India’s obsession with gold, the most fascinating yellow metal, dates back to the centuries. We buy and collect gold for several reasons, such as weddings, religious festivals, birthday parties, investments, and more. A lot of people buy gold to donate. It is worth noting that Indian temples are known for their vast collection of real gold idols. Also, gold serves as a great investment option because its value stands steady even in the face of inflation. Investors resort to storing their money in gold than currency.
While selling gold for cash at the right time, there is a high chance of getting misled while trying to get a fair price. However, the gold rate varies across different cities and gold buyers. The reason is that there is no standing gold pricing set. The gold price is determined by factors, such as local taxes, inflation, demand, and supply, etc. So, before selling gold online, it is imperative to use a gold price calculator to determine the value your gold deserves.
Here are the top things to know before selling your gold for cash:
Know the value of gold
The gold market is filled with unreliable gold buyers. They may lure you in by offering better rates, but eventually, you will get the best that you will deserve. It is crucial to research well to get the best gold jewellery rate. It is advisable to find a reliable and reputed gold buyer. Before selling gold for cash, make sure to use a gold price calculator to make an informed decision.
Compare buyers
The gold jewellery rate differs from buyer to buyer. Before converting gold for cash, it would be wise to visit multiple buyers in the market and collect their rates. Make a list of their rates and choose one that offers the best gold jewellery rate based on the gold items you are offering to sell. You will need to maintain patience while researching to get the best gold rate.
Check for purity
Gold dealers in the market always prefer hallmarked gold. It certifies the authenticity of the gold’s purity and weight. Before selling gold in the market, make sure that it is hallmarked. For instance, a gold item that bears a 916 hallmark shows 91.6 purity for 22k gold. IF your gold jewellery is not hallmarked, visit a reputed gold store in your area and get it hallmarked.
Read More: Why Your Payments Should Be Made with a Credit Card?
Check for legitimacy
It is no secret that the gold market is filled with scammers and frauds. They know how to lure people by offering better gold jewellery rates, but eventually, they give lower rates. It is imperative to find a reputed buyer before handing over the gold. Check the buyer’s legitimacy by asking for credentials and other relevant documents. You can also read online reviews and testimonials that offer great insight into their reputation.
Read the terms and conditions
Before getting cash for the gold submitted, the gold buyer may put terms and conditions you will have to agree to. It includes additional charges which get deducted from the final price. So, before giving the gold for cash, make sure to carefully read the terms and conditions and agree with them before signing any document.
Keep purchase invoice
A gold piece of advice would be that before handing over gold for cash, make sure to keep the purchase invoice of the gold. It eliminates any conflict on the purity and weight of the gold. Besides, most reputed gold jewellers ask for the purchase invoice before buying your gold items.
So, before selling gold for cash, it is imperative to know the above-said points. Also, make sure to use a gold price calculator to determine the best gold rate you deserve.