Are you in need of urgent cash, but don’t know how to arrange it? Well, you can worry less about it if you have gold at your disposal. There are many ways of getting cash for gold, but you might need to choose the right one.
We are gold buyers in Bangalore and would like to share with you some tips on how you can sell your gold and get cash for it. You should always expect instant payment with no delay that goes beyond a few hours.
What is Cash for Gold?
As the phrase says, it is getting cash by selling or pledging gold. You can sell your gold to gold buyers or pledge it to get quick cash at a pawn shop or any local financiers.
If you ask us which one of the above gold dealers is the best choice, we would say that there is no better gold dealer unless you are sure about why you need urgent cash.
If you want cash for your children’s education or for any other reason, then you can sell gold and expect a fair amount in return. But if you’re needing cash for a momentary situation, then you can choose to pledge it at any pawn shops or local financiers.
If you decide to sell gold, then follow these steps mentioned below. This way you can expect a smooth way of selling your gold.
Steps For Selling Gold
# Bill is Compulsory
A genuine gold buyer will ask you to purvey the original bill that you received upon buying the gold. The main reason they ask for your bill is because with it, you can prove that you are the rightful owner of the gold. Plus, you can sell your gold – legally.
A bill will also confirm the purity of your gold and can hence be safe from any differences that exist.
# Know the Worth of the Gold You Have
There is never a fixed price for gold. Each day, the price of gold keeps on fluctuating. For example, today the price can be ₹4,000 and tomorrow the price can fall or rise above the previous day’s price.
You should always inquire about the price of gold before you head to find the best gold buyer offering you the price you are looking for.
# Cash for Gold Purity
When you are selling gold, you get the price equivalent to the purity level of your gold items. For this reason, you should know the purity of gold that you are having.
Gold purity uses a unit called “karat”. Each gold karats has a different percent of gold present in it. Each gold karat can fetch you different amounts when you want to trade gold for cash.
Let’s say you have different gold karats with you which are 24K, 22K and 18K gold. In terms of payments for each of the aforementioned karats are:
- For 24K gold you can expect an entire payout subject to the prevailing market price of gold.
- While the 22K gold cannot fetch you a full payment unlike the 24K gold. You get paid for the amount of pure gold present in your ornaments. 22K gold has 22 out of 24 parts of gold, which is 91.67 percent of gold. Hence, you can expect 91.67 percent of gold value on that day.
- For the 18K gold, it applies the same as the 22K gold. But you will receive a lesser amount compared to the latter. This is because of the lesser amount of pure gold. 18K gold comprises 18 out of 24 parts of gold, which means it has 75 percent of pure gold in it. Hence, you can expect 75 percent of gold on that day.
# Authenticate the Final Gold Price
After you hand over your gold, the gold buyer would actually determine the purity of gold by using different methods. These methods are acid test, electrical conductivity test, XRF test and finally some gold buyers melt your gold and segregate the gold content to check its purity.
Your ultimate price is shared with you only after evaluating the gold content. After that, it is up to you whether you accept the value that they are offering to buy from you or you can inquire at many other stores and then decide on the best value offering gold buyer.
# Sell Gold For Instant Cash
Once you are happy with the price that the gold buyer is offering, you can sell your gold. After selling it, expect an instantaneous payment.
These days, many gold buyers offer to pay you through cash, UPI, net banking methods using IMPS, NEFT, or RTGS. These payments do not need over 4 hours to reflect the funds in your account.
# Never Settle with One
Whenever you are selling gold, you should always inquire about many other gold dealers. You can see the different amount that each of them would offer to you.
We highly recommend that you visit as many gold dealers and then choose the one that is offering you cash for gold that seems fair to you.
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