loss on their Greek government bonds under a plan to lower Greece's debt burden and try to contain the two-year euro zone crisis.

Adding to the sense of confidence among investors, data showed the U.S. economy expanded at its fastest pace in a year in the three months to September, which boosted high-yielding currencies, equities and industrial commodities.

Global equities .MIWD00000PUS hit three month highs, while the euro reached its highest since early September, set for its third weekly gain, but caution over how effective the euro zone plan will be at containing the crisis supported gold.

Gold usually benefits from uncertainty. Although it struggled to retain the day's gains, evidence of ongoing demand for physical metal highlighted investor desire for a safe-haven alternative to stocks or currencies, which analysts said should insulate it from steeper price falls.

Spot gold was last down 0.2 percent at $1,716.50 an ounce at 1345 GMT.

"Commodities in general received a dose of good news over the last 12 to 24 hours from the EU summit. The market is taking it at face value and having a natural reaction to it, which will probably last another 12 to 24 hours before I imagine some questions start to be asked again," said Saxo Bank senior manager Ole Hansen.

"Gold looks okay here but we need to stay above $1,695. So unfortunately we are still close to that and it doesn't take much of a washout to change that picture, but again, it looks constructive above $1,700."

The price of palladium, used in catalytic converters, rose by more than 3.5 percent on the day, while crude oil rose by nearly 3 percent above $111 a barrel and copper rose by 5 percent, set for its biggest weekly gain in nearly 3 years.

"Gold has had a mixed relationship with risk recently -- euro strength has generally been supportive since the September sell-off. But more recently we saw the correlation break down and gold trade as a safe-haven asset once again," said RBS commodities strategist Nikos Kavalis.

"We are looking at ongoing accommodative monetary policy in the U.S. and Europe, and this should continue to help gold. Macroeconomic uncertainty is also supportive - let's not forget that in addition to the European debt problem, we are getting closer and closer to the November 23 deadline for the U.S. debt reduction deal. I cannot be bearish on gold at the moment," he said.

In the United States, a new congressional committee has until November 23 to make recommendations to the Senate and House of Representatives on how to reduce the budget deficit.

GOLD DEMAND FIRM

So far this week, holdings of metal in exchange-traded funds, often viewed as one measure of investor demand for gold, have risen by more than half a million ounces, heading for their largest weekly inflow since the week of August 19 and total holdings are also at their highest since that date at 67.78 million ounces.

Gold ETFs have also pulled in more metal in October than at any time since July as holdings are up by over 700,000 ounces, even though bullion has behaved more like a risk-linked asset, moving in tandem with equities, than at any time in the last five months this week.

Physical demand for gold as well as silver remained robust in Asia, thanks to strong investment demand as well as seasonal buying during the ongoing festival and wedding season in India, the world's largest gold consumer.

In currencies, the euro hit a seven-week high against the dollar, and riskier currencies rallied as the deal to tackle the euro zone debt crisis prompted an unwinding of bearish positions.

In other precious metals, silver eased by 0.1 percent to $33.35 an ounce, while platinum rose 0.4 percent to $1,595.75 an ounce.

Palladium was last up by 3.7 percent at $665.22 an ounce, set for a 9-percent rise so far this week, its largest in almost a year.

($1 = 0.724 Euros)

(Editing by Keiron Henderson)

--Comex December gold up $2.70, or 0.2%, at $1,655.00 a troy ounce

--Stronger dollar tempers gold's gains

--Europe's debt problems hold market focus

 
   By Tatyana Shumsky 
   Of DOW JONES NEWSWIRES 
 

NEW YORK (Dow Jones)--Gold futures held a breath above unchanged Tuesday amid a slightly stronger dollar and ongoing European debt crisis talks.

The most actively traded contract, for December delivery, rose $2.70, or 0.2%, at $1,655.00 a troy ounce on the Comex division of the New York Mercantile Exchange.

Thinly traded October-delivery gold was up 50 cents at $1,652.00 a troy ounce.

A stronger dollar kept gold's gains in check. Gold futures are priced in dollars and appear more expensive to buyers who use other currencies.

Euro-zone officials continued negotiations on how to beef up the firepower of Europe's rescue fund and strengthen the region's banks ahead of a summit Wednesday. Talks face a number of hurdles including disagreements over the size of write-downs on Greek debt and the exact means of boosting the bailout fund.

