Blog & Journal


A Guide to Selling or Pawning Gold for Cash

luxuryhut November 10, 2020

Gold prices are presently at their record-breaking levels. If you are looking to get access to some fast cash, sell or pawn your gold jewellery or any gold items and raise instant cash for gold. Keeping in mind today’s high prices of gold, selling or pawning gold can be an excellent way to raise some money.

There are many places to sell or get a loan against gold in London. However, it is necessary to choose the right place to make sure the process is smooth, and you are getting the best possible amount of cash for gold.

The Luxury Hut offers a quick and secure way to sell or pawn gold in London or from anywhere in the UK. Whether you sell gold or pawn it, you will receive an accurate and competitive price for your gold, based on the metal’s spot price on the day of valuation.

However, continue reading below to explore more information on selling or pawning gold, thereby helping you to secure the best possible deal.

How the Prices of Gold Work?

Gold, also commonly known as the “safe-haven asset” is priced based on its weight. And values are typically offered for one Kilogram, one ounce, and one gram of pure gold.

For instance, the current spot price of gold as of November 9, 2020, is £45.92 per gram, £45,922 per Kilogram and £1,428.33 per ounce.

However, gold prices often change like any other commodities. Thus, before you finally decide on a particular place to sell or pawn your scrap gold or any gold items, get a free initial valuation to ascertain how much your asset can fetch you.

It is essential to note that 24ct gold is known as “pure” gold as it contains 99.99% pure gold. So if you know the carat weight of your gold, you can quickly get an accurate quote for your gold asset.

Pure 24ct gold is pretty soft and pliable and possesses an intense orange colour. It is used for making gold bars or bullion and coins. However, while 24ct gold is bright in colour and soft, it is not used for making jewellery.

In fact, less pure gold forms like 18ct, 14ct and 10ct gold are typically utilised for creating rings, bracelets, earrings, or any gold jewellery and also, watches. But this does not mean that you cannot get cash against gold of 18ct, 14ct, 10ct or 22ct weight.

If you sell or pawn these gold forms like a gold engagement ring, the price you will receive in return will be based on the amount of pure gold present in it that can be extricated from the asset after melting.

What do You Mean by the “Spot Price” of Gold?

The term “spot price” of gold refers to the price at which you can buy or sell gold at that particular moment. Or in the other way, you can say that gold spot price is the price of the metal right now. And it is the most significant price to be considered if you are looking to sell or get a loan against gold.

The Best Time to Sell or Pawn Gold

Gold is a safe-haven asset as it always holds value and in fact, appreciates during the challenging market situation. So you can choose to sell or pawn gold whenever you need cash. Otherwise, the best time to raise cash for gold would be when gold’s spot price is high.

And the gold price is now at the highest level, and you can expect it to continue appreciating in coming days. Thus, perhaps there is no better time to sell or get a loan against gold.

Thus, if you have scrap gold or old gold jewellery that you no longer use and want to get instant access to cash, consider selling or pawning your gold with any trusted pawnbrokers like at The Luxury Hut.

Fill up our online form now, providing all details on your gold item that you want to sell or pawn and get a free initial price quote. Or call us on 0207 242 5411 for an instant, accurate appraisal over the phone.

Whether you pawn your scrap gold or sell a gold ring, the final amount of cash you will obtain for your precious item will be based on the gold’s spot price on the day of valuation.

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