If you have ever tried to sell gold near then you may have come across two different prices – the spot price and the selling price. Many gold sellers wonder why they do not get the exact market rate when selling their gold. So, what is the difference? And why does the price you get differ from the spot price? Let us discuss it.
Table Of Contents:
What is the Spot Price of Gold?
You can check the live spot price of gold online, but it is important to remember that this price is mainly used for trading large quantities in global markets, not necessarily the price you will get when selling your gold jewelry.
What is the Selling Price of Gold?
The selling price is actually what you get when you sell your gold to a pawn shop, gold buyer, or jeweler. The price is determined by several factors, such as:
- Gold Purity – The more karat (such as 22K or 24K), the closer you will come to the spot price.
- Weight of Gold – The total weight of your gold determines your final price
- Market Demand – Prices can change based on gold demand in your area.
- Processing & Refining Costs – Buyers deduct costs related to melting, refining, and reselling the gold.
- Buyer’s Margins –Each gold buyer has a business to maintain, so they take a small percentage as their profit.
This is why the selling price is always lower than the spot price because of these additional costs.
Why Can’t I Sell Gold at the Spot Price?
- Test and verify the purity of your gold.
- Melt and refine it to get pure gold
- Sell it to manufacturers or investors at market rates..
This process will involve costs, which is why they pay slightly less than the spot price.
How to Get the Best Selling Price for Your Gold?
If you want to sell your gold, here are a few tips to make sure you get the best possible price when you are searching for cash for gold in bangalore:
- Check the Current Gold Rate – Stay updated on the market price before you visit a buyer
- Compare Multiple Gold Buyers – Do not settle for the first offer you get, go to a few buyers to compare rates.
- Sell to a Trusted Gold Buyer – search for a trusted gold dealer to ensure you get a fair price.
- Know Your Gold’s Purity – Get your gold tested so you know exactly what you are selling.
Hema Jewellers
If you are searching for the best place to sell gold in Bangalore, you can trust hema jewellers . We offer you transparent and fair selling experience making sure that you get the best value for your gold. Our pricing is based on current market rates, so you get the fair price without any hidden deductions.
At Hema Jewellers, we use advanced testing methods to know your gold’s purity accurately and our process is quick, simple, and hassle-free. Whether you have old, broken, or unused gold jewelry, we provide a smooth and trustworthy transaction with instant cash payment. With a strong reputation and thousands of satisfied customers, we are known as the best gold buyers in Bangalore.