How To Capitalize on Your Gold: Maximizing Exchange Rates

 


Life is unpredictable, and we face financial difficulties when we least expect them. Exchanging gold jewellery is the most common practice in India to deal with economic distress. The exchange of gold for cash can be emotional and stressful when the gold jewellery is a gift from your loved one. When you are emotionally attached to the jewellery, there are chances you might make the wrong decision or settle for lower exchange rates on your gold. Please read the article, as we have brought you excellent tips you should know to maximise the exchange rates for your gold.

Tips To Increase Exchange Rates When You Exchange Gold for Cash:

●       Retain Invoice:

Finding a reputed jeweller to exchange your gold is easy. Any reputable jeweller would ask you for the invoice. Other local gold buyers don’t.

With the invoice, you can avoid any disputes related to the purity and weight of gold in the jewellery. It is also the best way to ensure you get the correct value for the gold you are exchanging.

●       Know The Market Price of Gold:

Do you know even negligible fluctuations in the market rate can translate into a considerable sum when you intend to sell gold? Yes, indeed! On selling, you will lose the making charges and taxes imposed on the gold jewellery when you bought it before, but it would still be beneficial to have references. Therefore, consult with a few reputed jewellers to determine the best price for your gold.

There Are A Few Aspects That Affect the Market Price of Gold:

➢     Inflation:

People are inclined to invest in gold whenever inflation across the nation increases. This practice increases the demand for gold. However, we had seen gold prices rise even when the nation faced recession.

➢     Central Bank’s Decision:

Central bank holds a significant volume of gold they sell when the economy flourishes. They sell the gold through other institutional buyers, which creates a decline in gold value.

➢     Festival And Wedding Seasons Which Is October to December:

Want to Sell Old Gold Jewellery in Kolkata? Wait till the festivals are around. Indian festivals are associated with gold jewellery; thus, the demand for gold around the festive season is higher. The higher the market, the higher the cost of gold would be.

➢     Value Of the Indian Rupee:

When the worth of the Indian rupee declines, the purchasing power also falls. This leads to a reduction in the import of gold and demand for gold.

Considering these factors also help to determine the market price for gold. Therefore, it is recommended to sell your used gold when the market price is higher to get higher prices.

●       Seek The Gold Buyer With Advanced Testing Machines:

Some jewellers might want to melt your gold jewellery to determine its purity. However, this is risky as they might give you a lower price than it should. You can’t do anything after melting. Therefore, choosing a reputed jeweller who uses computerised XRF machine technology is essential. This advanced technology helps in carrying out non-destruction analysis with higher precision. It also ensures you get the most value for your gold jewellery.

Conclusion:

Indians never fail to pay homage to gold. Despite the declining economy and the COVID pandemic, the demand for gold in India has increased, where over 797.3 tonnes of gold valued at INR 340,860 crore were sold in the year 2021. When we all show so much appreciation for gold, why not sell it for the best price in the market? Researching and following the tips shared in the article could get you the best price for your gold jewellery!

Location: Kolkata, West Bengal, India

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