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  • Writer's pictureVitthal Verma

Top Facts about Selling Gold In 2024

Gold has been a precious asset since ancient times. It tends to retain value even during economic downturns. Additionally, history has proved that its value always increases. One use of gold is to sell gold assets to gain liquidity or solid cash.

But is it worthwhile in the dawn of 2024? Gold prices are high in current times. You can approach companies who claim that we buy gold in exchange for cash’. Yet, there are many considerations before you liquify your assets of gold.

Facts to consider

There are some factors to consider while selling gold for cash.

First of all, you must devote some time for the process of the sale. It is a common assumption that selling gold for cash is as simple a process as listing gold assets on auction sites. When you make this mistake, you will be exploited and stand to lose a lot of money.

As opposed to this, you should consider the following issues:

  • What items of gold are you selling?

  • What is the worth of your gold?

  • Where will you sell?

  • When is the best time for selling?

You may have several gold items in your possession that you are trying to sell. There are three main categories of gold assets: gold jewellery, gold coins/ bullion and miscellaneous items of gold.

Knowledge of what you are selling will help you determine the worth of your gold. Other factors include quantum of gold and purity of the gold asset. The gold content is measured in Karats – with 100% pure gold being 24 karats.

Bullion and coins are typically 24 karats, implying that they could be worth more than gold jewellery that tends to be worth between 18 and 14 karats. The purer the gold, the more money you can gain as buyers of gold coins and other gold assets.

At the same time, you should keep in mind the value of rarity. Certain items of gold, like Rolex watches, may not be composed of 24 karat gold but will be worth much more than gold bullion of the same weight. 

The reason is that such a branded watch is rare and regarded as a collector’s item. Hence, it yields more cash. So, before selling a gold asset, you should know what you possess. Try to determine the value of the assets before selling so that you are not ripped off.

It is also critical to choose the best place to sell your gold. If you sell to the wrong buyers you may end up getting much lesser than you deserve. You should always sell to a reputed and trusted buyer to gain maximum cash for your gold.

Finally, you must be aware of the gold prices ruling the market. Keep track of the market and whether gold prices are rising or falling to sell gold in Ludhiana. The ideal time to sell is when prices are rising. Holding on to your gold asset for a longer period of time can make the difference between a fraudulent sale and a maximum trade of value.

Calculation of gold value

Before selling your gold asset, it is a must to determine its authentic value. Thankfully, there is a rough way to estimate the value of your gold assets. Following are some vital steps:

  • Find out the karat number (usually found in your purchase receipt or engraved on the gold piece). If this is not available, get the gold asset appraised professionally.

  • Weigh the jewellery.

  • Check the current price in the market.

This process works only when you are selling gold bullion or gold scrap. For jewellery or rare pieces of gold, the value will be determined only by the current market demand for the piece.

Types of gold assets

  • Jewellery

A main asset of gold is jewellery. Precious metals like gold are coveted for their beauty. Since ancient Rome, gold has been used to create beautiful pieces of gold jewellery.

Gold jewellery commands a lot of money when you need it. The only problem is that these may not be composed of pure gold but rather from diluted gold. This is because makers of jewellery want to make them affordable for customers.

 The problem is that this fact makes gold jewellery less valuable when you try to resell it. But at times, there are pieces of jewellery that are made of pure gold. So, it is good to maintain the certificates of pieces of gold jewellery you own since they are proof of the purity of the gold content.

  • Electronics

Gold happens to be an excellent conductor of electricity. Hence, manufacturers of electronics make use of it in devices like computers and cell phones. There is a high chance that the devices you use daily have some gold content.

But the fact is, the gold content in electronic devices is most often not re-sellable. The reason is that the gold content in devices is much less than what can be recycled. Yet, if you have many such devices and a way to separate the gold from the device, you can try selling it for some cash.

  • Coins

Coins have been made of precious metals like gold since ancient times. Currently, coins in some countries like the US are made of zinc and coated with copper or nickel. Yet, gold coins are prized by collectors.

Gold coins can be bought online. These can be stored or resold if needed. Many persons make profits by such transactions. Gold coins can also be passed down to you as inheritance from a loved one. If the latter is a collector of coins, it may be worth a good amount of cash.

Gold coins are a good store of value since there is no need to doubt their purity. So long as you have proof of the authenticity of the coins, the value of the coins may not come under dispute. Also, since they are small in size, there is no need to worry about their storage.

  • Bullions or bars

Pure gold can be bought in a great form through bullions or bars. Even in this case, there are no doubts about the purity of the metal so long as you can confirm that the bars are authentic. Ensure that you buy from reliable merchants to make sure you have pure gold.

Bars carry more worth as they are bigger than coins. This poses the problem of where to store them while conducting transactions with gold buyers in Ludhiana. Most persons like to trade with bars because they can make neat profits when the prices of gold fall or rise. They buy gold when prices are low and sell them when prices rise.

In sum, selling gold is an excellent way to earn some extra cash. Gold, like other precious metals has high value for sale when prices are on a spike. Selling gold in 2024 is a very good way to earn much-required money.

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