Is your gold jewellery just lying there in your cupboard or vanity without any use? Do you want to sell your old gold jewellery and make some money? Look for the best time to get the best value for your used gold jewellery. So we come to the crucial question: What is the best time to sell gold? When the spot price for gold is high, it is the best time to sell gold and reap the best value. The yellow metal retains its integrity forever and does not lose its value, so you can patiently wait until you think you’re getting the best deal for your used gold jewellery.
The Significance of Knowing the Spot Price of Precious Yellow Metal
Gold is being traded day and night on international exchanges. So the price of gold fluctuates all the time. You can check on the Internet for the updated gold price. And know that the spot price is not the actual price you will reap for your gold. As gold buyers have to incur the cost of running the business, expect to get an amount slightly lower than the spot price. As a thumb’s rule, “Check the current price of the yellow metal, so you can know beforehand what to expect if you sell your gold jewellery”.
Here is what you need to know when you want to sell gold jewellery:
- The price of gold is measured in one troy ounce of gold. In the metal industry, the troy ounce is the basic unit of measurement, which is somewhat heavier than the standard ounce.
- As gold is traded and quoted in US dollars, you must ensure to receive a quote in Australian dollars.
What Should You Do?
- Always check the spot price before you plan to visit gold buyers to sell your used gold jewellery. It will help you in negotiation, and you can grab the best deal.
- Clean your used gold jewellery before you take them to sell, so you won’t attract gold buyers’ additional charge for cleaning the jewellery.
- Ensure visiting government-authorised gold buyers who hold a valid second-hand dealer license.
- Don’t forget to carry original documentation of your used gold jewellery, as it will help you demonstrate the authenticity of the precious metal and get the best deal.
The Purity of Gold Plays an Important Role
Your gold jewellery will attract rates depending on the purity. For instance, 24 karat (pure gold), 18 karat (75% gold) etc. The lesser karat your gold jewellery pieces contain, the lesser value they will attract. If hallmarks are intact on your gold jewellery pieces, a buyer can verify it with the help of the XRF machine. It is a one-of-a-kind technology that helps ascertain elements present in the alloys.
When Is The Best Time To Sell My Gold Jewellery?
If you’re planning to sell your gold jewellery pieces, the best time to sell your used gold for cash is when the price of gold is rising and hitting an all-time high.
Final Words
Both gold buyers and pawn shops will provide cash for gold, so you can approach them in your area and find out what they offer. Choose the deal close to the spot price to reap the maximum value from your used gold jewellery.
Also Read:- Why Is Pawn Shop a Fantastic Choice for Quick Cash Loans?
