by AKANI CHAUKE
JOHANNESBURG, (CAJ News) – RECORD-HIGH gold prices are prompting a wave of selling of the precious metal in South Africa.
Gold buyers are reporting unprecedented demand.
With gold currently trading between R82 500 (US$5 163) and R84 500 per troy ounce, and 1oz Krugerrands fetching upwards of R83 000, South Africans are seizing the opportunity to get cash for gold they have held for years.
The Gold Avenue, a leading buyer based in Johannesburg, reports a significant increase in clients over recent months.
The sustained surge in gold prices has turned forgotten jewellery boxes and inherited coin collections into valuable financial assets.
“People are realising that now is an exceptional time for selling gold jewellery,” said a representative from The Gold Avenue.
“A 9ct gold chain bought 20 years ago could now be worth several times what was originally paid. We’re helping clients get cash for gold every day – from single rings to entire collections.”
The representative said whether clients wanted to sell Krugerrands they inherited from family or liquidate investment holdings, the platform offered same-day payment at competitive rates.
“Many people don’t realise how simple it is to sell Krugerrands for immediate cash.”
Gold Avenue reports that demand extends beyond investment coins.
South Africans are increasingly selling gold jewellery – broken chains, outdated pieces, single earrings and inherited items that have sat unworn for years.
The Krugerrand is a South African coin, first minted in 1967 to help market local gold.
– CAJ News