In recent weeks, gold futures have rallied alongside other risky assets, including commodities, in a move many market participants have called uncharacteristic of the safe-haven metal.

However, rising commodity prices can push up inflation rates and add to gold's allure as a store of value and a hedge against such risks.

"Sharp gains in oil and other commodities create a positive background for gold and the steep reduction in long positions in gold and other precious metals in the last several weeks on the Comex, may encourage bulls to begin to rebuild long positions," James Steel, precious metals analyst at HSBC, said in a note to clients.

"The calls for further easing of U.S. monetary policy ... are getting louder within the U.S. Federal Reserve. This should ultimately be positive for the price of gold through a weaker U.S. dollar," analysts at Commerzbank said in a note.

-By Tatyana Shumsky, Dow Jones Newswires; 212-416-3095; tatyana.shumsky@dowjones.com

Earlier, a European Union spokesman said a meeting of finance ministers on Wednesday had been canceled, while euro zone officials said leaders from the single currency bloc would be unlikely to provide many hard numbers to flesh out their response to the debt crisis.

EU leaders are to meet on Wednesday to discuss tentative plans for Greece's debt to be reduced, European banks to be recapitalized and the euro zone's EFSF rescue fund to be increased to provide partial insurance for sovereign bonds.

Spot gold was last up 2 percent on the day at $1,685.70 an ounce, having risen by 4.0 percent over the last three trading days, its best three-day performance in two months. For this month, however, it has underperformed most major markets.

"The risks of the whole euro zone debt crisis are still skewed to the upside, and assuming there is some kind of result of some of the problems, markets should move higher and gold should go higher," said Standard Chartered analyst Dan Smith.

"On the weekly correlations, it does work as a normal commodity, and that will be the way it will work going forward. The European issue is a bit of a doubled-edged sword. That is pretty obvious, but generally, what we're seeing is a modest upturn in a lot of the economic indictors and a lot of the U.S. equities, in terms of results, have outperformed, so I think we are in this environment where things will slowly improve."

The Conference Board, an industry group, said its index of U.S. consumer confidence unexpectedly fell to 39.8 this month, its lowest since March 2009, from an upwardly revised 46.4 in September.

CORRELATIONS ERODE

As some of gold's traditional correlations to other assets such as equities or base metals have broken down, the price has become more unpredictable.

Gold's performance over the past two weeks, in which time it has lost 0.4 percent, has been among the weakest of the major asset classes, lagging copper, European, U.S. and Chinese equities, as well as the trade-weighted euro, the dollar index and U.S. and German government bond futures.

Its correlation with European equities has reached its most positive in nearly six months, while its correlation with the copper price -- often viewed as a key indicator of investor risk appetite -- is at 70 percent, its highest in a year.

That said, longer-term investors are not deterred.

Holdings of metal in exchange-traded funds, often a measure of investor desire for physical bullion, staged their largest one-day rise since mid-September, following a net inflow of over 200,000 ounces, bringing total holdings to their highest in a month.

"The yellow metal is showing little independence at the moment and still moving in line with commodities and equity markets, albeit underperforming. We therefore do not expect any great price swings either in the wake of the EU summit on Wednesday," said Commerzbank in a note.

"Should a solution to the debt crisis be presented, gold will probably be pulled up slightly. Should expectations be disappointed, its character as a safe haven is likely to limit the downside potential."

Silver rose by 0.3 percent to $31.75 an ounce, on course for its third straight daily rise.

Options on U.S. silver futures expire on COMEX on Wednesday. Most open interest centers on put options -- which give the holder the right, but not the obligation to sell metal at a pre-determined price by that date -- at $32.00 an ounce and on call options -- which give the holder the right but not the obligation to buy metal -- at $31.00.

Platinum was up by 0.9 percent at $1,551.99 an ounce, also having risen for three days in a row, marking its largest three-day gain since mid-August.

Platinum has fallen by more than 12 percent this year as concern has grown about the impact of the euro zone debt crisis on demand for cars, particularly in Europe. Europe is the world's largest market for diesel-fueled vehicles, which require a higher loading of platinum in their catalytic converters.

Platinum has had some fundamental support in the last week from import and export data from key trading centers.

