When it comes to selling gold, there are so many options available; it can be confusing for anyone who is has never sold gold before. For the past 24 months, gold have experienced unprecedented highs. The last time the gold price was this exciting was back in 2013. If you have gold jewellery and gold bullion, this is a great way to get cash for gold when you need it. Not all the options are great, so before you commit to one particular option, you should make sure that you understand how things work. The best way of selling gold is to sell it to a gold buyer who specializes in your particular type of gold. Not all gold buyers are the same, some gold buyers only buy gold jewellery, and others limit themselves to investment-grade gold like bullion coins and bars. 

What is the value of gold right now?  The price of gold reached record highs in 2020 and as of the 9th of September 9, 2020, the gold price in the US was $1,924.27 an ounce. The gold price usually goes up when the stock market declines and with what has been happening in the world, the stocks and bonds have been having a hard time. 

A lot of people have gold but most people think that gold is only valuable when it is sold in the form of coins or gold bars. They only realize that any gold product including the broken, damaged gold jewellery they have has value and can be cashed in.  With gold being as high as it has been, this might be a good idea to find all that gold jewellery you’ve been shoving to the back of your dresser drawer or the bottom of a jewellery box and find a cash for gold business that will buy your gold, whether it’s still in good condition or not.

There are a number of reputable buyers and some not-so-good gold buyers in Melbourne.  You need to do as much research as you can. Do not allow yourself to be pressured into making a deal. unscrupulous gold buyers can smell desperation a mile away and they will use it against you if you let them.  

There are some basic things that gold sellers need to know before selling their gold. As a seller you need to know how the process works, how much gold you have and what it is worth and the best way to get the most amount of cash for what you are selling. 

What does the gold price depend on and how much can you expect to get when you sell? 

To calculate the value of the gold being sold, you need to know the weight of the gold and the grade or karats you are selling. Prices are usually given either in ounces, grams or kilograms. You can find the current price of gold on most financial publications and online. The price is usually given for 24K gold which contains 99.99% pure gold. However, jewelers would never use 24K gold to create jewellery pieces because at that grade,  is the metal is too malleable. Instead, you will find gold jewellery made of 14 or 18K gold. The price that gold buyer will offer will depend on the amount of pure gold used in the gold piece. This pure gold can be separated from other alloys and impurities by taking it through the process of refining old gold.