5 Five Factors About Gold Rate You Must Know Before Sell Your Gold

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Gold’s value has only soared over the past couple of years. The number of jewellers and pawn shops has risen subsequently. There are more options to sell your gold jewellery now than it was before. The internet platforms have made it easy and convenient for gold buyers to lure in people with old gold reserves at home and need cash for emergency use. 

With the simplification of the gold-selling processes and the rise in the gold jewellery rate, more and more people are opting to sell their gold ornaments for reasons like paying a home loan amount, school fees, or covering a loved one’s wedding expenses. 

Why do people choose to sell their gold jewellery? 

Gold prices are at their peak. For example, the gold price today in Coimbatore is Rs. 42,240 per 10 grams of 24 karat gold. Therefore, everyone is using this opportunity to get the best rate possible. 

Although there are sentiments attached to gold jewellery given as gifts by friends and family members, some people are compelled to sell them for underlying reasons. 

  • It is a great way to deal with financial constraints during times such as loss of business or job. As the gold jewellery rate is high, you can get a fair price for your old. 
  • The benefit of receiving cash from selling gold jewellery at a high price is that you can use that cash and pay an outstanding loan amount.  
  • Not every piece of jewellery brings back pleasant memories from the past. So, people sell gold jewellery at a better gold jewellery rate to get rid of an unpleasant past event and use the cash for something better. 

5 factors to consider before selling your gold

There are dealers and buyers in this free market that are good at their job of luring people and buying their gold at lesser prices than they deserve. Unfortunately, some people fall prey and leave the counter with less cash in their pocket. 

Here are 5 devices to get the best gold jewellery rate:  

1. Always ask for proper invoice

When you purchase jewellery, make sure to get an invoice that contains information about the purity, weight, etc. It helps you avoid fraud when you have to resell your gold. When you have an invoice for the gold purchased, you will get a reasonable market price if you wanted to sell that again. 

2. Take multiple quotations  

The best course of action you can take to understand the worth of your gold is by visiting several shops and take multiple quotations. It allows you to negotiate well on the price, and disuades fraudulent activities from jewellers while converting your gold to cash. 

3. Check the gold purity beforehand 

Always check your gold’s purity before selling it. Gold to cash dealer could melt your gold and run through filtration to determine purity and weight or use a karat meter to find out the weight of the gold by separating the dust and other non-gold materials. 

If you know the quality of your gold in advance, you know the exact value it holds. You can conveniently get the price your gold deserves. 

4. Agreeing on the cost

It is one of the important factors to consider while selling your gold. The gold jewellery rate wholly depends on its purity and weight, which the gold dealers determine and then decode a price. Although it is up to you to decide on the price, you may get less than the purchase price given the labour charges involved.

5. Find the right buyer

Sometimes, it gets difficult to avail of a fair gold to cash rate due to fraudulent activities and dishonest gold dealers in the market. To avoid getting less cash for your gold worth more, always carefully read the terms of the offer. They include additional charges and cuts that are taken from the selling price. 

Also, it is crucial to find legitimate gold dealers to avoid being scammed or getting a low gold jewellery rate for your gold. Check the dealer’s documents and other credentials before rushing to sell your gold. 

Summary 

Getting a fair gold rate for your jewellery depends on your knowledge of the market and research about prices and buyers. The aforementioned factors are going to help you determine your gold value, decide on a price to sell, and find the right buyer to make an informed decision.