Gold has been among the most popular forms of investment. Along with being used as an accessory, gold can be a lifesaver during financial needs. Considering its multiple benefits, people always prefer investing in gold.
When it comes to the financial support, we have several types of loans. A student loan for Higher education, Home loans to buy a new house, Personal loans to meet personal needs such as long vacations, marriages etc. Depending on the requirement of an individual, a loan can be picked.
However, it may not be possible for everyone to avail loans. Certain borrowers may not be eligible, and during certain emergencies, funds may not be arranged immediately.
In such cases, gold ends up being most useful. Gold is among the most liquid financial instruments. Indian families have been buying gold for generations. In fact, gold reserves held by Indian households is more than 40% of India’s GDP. Hence those in need can sell gold to overcome emergencies or fulfil their aspirations. The old gold is largely sold to buy new ornaments too.
Best Place to Sell Gold
Many jewelers and companies buy gold by paying considerable market value. When you search for ‘cash for gold near me’ many names will pop up in the list on Google. Finding the best place to sell gold is a risky job because of a few fraudulent jewelers.
Hence it is very important to pick the right place to sell your hard-earned gold against market value.
Remember to verify the place where you are going to sell gold. Here are the 5 simple tips to help you choose the right place for selling gold. Before choosing any place make sure they pass all the below conditions;
- The Authenticity Of The Dealer
If you are selling to jewellery companies make sure they are authorized, gold dealers. One can also seek references of authentic gold dealers from their network. Jewellery shops also buy gold but they should have a history and good customer reviews. Always sell gold to a trusted dealer.
- Transparent Transactions
All the terms and conditions should be on the table well before the trade. The gold should be purchased based on weight and purity. Make sure the buyer weighs the gold and performs a purity check in front of you.
These days computer valuations are more accurate compared to analogue and digital systems. Hence the final amount calculations should be accurate and transparent.
- Highest Commodity Price
Though gold value per gram is fixed, extra factors like making charges, wastage, etc. affect the final amount. The best answer to the question ‘where to sell gold?’ is ‘to the buyer who pays as per prevailing market rate and does all checks, cleaning and melting process right in front of you using advanced technology machines’.
- Testing and Valuation Charges
Before purchasing the gold from customers, buyers perform a thorough test of the jewellery or bars or coins. Types of computerized testing, for example, XRF testing, are one of the ways to measure the credibility of the gold. Buyers use such method to find out the authenticity of the gold and trust the customer for further transactions.
Based on this analysis, the gold value will be disclosed to the customer. While selling gold don’t forget to ask about testing and valuation charges. If you are selling gold to them, there should not be any charges on testing and valuation.
- Deductions and Payments
Usually, gold jewellery is made with a few additional metals such as silver, copper etc. Also, the stones, pearls, beads, enamels come along with the gold accessories.
When you are selling gold, these will not be considered for the valuation. If the stones are of good quality, then it will be a loss for the customer to sell them for free. Hence have a conversation with the dealer to provide value for all the extra things you are giving along with gold.Make sure payments are quick. Direct bank transfers are the best payment methods because you will get immediate money in your account.