If the current rising price of gold makes selling your gold jewellery tempting, there are countless gold buyers Melbourne who are looking for unwanted gold right now. You can find local gold buyers or you can sell your gold to online buyers too but before you take your gold to anyone you may want to determine the melt value yourself.
To work out the melt value of any piece of gold, you need to know how gold is rated for purity and how it is measured and priced.
The purity of gold is expressed in karats. This is on a scale of 1 to 24k with 24 being the purest gold. The karats are normally stamped on gold jewellery as 10k,14, 18k of 22k.
To work out the percentage of purity you would take whatever the karat number stamped on the jewellery piece is and device it by 24. The means 10k = 10/24 =41.66%, 14k = 58.33℅ and 18k=75%. Sometimes a piece of gold jewellery may be stamped with 375 which means it has 37.5% gold which is 9k.
Gold prices are measured in troy ounces which is equal to 31.1grams. So, you will need to get the weight of your jewellery piece on a scale. You can then divide the current gold price by 31.1 to get the price of gold per gram. You can find the current price of gold or “spot gold” on websites that track commodity prices.
Here is an example of the calculation you may have to do:
Say you have a 14k piece of jewellery weighing 22 grams and when you sell the price of gold is at $1,600 an ounce.
Purity : 14/24 = 0.583
Price per gram: $1,600/31.1 = $51.447
Calculation: 0.583 x 22 x $51.447 = $659.859
So the melt value of the gold piece will be $659.86.
When you are selling used gold, you cannot expect gold buyers Melbourne to offer you market value for your gold. In order for gold buyers to make a profit they need to buy your gold for less. Because the gold price changes on a daily basis, buyers need to protect themselves from sudden price drops happening before they are able to sell the gold.
There are two things you need to do in order to get the most for your gold: 1. Shop your gold around to different gold buyers Melbourne, 2. Monitor the spot price. Get at least three quotes from gold buyers. Visit buyers more than once to gauge their willingness to negotiate. A buyer could offer $265 for your 14k gold piece with a melt vale of $659.86, but after shopping around you could find one or two buyers offering something higher. You won’t know that unless you shop around.
You want to keep your eyes on the spot price and see whether it is likely to go up or down. The gold market does not behave in the same way as the stock market. Gold is a safe haven investment, this means that more people buy gold in times of crisis. When demand goes up, the price of gold will go up as well. Monitor the market and investment news to gauge when the best time for selling your gold is likely to be.