Want to sell gold to a pawn shop – what you should know?

It’s quite a simple process if you’re thinking of selling your gold to a pawn shop. If you’re having an urgent need or maybe just looking to get some extra cash for your old gold jewellery – here are the things that you should know before you can sell gold jewellery in Sydney.

How Pawn Shops Compute the Price for Gold?

• • Bear in mind that gold is being traded 24 hours a day X 7 days a week, all 365 days of the year on the open market. Gold is ascertained by the ounce and its value can alter at any minute; that means buying and selling price of gold are continuously changing.
  • Key events and assumptions; for instance, the consequences of the war between any two countries of the world, a natural calamity like an earthquake and also the international market price for gold, all of them can determine the price of gold. Other factors that can influence include buying power, currency values and supply and demand.
  • Computing the base price for gold which the market determines, a pawnbroker or any other buyer probably will pay you less than its value so that it enables them to turn it around and sell it after booking a profit.

Selling Gold to a Pawn Shop or Jeweller – What’s better?

• It maybe jewellers, pawn shops or any other shops in the market that buys gold, all of them are assessing the same gold value that is determined by the open market time-to-time. This is the information that you have by your side.
• The current gold value is openly available in public domain always – that means you can instruct yourself as a buyer how much you can anticipate obtaining for your old gold.
• If you’re aware of the weight of your gold and the current value of gold, you can calculate approximately how much is your gold jewellery worth. What you’ll obtain for the gold also depends on how pure your gold is. For example, you’ll receive more money for a 24-karat gold jewellery piece at any time than a 14-karat gold jewellery piece. Thus, you can make use of the percentage of pure gold that is in your gold jewellery piece to work out how much your gold jewellery piece is worth.

Selling Gold Jewellery to a Pawn Shop for the Best Possible Price

It’s a genuine concern that you want to get the maximum money out of your gold jewellery. This means you’ll have to evaluate offers for your gold jewellery from multiple pawn shops. You’ve a few alternatives here – either you could go from one shop to another to obtain offers from different pawnbrokers or you can evaluate offers from online pawn shops in Australia.