Points to keep in mind before converting gold to cash

Converting gold into cash is a common practice among Indian households as the gold stores great value. When the gold rate per gram increases significantly, families in dire need of money sell their gold. It enables them to access instant cash and pay for immediate expenses like urgent surgery, wedding, higher education, travel, etc. 

If you can see the gold rate today 22k in Bangalore trending, it means that there is a significant rise in the gold rate per gram, and whenever the prices increase, so does the demand for it. However, in such cases, many people make mistakes while selling their gold for cash. They end up selling their gold for a lesser value than it holds. Therefore, it is essential to do thorough research of the market before converting your gold to cash. 

We have prepared a list of points for you to keep in mind before selling your gold for cash: 

Know the worth of your gold

Since there are unreliable buyers in the gold market, you may get less cash than you deserve. Before handing over your gold, ensure that you are well-researched about the value of your gold and the price it holds. You can use a gold price rate calculator available online for free to calculate your gold’s value. 

It would be wise to find a buyer who is reliable and authentic. Selling your gold to a reliable buyer means that you will get the best deal possible. 

Compare gold buyers

Since each buyer has a different rate, it is necessary to look for multiple buyers and their offers. Even if you know someone in the market, do the vetting on your end. Check out multiple buyers, make a list of their rates, and choose a buyer that best serves you. A golden piece of advice would be to have patience while finding the best gold rate per gram.

Check your gold for purity

Before giving your gold to your preferred buyer, make sure that it is hallmarked. A hallmarked gold indicates the purity of your gold. For instance, any gold ornament that bears a 916 hallmark indicates 91.6 purity for 22 karat gold. However, many sellers 

Jewellers only prefer hallmarked gold as it confirms the authenticity of its purity. If your gold jewellery is not hallmarked, you can go to a store that has a carat meter and establish the purity of your gold jewellery. 

Check for accuracy

Sometimes, the karat meter does not produce accurate results when you check for the purity of your gold. It is common when you choose an ordinary local jeweller to convert your gold into cash. So, you will have to be wise and visit only a reputed and reliable buyer in the gold market, check if the scale being used is working properly, and then give your gold for cash. 

Check if the buyer is legitimate.

There are a lot of scammers and frauds in the gold market. It is imperative to find a legitimate buyer before selling your gold for cash. One way you can check their legitimacy is by asking for credentials or documents.  You would not wish to receive anything less than what your gold deserves. 

Keep an eye on the terms of the offer.

Yes, it is true. Some buyers put terms and conditions for the gold you sell. These conditions may include additional charges that will be deducted from the price they agreed to offer you for your gold. Read all their terms and conditions and make sure that you agree before signing anything. 

Keep receipts 

Many sellers do not keep receipts of the gold when they visit buyers. An absence of receipt means that you have fewer negotiating points with the buyer. Always keep the purchase invoice because it can help in case of disputes regarding purity. 

Choose your buyer

It is the last thing you will need to consider before selling your gold. The above said points should help you make an informed decision about your buyer. You can also factor in your convenience, available testimonials, and the authenticity of the buyer.

In short, 

Since gold is one of the most precious and valuable metals, it can get you the best gold rate per gram value. However, you must be aware of the market and the prices before giving your gold for cash. Use an online gold price calculator to know how much you can get from your gold.