Who buys gold by the ounce?

Gold can be sold by the ounce to Internet gold buying sites, such as CashForGold.com. Gold sites typically accept gold jewelry, broken gold, scrap gold and gold coins through the mail. The companies pay customers by the ounce or gram.

Gold can also be sold to jewelry stores online or locally, such as Prospect Jewelers. Jewelers typically take into account the gold purity, weight and daily spot price when calculating prices. Gold in bulk quantities can be sold directly to a refinery. Websites and jewelry stores that purchase gold often deal in other precious metals, such as platinum and silver.