July 14, 2024

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WHAT GOLD BUYERS ARE INTERESTED IN BUYING

How To Invest In Gold: 5 Ways To Buy And Sell It | Bankrate

The gold market remains fascinating as it is driven by contrasting effects of the recent high inflation as central banks raise the interest rates. The US dollar hit another all-time high, and gold fell to a low on July 11. 

Since then, the gold price has risen above the 1,700 dollars an ounce mark but remains below the 2,000 dollar level seen in March. Still, the weaker US dollar is giving the commodity momentum. Nevertheless, most analysts advise not to have a bullish long-term gold perspective on it rising as it remains intact. 

Yet, who can predict the future of gold as many analysts are doing their best to indicate gold’s future? Read the full article here. But what about the gold you have? As the future is unpredictable, you may need fast cash and want to sell your gold. 

But will a gold buyer buy your precious metal if you need fast cash? When you visit a gold dealer’s shop, you will be surprised at what they buy. The dealer always looks for yellow, white, and rose gold jewellery. 

The gold purity can range from 10 karats and more. So they will buy it whether you have blemished, part missing, or broken gold. You can even sell gold coins and other precious metals to a gold dealer. Great, but what gold are gold buyers not interested in?

Your typical dealer does not buy gold-plated jewellery, rolled gold, or costume jewellery. If you are unsure about the type of gold, it helps to check the item markings. So, if you see the following on the stamp RGP, KT GF, KT GP, or KT GEP, the dealer will not buy it. 

Still, if you do not have a hallmark on your gold, you can take it to a gold dealer shop to have it tested. Depending on the dealer, they can test the gold using a magnet as it will not stick to it. Another test is the loupe test using a magnifying eye-piece to help evaluate the marking found on the jewellery, like the hallmark stating the karat with the content within. 

Still, they can use other gold testing methods to give you an accurate gold buyback price. Furthermore, most of the time, when selling precious metals, you are selling it at a 2nd hand value, even if new. So the gold buyer purchasing your gold buys it at a wholesale price. 

When you deal with a gold buyer, they will assay the precious metal to test and verify the purity. Hence, they check the alloy, the combination of metals in your item. They will then present you with a bid price to pay for your gold, based on the gold purity and weight, to repurchase it under the gold spot price. For example, the EG at 90% of the value – 10%. 

Still, it is highly recommended to deal with an experienced precious metal buyer who can provide an independent valuation. You will then receive an accurate appraisal of your gold to get the highest market value on your sale. So, for your assurance visit a local gold buyer today to sell your gold.