How to sell gold in Australia?


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There will be a time when you need to sell your gold. The right time to sell gold in Australia depends on certain circumstances, i.e., if you need emergency funds or just to make more money, etc.

The best thing is that there are various ways to sell precious metals in the market. The rate generally depends on the ongoing spot price.  

What is your gold item worth?

Gold is the most trusted and oldest store of value we own. Most people hold gold bullions or gold items as an investment or hedge against currency uncertainty and fluctuations.

If you own bullion, it means you own the purest form of gold, i.e., 99.5% pure gold. 

To store as a value or investment, gold bullions are very popular and are very easy to sell compared to gold jewelry.

When talking about selling gold, you should know that you can get a good amount of money if you sell engagement rings, wedding bands, and other gold jewelry. 

This form of gold does not maintain its actual value, but bullion will. So, if you have physical gold for investment or saving, it will be best to get coins or bars.

Tips to get maximum cash in return for gold

If you do not follow best practices, selling gold bullion is a significant transaction, so your return can have implications. This can be a stable Business once you get a hold of a good market.

Gold bars and coins are used for monetary purposes, i.e., either as a store value or as an investment, so it stands to reason that you will want to obtain the highest price when it’s time to sell. 

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With the help of the below tips, you can maximize the price you get while selling gold.

  1. Check the current value of gold

“Market value of gold is constantly fluctuating. The sale of gold bars and coins is based on the ongoing spot price, i.e., the current price in the market at the time of sale. So, before selling, it is necessary to know that spot value so that you can have a general idea of what amount you are going to get. “, Gagandeep Gambhir, owner of Cash Your Gold Brisbane was quoted saying.

Outdated or incorrect prices can impose a significant negative impact on the sale.

  1. Understand what you own and what is its value
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Once you know the current spot value of gold, you can make a rough estimate of the worth of your gold bar or jewellery. It is necessary before you approach anyone to sell it. 

The value of gold is very transparent so, by only knowing what kind of gold you own and what is its weight, you can have a good idea of its worth in the market. 

  1. Find a merchant who is specialized in Gold/ jewellery of bullion

Most of the businesses which offer cash for gold often resell it at a markup, i.e., the price they provide to you will be a lot lesser in comparison to the original cost. The stores like pawn shops that operate on a buy sell model have to offer less than its actual worth so that they can earn profit.

People buy gold bullions as an investment because the price will generally increase over time. So, if you are selling bullions, you are getting cash close to the market price. However, if you are selling jewellery pieces, you may not be able to generate such a high amount as there are many deductions for its cleaning, extracting pure gold, etc. 

  1. Sell to a genuine and trusted gold buyer
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Make sure you sell gold in Australia at the right place. Most likely, you will get the best price online as the online merchants will have lower overhead and can quote the high cost. 

It is possible that you can find trusted local dealers. Just make sure to check the originality of the gold buyers before selling your gold. Before finalizing the deal, always get an approximation or quote of your gold. 

Try to stay away from the local jewelers or any Pawan shops. They may offer you the option of fast cash, but you will not get the best prices from them.

Best place to sell your gold for cash

There are various reputable places to sell gold in Australia. Below are the best ways to sell your gold.

  1. Online gold dealers

Online gold dealers will offer you the best price of gold as they have very less overhead and are more economical business than local stores. It means they can give you a better price with a lower fee. 

However, you need to check if the store is authentic and well-reputed. For that, you should always perform due diligence and check the originality. 

If you miss this step, there might be chances that you may lose the money as the company may be fake. 

  1. Local gold dealers

If you do not want to go for an online option due to the fear of fraud, you should consider selling gold in person. You can check gold bullion dealers near your area. These gold dealers are located in major cities, and you can easily find one. 

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It would be best if you make sure to check the authenticity of local dealers, as various unscrupulous gold dealers can use in-person transactions to mislead you into selling your gold item for a very low price. Always check the reviews and recommendations of local dealers, and in this way, you can quickly figure out which one will be best to sell gold in Australia.

Wrap up   

If you are sitting with your gold items and waiting for the right price to sell gold in Australia, always consider checking the spot value. When the spot value is at the highest level compared to previous years, it will be the correct time to sell gold. 

Do not just stick to one dealer. Always look for both online and offline options and check with multiple dealers. The gold dealer who is trustworthy and offers the highest price for your gold jewellery/bullion/coins, you should sell your gold there. Make sure you are patient enough and are following the right approach as outlined above.


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Michelle Gram Smith
Michelle Gram Smith is an owner of www.parentsmaster.com and loves to create informational content masterpieces to spread awareness among the people related to different topics. Also provide creating premium backlinks on different sites such as Heatcaster.com, Sthint.com, Techbigis.com, Filmdaily.co and many more. To avail all sites mail us at [email protected].