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What You Should Know About Gold Prices

You have some gold bullions or gold jewellery, and you want to sell to gold buyers Melbourne retailers. Still, before you even head out to the city, get to know how the gold price works. Then, when you educate yourself, you can sell your precious metal for market value.

How is The Gold Price Estimated?

Firstly, most gold dealers buy gold according to weight. Thus, they will calculate it on the international spot price based on one ounce of pure gold converted into grams.

The price of gold changes by the minute, and that is why you need to check the latest buy price before selling your gold.

Know Your Karat of Your Gold Jewellery

Pure gold is a soft metal. Jewellers combine it with other metals like copper, silver, or nickel to design durable gold jewellery. Thus, the pure gold ratio is karat.

You will find your gold or other precious metal jewellery identified with a number or hallmark to show you the purity of the gold. Your gold karat is very important as the higher carat it is the more cash you will get when you go to sell it.

knowing what karat gold you have can help give you an indication of what you will get paid for when you visit the gold buyers.

Determine the Worth of Your Gold Jewellery

Sometimes your gold jewellery is worth more sold as a finished piece than scrap gold. These include vintage, designer, or antique gold jewellery.

The resale price is more than the gold used in the design when selling it to a gold dealer. Still, certain worn pieces with a low market value can earn you more as scrap gold.

The best is to take it to a gold buyer to have evaluated for scrap for you make a decision to scrap it or not.

Why do You Not Get the Exact Spot Price Selling Gold

Okay, you browsed through some gold buyers Melbourne websites and saw the gold spot price there. Unfortunately, you do not get a spot price when selling your gold jewellery. Gold buyers have to buy it for less to make a profit

Yes, it is the reality of this type of business as everyone has expenses and need to make a profit to keep paying rent and wages. In addition, gold dealers need to cover the costs for smelting and refining the gold to reuse it.

Therefore, you can expect any reputable gold dealer to pay between 85% – 90% of the spot price.

Final Thoughts When Should You Sell Gold?

Always consider the above tips when the time comes to sell gold jewellery to a gold dealer. But, of course, the best time to sell gold is when the spot price is going up, and of course, you feel comfortable parting with your gold coins, bullion, or jewellery.

However, as gold fluctuates, you need to stay on top of the market trends. For this reason, the best time to sell to gold dealers in Melbourne might be when you need cash fast to pay bills or a holiday.

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