To get a convenient, safe and fair transaction in exchange for unwanted gold, the best time to sell gold is when the spot price is high. In this way, you can get the best price for gold jewellery, bullions, gold coins etc.
Timing is everything to get the top rate for your gold
There are hundreds of factors that influence the spot price of gold. It is not easy to predict the future spot price to identify the best time to sell gold.
The best thing about this precious metal is that it does not rust or lose its value. So, you can hang on to your gold piece until you reach an acceptable price.
Many jewellery shops sometimes offer buyback prices for the people selling gold. However, when you feel it is the right time to sell gold and the spot price is high, you should sell it and invest some money. This way, you can get high returns.
How do you determine the gold price?
“On international exchanges, gold is traded day and night. It means all the time, the gold price fluctuates. So, the rate you saw on the nightly newscast could be inductive only. It will be wise to check it on the internet to get an updated figure. It is also important to realise that the headline rate, i.e., the spot price is not the actual price you will get for your gold. Gold buyers will offer you an amount somewhat lower than the spot price due to the cost of running their business.”, Gagandeep Gambhir, owner of Cash Your Gold Brisbane, the leading gold buyer in Brisbane was quoted saying,
So, before approaching any buyer, you should check the spot price and assure yourself that you are comfortable with the rates.
The below points are worth understanding while selling gold jewellery/bullion etc.
- The price of gold represents the one troy ounce of gold. (Troy ounce is the basic unit of measurement in the metal industry, and it is slightly heavier than the standard ounce).
- Make sure you are quoted in Australian dollars as generally, it is traded and quoted in US dollars.
The purity of gold is important
The purity of your gold is essential to getting high rates in the market. Authentic bullion bars and coins are generally made of 99.99% fine gold, i.e., 24 – carats.
Suppose you have 18-carat jewellery of one troy ounce to sell, which means it contains only 75% of gold, and the rest 25% is impurities or other metals.
This purity factor is directly proportional to what you will gain out of your gold. Also, hallmarks in your gold piece are equally important as they represent authenticity.
If hallmarks are present on your gold item, a buyer will verify it with the help of the XRF machine. Here a unique technology. is used to determine elements present in the alloys.
Do your homework
It would be best to stay away from the operators looking to exploit uninformed customers. Ensure the jewellery or buyers you are visiting are government authorized and hold a valid second-hand dealer license.
You can go to a local pawn shop to get the best deal. Even though pawn shops offer face to face customer service, but they generally quote the lowest price for your gold. You can indeed negotiate, but the offer you will get will still will be low compared to the market. So, in this situation, even if you think it is the best time to sell gold, you will end up losing massive money.
To avoid this situation, you should always check the spot price in advance, which can help you in validating negotiation, and you can get the best deal.
It is also recommended to clean the jewellery item. It will save you from the additional deduction which buyers charge for cleaning. Also, carry any original documentation associated with your gold. It will help you prove the authenticity, and you can crack the best deal.
Sell gold bars/bullions/jewellery online
If you want a safe and fair transaction, it is always recommended to sell the gold item online. In this way, you can get complete privacy and a better price. There will be no need to visit any store and wait in a queue and negotiate prices. The entire process can be completed from your home. Also, they accept broker prices and single earnings etc. So, you don’t have to worry about the condition of item.
Best time to sell gold
If you are considering selling your gold items, the best time is when the price of gold is trending upward. When prices are at an all-time high, it is the best time to sell your gold coins, jewellery, or other gold items to generate maximum cash. Keep in mind
The higher the price of gold = the more money you make
When you see that the price is high and you want to sell the gold, you should make the decision quickly, do not wait for a few more days as gold prices fluctuate day by day and may fall the very next day. If you are waiting for the best time to sell gold, it is now.
Is waiting for the absolute peak of gold price worth it?
The value of gold generally depends on the spot market, but it also depends on the amount of gold you have. Suppose you have a small piece of jewellery or a gold item, the price won’t affect much. However, if the amount of gold you have is high, then the spot price will indeed affect the money which you will make out of it.
It is essential for anyone looking for drawing maximum cash out of gold to check around and compare prices; most jewellers and pawn shops often buy gold for 60-80% of its spot value. Always do your homework and try to deal with the highly reputed store in the market as from local stores you can end you losing your money.