Know Your Gold Prices Before You Sell Gold
Friday, September 9, 2011
Understanding the latest prices of gold and the trends means that when you come to sell your gold you will get the best price. There are now a number of mobile apps that will help you keep up to date on gold prices and support you to get a good deal.
There's a wide range of options for anyone wanting to sell gold these days. A lot of local jewellers offer to buy gold, many online services, market stalls, and some venues that have no connection with jewellery at all. However, if you are looking to get cash for gold then you need to be aware of the latest gold prices.
Most reputable jewellers will quote prices that are based on market rates of the different qualities of gold e.g. 24 carat, 18 carat etc. You can expect that they will make a reasonable commission on the prices quoted in the range of 10-20% from the market rate. However, some outlets can take much larger commissions or charge service fees, postal charges, admin fees and the rest; leaving you with as little as 50% of the market value of your gold. One big advantage of using a service from professional jewellers is that they can assess the gold items for any resale value as jewellery items. This way, you may get more for your gold than just the scrap value.
Prices vary daily and therefore it is a good idea to keep an eye on prices and look at the trends. With increasing use of smart phones by most of us, there are plenty of Apps that allow you to track the latest gold prices while on the go. Many of these Apps provide a lot of additional useful information. Here is a selection of some of the more popular Apps available on the iPhone:
- Gold Prices allows you to track spot prices and provides you with 30 day, 60 day, 6 month, 1 year, 5 year and 10 year charts. They have also recently added platinum and silver prices too.
- Kcast Gold Live includes other precious metals, historical charts, different exchange rates and a useful unit of measure converter too.
- Gold Price will provide you with the latest quotes for gold prices from London, New York & Zurich, plus spot rates.
By watching the trends and keeping an eye on the fluctuating gold prices, you can decide when would be the best time to sell your gold.
Price is not the only consideration when selling your gold as the quality is an important factor. The gold will need to be properly tested to ascertain the quality. Of course you can check the jewellery yourself to see if there are any identifiable standard hallmarks. That way you can make sure that you are getting the correct valuation for your gold.
Selling gold is like selling anything, knowing the market and your product means you are well placed to get a good price for your unwanted gold jewellery.
The Gold Recycling Centre is run by Antony James Jewellers and we update our prices on a daily basis using the current market rates. You can check the price of your gold using our Gold Valuation Calculator - no other charges are applicable.