Gold prices surge as Helsinki Pawnshop sees influx of customers during summer months

At the iconic Helsinki Pawnshop’s headquarters in Sörnäinen, business continues to flow steadily, even on a hot July day. Despite the soaring price of gold, which has reached its highest level in over a decade since April, there is no line outside the store. This surge is largely attributed to global political instability.

Helsinki Pawnshop is among various entities buying recycled gold and jewelry at prices they set daily. Customers can quickly get their items evaluated by taking a number. Sales manager Tiia Häyrynen notes that people are now well-informed about the high price of gold. Many are bringing in jewelry from the last few decades that they no longer wear. Recently, 1980s and 1990s pieces have been particularly popular.

While some customers hesitate to repair broken gold chains or other damaged items, Häyrynen emphasizes that the condition of the jewelry is not a concern from the purchaser’s perspective. The pawnshop has seen an influx of clients who are aware of the rising gold prices. Instead of investing in costly gold, many are opting for gold-plated silver, which has gained popularity.

Entrepreneur Kirsi Vääräkoski from Raahen Mustanojan Kellosta explains that sales of gold-plated silver have surged as it is trendy among younger consumers. Despite the rising prices, this trend has not spurred growth in the ring market for engagement and wedding rings, as buyers often seek timeless pieces imbued with sentimental value.

Both shops are also accepting silver and designer jewelry, emphasizing that while silver’s value is significantly lower than gold, brands such as Kalevala and Aarikka remain in demand. Customers can also track gold prices, which are presented in dollar per ounce or in euros per gram.