Over the past week, gold has experienced a sharp correction after a powerful run higher. According to available spot-price data, the price of one troy ounce of gold in USD fell about 2.4% in the past week.

For example:

• One week ago it was in the region of US$4,201.68 per ounce.
• Now it’s closer to US$4,100 (≈ US$4,123 per ounce).
• Earlier in the week it briefly reached above US$4,300 per ounce.

The movement reflects profit-taking after a strong advance, and mixed signals from the market about the near-term direction of the precious metal.

What caused the move

• The recent rise leading into the correction was underpinned by strong institutional buying, central bank accumulation and expectations of rate cuts.
• The pullback appears to be driven by investor profit taking rather than a collapse in demand. Recent news noted large outflows from gold-backed ETFs.
• Although gold is often seen as a safe-haven, it has been behaving, at least in part, like a growth/asset-class driven by momentum and speculation.

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What This Means for Someone Selling Today

If you are considering selling gold today, here are a few things to keep in mind:

Current approximate selling price

• The spot price is roughly US$4,123 per troy ounce, according to one recent quote.
• Converting into Australian dollars (AUD) for an Australian seller: one source shows the AUD spot price at about AUD 6,517.63 per ounce.
• Note: The actual amount you receive will typically be below spot because of dealer margins, assay or purity adjustments, shipping/refining costs, or the form of your metal (bar vs coin vs jewellery).

Comparison to one week ago

• If you had sold one ounce a week ago at US $4,201.68, and you sell today at US $4,123, you are looking at a difference of US$78.68 per ounce (≈ 1.9%) lower.
• In AUD terms, depending on the exact AUD/USD exchange rate and premiums, your drop might similarly be around AUD 100-200 (depending on local rates).

Considerations before selling

• Check the bid price offered by your buyer, not just the spot price. Dealers often pay less than spot.
• Form and purity matter: coins and small bars often carry higher premiums/costs; jewellery may incur additional cost deductions.
• Timing: If you believe the price could rebound, waiting may yield a higher price—but of course there’s risk it could go lower too.
• Transaction costs: Selling may involve fees, freight, insurance, or assay costs, so ensure they are factored into net proceeds.

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Current Rates

• According to ABC Bullion (Australia) the live buy-back for a 1 oz 9999 gold bar or coin is AUD 6,151.00.
• According to The Perth Mint the live buy-back rate for a 1 oz 9999 gold bar is AUD 6,152.84.
• According to live spot conversions the spot price is around AUD 6,517.63 per troy ounce.

From these, you can see sellers are receiving slightly under spot (6,151 vs ~6,517) – meaning there’s a margin/premium/discount applied by the dealer/bullion house.

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Sample Sell-Back Amounts

Here are approximate amounts you might receive if you sold today, using the buy-back rate of AUD 6,151 for 1 oz (rounded) as baseline:

Weight	Estimated Buy-back Rate*	Approximate Proceeds
1 troy oz	~AUD 6,151	~AUD 6,151
10 troy oz	~10 × 6,151 = AUD 61,510	~AUD 61,510
1 kg (~32.15 oz)	~32.15 × 6,151 ≈ AUD 197,900	~AUD 197,900

*Based on 1 oz rate of AUD 6,151. Amounts are approximate; real quotes may differ.

From The Perth Mint: 1 kg buy-back is listed at AUD 198,528.41 for a 1 kg 9999 cast gold bar. Perth Mint That aligns closely to the calculation above.

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What to Keep in Mind

Negotiation: Some buyers may offer better than listed rate if volume is large or you have a long-term relationship.

Form matters: Coins vs bars, small vs large sizes, minted vs cast – all affect buy-back.

Dealer margin/discount: The rate you see is buy-back, not necessarily spot. You might receive less than spot because dealer must cover costs, inventory, profit.

Purity: 9999 (99.99%) is typically best; lower purity may reduce value.

Timing & market movement: Spot and buy-back rates change continuously.

Transaction costs: Shipping, assay, delivery, tax (if applicable) may reduce net proceeds.

Before selling, check the specific terms: local AUD rate, the buyer’s bid grid, form/purity of your gold, and all related costs.

Gold has slipped about 2-3% in the past week from its recent highs, reflecting short-term profit-taking rather than a breakdown of the broader bullish case.

If you sell today, you might receive slightly less per ounce compared to a week ago—perhaps around US$70-80 less (or the equivalent in AUD).

The structural story for gold remains supportive, but the recent correction suggests this is a volatile market and timing matters.