Customs data from Switzerland, a major clearing hub for both platinum and palladium, showed exports rose to their highest in three months in September, while customs data from China, a key consumer of metal for jewelry, showed imports nearly doubled year-on-year last month to hit their highest in six months.

Palladium was last up 0.1 percent on the day at $636.47.

By Amanda Cooper

LONDON | Tue Oct 25, 2011 11:23am EDT

(Reporting by Amanda Cooper; editing by Jane Baird)

For the second time in its history, Goldman Sachs reported a quarterly loss, hurt by declines in the value of investment securities and customer trading assets. The bank also cut its exposure to commodities in the quarter.

In the euro zone, Moody's Investor Services warned France's top-notch credit rating could be at risk if the cost of bailing out banks stretches its budget too much, while a reading of German business confidence fell to its lowest in nearly three years this month.

The Chinese economy expanded at its slowest pace in two years in the third quarter of this year, which compounded fears that growth in the emerging world may be insufficient to offset slowing developed economies in Europe and the United States.

Adding to the anxiety over the euro zone ahead of a key summit on October 23, German finance minister Wolfgang Schaeuble doused optimism over the ability of European Union leaders to find a lasting solution to the debt crisis at the meeting, which further curbed investor appetite for risk.

Spot gold was last down 2.3 percent on the day at $1,632.90 an ounce by 1353 GMT, hampered by the strength of the dollar, but traders and analysts said they expected gold to reprise its role as a safe-haven investment and rally in price.

The price hit a record $1,920.30 in early September.

"Overall, it looks like, at the end of the day, that we are in the same trading range of $1,600 to $1,700 and my feeling is that if (the Europeans) don't come up with any results, we are going to go much, much higher," said MKS Finance head of trading Afshin Nabavi.

"People are nervous and ... will take any excuse to sell, but having said that, investors are on the other side and bargain-hunters are on the other side so they will be jumping on the bandwagon again once the price finds a level."

Goldman Sachs said it lost $428 million during the third quarter, cutting its earnings per share to a loss of $0.84, compared with earnings of $2.98 per share a year earlier. =

U.S. shares fell after earnings from both Goldman and rival Bank of America (BAC.N) disappointed investors, while European stocks declined and the euro came under pressure as hopes faded for an immediate resolution to the regional debt crisis.

Normally, such events would heighten investor demand for gold, but the strength of the dollar posed an insurmountable headwind for the bullion price, which tends to move inversely to the U.S. currency.

Gold's correlation to the dollar is at around its lowest in five months, meaning that the bullion price is more likely to move in the opposite direction to the U.S. currency, while its correlation to stocks is around its most positive since June.

"The problem with all this is it's getting tricky to work out what gold's reaction will be if there was a rescue plan or there isn't a rescue plan or there is a downgrade and so on," said Mitsubishi analyst Matthew Turner.

"The only rational conclusion I can draw is internal factors in the gold market are moving around and establishing a new level for gold. And while that goes on, the price won't move in line with other assets in a normal way," he said.

German analyst and investor sentiment fell in October to its lowest level in nearly three years, according to a survey from the Mannheim-based ZEW economic think tank.

EURO WORRIES MOUNT

Elsewhere in the euro zone, Portugal on Monday released its draft budget bill for next year, which showed the recession would deteriorate in 2012 and the contraction in growth would be worse than had been expected when Lisbon agreed to the terms of a bailout in May.

Gold is still set for a near-17 percent gain so far this year, driven by expectations for low interest rates in the United States and by investor demand for perceived safe havens in the face of the turmoil in Europe and rising inflation in the emerging world.

The price of gold also fell in other major currencies including euros, sterling, yen, Swiss francs and Australian dollars, reflecting the breadth of the investor push out of bullion on Tuesday.

However, global holdings of gold staged their first weekly inflow in a month last week, rising to 67.104 million ounces from a 2-1/2 month low below 67 million ounces early last week, indicating that there are still willing buyers.

In other precious metals, silver fell by 3.7 percent to $30.68, while platinum fell 2.0 percent to trade at $1,517.74 an ounce and palladium shed 2.1 percent to be quoted at $602.75 an ounce

By Amanda Cooper

LONDON | Tue Oct 18, 2011 10:54am EDT