Nowadays, it seems everyone wants gold. The signs are everywhere: “We buy gold” / “We want your gold”, “Get the best price for gold”. These bright neon signs have become part of the urban landscape these days.
This should be annoying for anyone not interested in gold. Even so, it is important for anyone who is interested to know that the options are many and most of them are in their neighbourhood. Apart from the updates on pandemics and war, the most interesting news that people are waiting for is the gold price Melbourne gold dealers might be prepared to offer
Gold reacts to all news, good news or bad news, speculation about what happened or could happen – almost everything. If you’ve been listening to analysts and speculators, you might start believing that the world is coming to an end. Panic buying has moved from toilet paper to precious metals, stocks and bonds might do well, but gold continues to rise.
In 2020, gold saw one of its highest price hikes since 2013. Everyone expected this to happen because gold is known to do well when the stock market is down and 2019-2019 was not a great period for the stock market. The process of selling gold can seem confusing, but honest and reputable gold buyers will guide you every step of the way.
The gold price Melbourne you are likely to get will depend on quantity and the quality. The buyer of gold will depend on what the spot price of gold is at a particular time. This spot price fluctuates, so it is in your best interest to check what it is before approaching gold buyers.
When you sell gold, you should expect less than that spot price. This is in part because gold buyers have to make a profit and the one way they can do that is to leverage the spot price and buy below the spot price. One also has to be aware that not all gold is the same or expensive. Gold bullion is purer and should attract a higher price than gold jewellery. The other type of gold is sold as scrap and the gold buyer has to factor in what refineries will typically offer.
Since gold jewellery is not usually made of 24k gold, you need to know the value of gold in each Karat and you need to weigh the gold. The price of the place also depends on the mass or amount of gold you are trying to sell. Gold with a karat value of 10k is approximately 41.7% pure. 14k gold has a gold content of 58.3%, while 18k gold has a gold content of 75%. Since the spot price changes so much, it might be tricky to base your calculations of what your gold is worth by using tools like online gold calculators that a lot of gold buyers post on their sites. Only calculators can give you some idea but not precise. You might not a precise value from online calculators but they can help you get a sense of what the base price of your gold will be before you approach a gold buyer with it.