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November 23rd, 2020

5 Things to Consider Before You Sell A Scrap Gold

cash for your gold

Like most others, you may also have some unused gold lying in your drawer. It might be old jewellery of your grandparents that have lost its sheen, and you no longer intend to use it. The jewellery may look corroded or discoloured, but it is still gold and does possess a market value.

So rather than leaving that old gold piece to gather dust in your drawer, why don’t you put it in an envelope and take it to a trusted dealer to sell your scrap gold?

Your tarnished gold can get you excellent return, especially when the price of gold is at the peak. The idea seems to be the best and practical one.

However, when dealing with a precious metal like gold, there are many considerations to look at for getting the highest cash for gold quickly. Please continue reading to know about them.

Also Read: High Gold Prices Will Influence the Prices of Jewellery

Market Prices of Gold

Gold is sold everywhere at spot prices. The spot price is the value of per troy ounce at the currently specified time. However, there is a difference between a troy ounce and a standard ounce.

Thus, before you walk into any high street gold shop to sell scrap gold, you need to know the difference. With a little online research, you will be able to ascertain the current gold spot prices. Thus, you can stay aware of the dealer who may try to deceive you in getting a lesser amount of cash for your gold.

Get a Valuation of your Gold

Another significant thing to figure out is whether your gold piece(s) are worth more as scrap gold or in their present form. For example –

The item that you are considering to sell is a gold coin. Now, its value might be much more than its weight in gold in respect to its numismatic value.

In many instances, a gold jewellery item may have more value than its value as scrap. So it would be best if you consider these things before you head out to get cash for gold.

Choose any trusted gold buyers like at The Luxury Hut to get your gold valued. You can call on 0207 242 9160 today for an instant appraisal or to book an appointment at our Hatton Garden office in London.

Choose the Right Time

Gold is a safe-haven asset and always has a market value in every form. In any financially distressed situation when you need access to extra cash, selling your gold is ideally the easiest way to secure fast money.

However, the best time ideally to sell gold is when the price of gold is high. Just like it is today. Fill up our online form and get a free competitive quote immediately.

At The Luxury Hut, we will determine a fair and accurate price of your scrap gold or any items of gold considering the metal’s spot price at the time of valuation.

Also Read: IMF Is Requested to Sell Gold to Cover the Debt Payments

Determine the Gold’s Purity

Before selling, it is also essential that you determine the purity (in carats) of your gold. For example –

18ct gold contains 75% purity. On the other hand, 19ct gold has only 42% purity.

Keep in mind that your gold buyer will offer you a price based on your metal’s purity. You will not be paid for the base metal alloys of your scrap gold.

Clean your Gold

Your old, unused gold item may have tarnished over time. Thus, another essential thing for you to consider is cleaning your gold before selling.

You can use a soft toothbrush, dish soap and some warm water to clean it. Then, leave it at room temperature to dry and wipe it prior to selling.

Contact our Gold Experts to Get the Best Deal

Expert evaluators at The Luxury Hut are always available to appraise your gold precisely. Call us on 0207 242 9160 or fill up our simple online form and we will contact you at the earliest with an accurate quote.

We will offer you a price based on the gold’s spot price on the day of valuation. Thus, you can rest assured you will get the best possible deal. Getting cash for gold is more convenient than ever. Get in touch with The Luxury Hut today to sell your scrap gold or any gold items and raise instant money.

Also Read: 3 Tips on How to Sell Scrap Gold

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