How to sell gold for the best price: a practical guide
Selling gold unprepared can cost you a big part of its value. These steps help you arrive informed and negotiate with numbers.
1. Calculate the value before you leave home
Weigh your pieces, check the hallmarks and calculate the value with today's price. With that number you will know what percentage each buyer is offering. Use the calculator or the formula in our calculation guide.
2. Separate by karat
If you bring pieces of different karats, do not let them be weighed together. A buyer could pay for everything as if it were the lowest karat. Ask for each group to be weighed and valued separately.
3. Choose your moment
The gold price changes every day. If you are not in a hurry, follow the history on our chart for a few weeks and read the market outlook. Nobody can predict the price with certainty, but knowing the trend helps you avoid selling on a bad day out of ignorance.
4. Compare several offers
Differences between buyers can be large. Visit at least three and write down what each offers per gram and what deductions they apply. Be wary of anyone who will not tell you the price per gram or the karat they assigned to your piece.
5. Insist on a transparent weighing and test
- The scale should be in plain view, zeroed before weighing and show grams with decimals.
- The karat test should be done in front of you.
- Ask for the price, weight and karat in writing on a receipt.
6. Distinguish metal value from item value
Some designer jewelry, antique pieces or collectible coins are worth more than their gold. If you think that applies to you, see an appraiser before selling them as scrap.
If you sell mined gold
Doré, retorted amalgam and concentrates have their own rules: variable grade, silver content and impurities, and refining deductions. Read our guide on how mined gold is valued and, for large lots, request a fire assay from an independent laboratory.
Warning signs
- Offers well above the international price: they often hide a deliberate error in weight or karat.
- Pressure to close the deal on the spot.
- Refusal to give you a receipt.
- Scales out of sight or uncalibrated.