Best Time to Sell Gold
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. This way, you can get the best price for gold jewellery, gold bullion coins and even scrap gold.
Timing is everything to get the top rate for your 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 and silver. 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.
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. However, in this blog, we’ll go in detail and help you find the best time to sell your gold and make a good profit.
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,” says Gagandeep Gambhir, owner of Cash Your Gold, the leading gold buyer in Brisbane.
While it’s imperative to check the current gold prices, it’s also equally essential to understand how the gold buyers decide the final rate for the gold.
Mr. Gagandeep further explains, “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.”
So, before approaching any buyer, you should check the spot price of gold and assure yourself that you are comfortable with the rates.
Understanding the Gold Prices
- The price of gold represents 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.
- Make sure to take a look at the current market price of gold and find out what percentage of the spot price is the gold buyer offering.
How to Sell Your Gold at High Rates?
Consider the Purity of Gold
The purity of your gold is essential to getting high rates in the market. Authentic gold bullion bars and gold 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 to determine elements present in the alloys. Based on the percentage of gold present in your gold jewellery, gold bullion or scrap gold, the gold buyer will give you an estimate.
So if you want to get the maximum return for selling gold, then you need to be aware of the value of the gold you have.
Check the Current Gold Prices
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, they generally quote the lowest price for your gold. You can indeed negotiate, but the offer you will get will still 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 amounts of money.
To avoid this situation, you should always check the spot price in advance, which can help you in validating the 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.
Choosing a Reputed Gold Buyer to Sell Your Gold
While it’s important to look at the market conditions to find the right time to sell gold, it’s also equally important to find reliable gold buyers.
This is particularly important if you’re planning to draw maximum cash out of gold. Make sure to check around with different dealers who buy gold and compare prices; most jewellers and pawn shops often buy gold items for 60-80% of their spot value. Always do your homework and try to deal with the highly reputed store in the market when compared to local stores to avoid losing your money.
The gold buyers you’re choosing should be able to provide the best gold prices possible for your precious metal. When you’ve decided on the best time to sell, take your physical gold to the gold buyers to get a free quote. You can then compare and choose one who can offer a higher price than the rest.
When Is the Best Time to Sell Gold?
Often, the best time to sell gold all boils down to three main factors: the current spot price, the market conditions and your need to sell.
Selling Gold When the Spot Price Is High
If you are considering selling your gold items, the best time is when the price of gold is rising. The universal rule to buying and selling gold is: buy low and sell high.
So when prices are at an all-time high, it is the best time to sell your unwanted gold to generate maximum cash.
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 gold 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.
Selling Gold When You’re in Immediate Need of Money
There can be times when you need to sell your gold immediately without waiting for a long time for the spike in the gold prices. During those times, you can sell gold bullion, coins or any other jewellery you may have by monitoring the gold market for a few days.
Notice the fluctuations in the price of gold closely and then when the spot market price is at its best in the last few days, it’s time to sell gold and silver bullion immediately.
When you’re in a hurry to sell your gold or any other precious metal, it’s often the best idea to compare gold prices for a few days and make a decision without waiting for a while.
Selling Gold Based on the Economic Conditions
There are certain economic conditions like a financial crash or any other governmental incidents that can bring up the price of gold. These are times when people start buying more gold to increase their safety during an unstable financial situation. And this is backed by the various instances in history when gold prices hit record highs during the financial crisis.
So selling gold during a financial crash or any instability in the financial market would fetch you good profits.
Make sure to get multiple quotes from gold buyers during such a situation to get the best deal for your gold.
Best Place to Sell Gold Bars, Gold Bullion, Gold Coins and Gold Jewellery
There are two main ways to sell your old gold jewelry: one is by visiting a reputed gold buyer and another is through online.
Sell Gold Directly to a Gold Buyer
Selling gold directly to a gold buyer is the fastest way to sell your unwanted or broken jewellery. You simply take your unwanted gold items into a local store, where they will be weighed and valued. Many stores will accept anything from broken chains and earrings to old necklaces and bracelets.
When you sell gold to a local gold buyer, they will give you cash on the spot for your unwanted gold jewellery. The amount of money that you receive depends on the weight and quality of your items, but it is usually around 70% of their actual value.
The total amount you receive from a gold buyer varies greatly based on the shop you choose. This is why we recommend you consult with multiple shops to get an estimate and choose one that’s reputed, trusted and has no hidden charges.
Make Money Selling Gold 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 broken prices and loose jewellery. So, you don’t have to worry about the condition of the item.
Some buy gold and other precious metals directly through a mail-in service. If you want to sell your gold and silver from the comforts of your home and get the best value for it, then you can contact our gold experts at Cash Your Gold.
Sell Gold and Silver Bullion at the Best Market Prices
At Cash Your Gold, we recommend selling gold to our experts in Brisbane to get the best price for your gold along with instant cash in hand. We buy gold bars, gold bullion, gold coins, scrap gold and any other gold and silver items, or precious metals, you may have.
You can either walk in directly to our shop in Brisbane to get a free estimate of the gold and sell it instantly to us. Or, you can also use our mail-in service to sell your gold — no matter where you’re in Australia.
You can contact us to get in touch with our gold experts and get a free assessment today.