Indian people love to buy gold and use it as jewellery, a symbol of luxury, or an investment tool. However, we do not always purchase gold. Sometimes, people sell gold when they are in dire need of money. Gold can be considered a valuable financial instrument that will pay off during financial emergencies. It’s an excellent alternative to personal loans when it comes to meeting financial obligations. However, not many people are familiar with the process of selling gold to get cash. Read on to know the process of selling gold coins in India and receiving cash.
Search for a Reliable Buyer
Gold coins are sold to reliable buyers that offer instant cash. Most people think that anyone ready to buy gold can be considered a buyer. However, a local shop that buys without prior testing cannot be regarded as a reliable buyer. A seller needs to search for a recognised source that buys gold only after complete testing. A local jewellery shop will tell you the price of gold only by touching it. They will not even care to check the quality or weight of gold. They do so to cheat the consumer and offer them less money in exchange for gold. At times, local jewellers steal some portion of the gold on account of gold cleansing. Gold cannot be trusted in the hands of these local shops. You must search for a reliable buyer to sell gold and receive cash. A reliable buyer will always offer the right price in exchange for the customer’s gold.
The Process of Selling Gold in India
Once a reliable buyer is selected, the process of selling gold is pretty simple. The next step is to choose the right day to sell gold in any particular city. For choosing the right day, daily gold prices are to be checked. Gold prices fluctuate according to inflation, gold quality, market scenario, and many other factors. Individuals should choose a day when the gold price is highest in their locality to get more cash. Consider someone who wants to sell standard gold in Bangalore. They need to check the 22 carat old gold rate today in Bangalore on the internet. Every day’s price of gold in any city is readily available on the internet. Individuals can also connect with reliable gold buyers to know the real-time price of gold. Once the perfect date for selling gold is selected, the steps to follow are:
Search for the nearest branch of the gold buyer and visit it. One can also choose to sell their gold from home without moving. However, only selected gold buyers in the country offer doorstep services to customers.
Before doing anything, the buyer will clean the gold bought by any customer. It is done to get the correct weight of gold, excluding the dirt.
Visit the office of the gold buyer and get the quality of the gold tested. Any gold can be pure gold or standard gold. It can also be lower-quality gold, like 14Ct or 20Ct.
Once the weight and quality of the gold are identified, the buyer will evaluate the price of gold. Based on the current market price, the cash will be offered to the customer in exchange for gold. Before offering money to the customer, a buyer can ask for the original receipt of the gold.
Some lenders offer instant cash after selling gold, while others provide money in the designated bank account. After selling their gold to a reliable buyer, customers will also get a receipt.
What to Consider Before Selling Gold Coins in India?
Things to consider before selling gold coins are mentioned below:
Look for a buyer that considers the current market price of gold. For example, assume someone is selling gold in Bangalore. They need to search for a buyer who accepts the gold rate today in Bangalore to compute the value of gold articles being sold.
Look for a buyer that cleans gold using ultrasonic technology. It will prevent the stealing of gold during the cleansing process.
Choose a buyer who performs gold testing with XRF machines before the customer.
Conclusion
Currently, gold prices are rising across the country. So check the gold rate today in Bangalore or any city to sell it at the best price!
Apart from this if you are interested to know about Gold Price then visit our Business Fashion Finance category.
