Want To Sell Gold? These Factors Will Determine How Much You'll Get For Your Items

26 May 2015
 Categories: , Blog


Selling your gold items is an ideal way to get some cash, especially if they are damaged or if you have no use for them. The top question you are bound to have when going through this process is what you'll get to take home after selling. There are different factors that determine how much you get to pocket. Read all about them below.

Condition of the items

First, the person looking to buy from you will be interested in their condition. This applies where the items in question are going to be re-sold rather than smelted and remanufactured. In the case of the latter, the buyer will simply weigh the items and damage will not be an issue. However, if your buyer is planning to resell, cosmetic damage such as scratches, dings, and dirt may harm your price. You can pre-empt this step by having your items polished. This will make them more presentable and you'll get better quotes.

Gold purity

The other thing to note when selling gold items is that the purity of the gold varies. One item may have 99% gold in it and the other may have only 50%. The gold buyer will only pay you for the gold in your item. This is strictly the case where the gold will be recycled. However, if your item, e.g. jewellery, is in great shape and may be resold, you may get more due to its uniqueness, history or aesthetic value.

Prevailing gold prices

The price of gold is set everyday by the international commodity markets. When selling gold, your buyer will use the spot price (price of gold as of that day) to determine how much to pay. These spot prices fluctuate every day by small margins. This means you may get different quotes for the same items on different days or months, even from the same seller.

Buyer commission rates

Where you're selling gold ornaments that will be resold to other buyers, your buyer will simply determine what price is profitable for them. However, if your gold is being weighed and checked against the gold spot price, the buyer will have to factor in a commission. That commission is what they get to earn for the transaction. Different gold buyers may ask for different commissions. The higher this commission is, the less you'll get to take home.

Your negotiation skills

Lastly, the final buying price will also depend on how well you can negotiate. However, you can only negotiate where the appraisal is being done visually. Here, you can try to drive the price up by pointing out is value, how much you bought it for etc. This mostly applies with rare items and jewellery. However, if the gold buyer is going by prices and commission, haggling won't be possible.

Try your luck with pawn shops, gold buyers or jewelry shops. See who is willing to offer you the best rates and then make a sale. For more information, contact a business such as Gold Digger Trading Co.