Gold Prices Rally: Is it Time to Sell Your Gold?

Gold has soared to record highs in 2025, fuelled by global instability, persistent inflation and strong central bank buying. With prices recently reaching over £2,700 per ounce, many private holders, as well as those having unused jewelry at home, are now wondering if this is the right time to cash in. Here we look at the factors behind the rise in gold prices, what the experts expect next and what practical steps you should take if you are thinking of selling your gold.

Why the Price of Gold has Risen

The sharp rise in the gold price in the first half of 2025 was the result of overlapping global pressures that steered both private and institutional buyers towards gold. Inflation has remained stubbornly high in many economies, causing people to seek safer places to preserve value. At the same time, increased geopolitical friction – particularly the flare-up in US-China trade relations – has fuelled market concerns and made gold an attractive investment.

“When global confidence falters, gold tends to shine”, says Robert Nyberg, CEO of gold-buying firm Kultapiste. “What we saw in the first half of 2025 was that more and more individuals wanted to capitalize on the prices, and decided to sell their gold”.

The turbulence has indeed led to an increase in demand, and gold has risen steeply as a result. Various central banks fuelled the trend, with China buying almost 17 tonnes of gold in the first five months alone. Combined with a weakening US dollar, these forces pushed gold up to over $3,400 an ounce (around £2,700) in April, a historic high.

Expert Forecasts for Second Half of 2025

Following the sharp rise in the price of gold in the first half of 2025, market analysts are broadly in agreement: prices are expected to stabilise rather than continue to rise at the same pace. Several major forecasts suggest that the price per ounce is likely to move within a relatively narrow range, barring any major new shocks.

HSBC has updated its outlook to a trading band between $3,100 and $3,600 per ounce (around £2,450-2,850), noting that a combination of softer inflation data and improving global sentiment could limit further gains. Similarly, Citi analysts revised their short-term target to a consolidation zone between $3,100 and $3,500, pointing to a cooling of the previous market panic as geopolitical tensions ease. In fact, prices have already shown signs of consolidating within this band.

Although most forecasts suggest a levelling off, there is still some potential for bullish scenarios. A renewed global crisis or a sudden change in monetary policy could push prices higher. Some estimates give a 30% probability of a breakout towards $4,000 per ounce (£3,150), although this is seen as an upper scenario rather than the base case. 

What This Means for Private Sellers

For people holding gold – whether in the form of jewellery, coins or investment bars – the current market conditions offer a unique opportunity. With prices still near record highs, many sellers are in a strong position to secure an attractive return. Even after retreating slightly from its April peak, the gold price is still above £2,550 per ounce ($3,250), which means selling now could be profitable.

But timing is important. Rather than trying to guess at the absolute top of the market, it is often better to sell during periods of relative stability or small gains. Short-term movements – prompted by news or changes in investor sentiment – can create favourable selling windows. If you follow price movements over several days or weeks, you can avoid selling in a temporary downturn.

Practical Tips Before You Sell

Before parting with your gold, it’s worth preparing properly to get the most out of the transaction. Start by identifying what you have: check the karat (e.g. 9ct, 14ct, 18ct) and weigh each item, if possible, using a kitchen or jewellery scale. Remember that most jewellery is not pure gold, so the payout will be based on the actual gold content.

Once you have an idea of the quality and weight of the gold, you can compare offers from different buyers – especially online. Prices can vary significantly between different platforms. It is also worth checking whether they are buying at a premium for gold items such as coins or bars, which are usually closer to full market value than scrap jewellery.

When selling online, always make sure the gold is sent with insured and traceable shipping. Reputable services provide pre-paid, insured packaging. Make sure the protection matches the potential value of the items.

Finally, you should check the tax rules in your area. In the UK, the sale of personal gold does not usually trigger tax, but exceptions may apply for large profits or high-value bullion. A little research beforehand can help you avoid surprises and secure a fair and safe deal.