CLEVELAND — Gold can feel heavy. 

“That is exactly how it’s valued. One ounce of pure 24-karat gold," said Phil Hill, manager of Uncle Ben's Pawn Shop. 

What You Need To Know

  • The price of gold per ounce increased over the last few years 

  • The increase is helping sellers get more money for their gold

  • For buyers, gold might be more expensive, but it keeps its value

For example, a $50 buffalo gold coin is currently worth much more than $50. 

Hill said a scale tells you how much the gold weighs, and that determines the value. 

“Retail price on this would be right at $1,000," he said. 

Hill said gold’s value has only increased over the years.

“In the 1980s, gold was $300-$400 an ounce. You could have bought that chain for $100. It hasn’t gotten any heavier. It has no more gold attached to it over the years, but it’s now worth $1,000," Hill said.

The value especially went up in the last five years, Hill said. According to Hill, the value of gold has jumped from $1,200 an ounce to nearly $2,000 during that time. He said inflation is one of the primary factors. 

“Commodities go up when the dollar goes down," Hill said. 

All of this helps seller Edward Brown, who was at Hill's store to pawn his gold. 

“That means I can borrow more money, and we can eat a better dinner," Brown said. 

Hill said gold buyers may have to pay more, but gold won’t lose its value as time goes by. 

“Your money is actually maintaining value and growing," Hill said.