Before you sell your gold, ask these 5 key questions to get the best price.
Imagine this: Sarah found an old gold necklace in her drawer and sold it quickly for some extra cash. Just three months later, gold prices jumped, and she realised she could have earned hundreds more if she had waited. This happens to many people who sell gold without checking the right facts first.
In 2025, gold prices have reached record highs — around $2,500 per ounce — as global inflation and central bank demand push values up. But gold prices can also fall quickly, so timing and knowledge matter a lot.
Before you sell, you should ask five key questions that will help you make smart decisions. These questions will guide you to avoid scams, get the best market price, and choose a trusted gold buyer in Australia.
Gold prices change every day. In 2024, gold rose by 20%, according to the World Gold Council. Central banks bought more gold to protect against inflation, keeping prices high through 2025.
But just because prices are high today doesn’t mean they will stay that way tomorrow. The price of gold depends on many things — the U.S. dollar, global demand, inflation, and world events. Selling at the wrong time could cost you hundreds of dollars.
In 2023, a seller in Texas sold gold during a short market dip and received 15% less than she would have just two weeks later. Timing is everything when selling gold.
Action tip: Check live gold prices daily on trusted sites like Kitco, GoldPrice.org, or the World Gold Council website.
Expert quote: “Timing beats emotion every time,” says gold analyst Jane Doe from BullionVault.
Use apps that track live gold prices.
Check if the dealer’s offer matches the current spot price (the market rate).
Remember that buyers often pay slightly less than spot to cover processing fees.
Avoid selling during sudden dips or panic periods.
Gold purity is one of the biggest factors that affect your payout. Many people don’t know the exact karat (purity) of their gold jewellery. Most pieces are 14K or 18K, not pure 24K.
A 2025 survey found that 30% of gold sellers never get a purity test before selling. That mistake can lead to big losses.
A family in Chicago believed their old necklace was 14K. When tested, it turned out to be 22K. That small difference increased the selling price by $1,200.
Action tip: Get a free or low-cost assay (purity test) from a certified lab or dealer before selling.
Expert quote: “Purity tests prevent shortfalls,” says professional gold dealer John Smith.
Understand karats: 24K is pure gold; 18K is 75% gold.
Weigh accurately: Always weigh your gold in grams, not ounces, for better precision.
Check for stones or extra metal: Remove gemstones before weighing; they add no gold value.
Ask for transparency: A good buyer will test your gold in front of you using XRF or acid tests.
You have several choices when selling gold:
Gold dealers: Offer fair and professional appraisals but might take time to process payments.
Pawnshops: Quick cash but often offer lower rates.
Online platforms: Convenient and transparent but may include shipping costs or fees.
Each option has pros and cons depending on your urgency and trust level.
A seller in California earned $800 more selling on eBay compared to a local pawnshop in 2024. However, online selling requires extra care — you must insure and track your shipment.
Action tip: Always compare offers from at least three buyers. Check online reviews on Better Business Bureau (BBB) or Google Reviews before choosing any gold buyer in Australia.
Expert quote: “Shop around for the best bid,” advises financial planner Lisa Green.
Here are some red flags to watch for:
No proper license or business registration.
No written contract or price breakdown.
High fees that reduce your final payout.
Poor online reviews or unclear communication.
A trusted gold buyer in Australia will always provide transparent quotes and proper paperwork.
Taxes and hidden fees can reduce your total profit. In many countries, gold is considered an investment asset. If you sell it for more than you paid, the profit may be taxed.
In Australia, gold that is considered an investment may be subject to Capital Gains Tax (CGT). However, gold jewellery used personally is usually not taxed unless it’s held for investment purposes.
A New York investor sold gold worth $5,000 and paid $500 in taxes and fees, reducing profits by 10%. Always understand your obligations before selling.
Action tip: Keep records of when and where you bought your gold, as this helps calculate capital gains if needed.
Expert quote: “Plan taxes to keep more cash,” says CPA Mark Lee.
Here are some common costs to watch for:
Shipping fees: $20–$50 when mailing gold to online buyers.
Assay or testing fees: Around $50 per test.
Dealer premiums: 1–3% of the gold’s value.
Processing or bank transfer fees: Some buyers charge small service fees.
Quick tip: Ask for a detailed breakdown before agreeing to sell. Transparency means trust.
Gold prices have already risen 15% in 2025, and many experts expect them to remain strong. If global inflation continues, prices may go even higher.
However, no one can predict the market perfectly. That’s why it’s important to understand your own needs before selling.
During 2022’s market volatility, many sellers rushed to sell. But those who waited until 2024 saw their gold value increase by 25%.
Action tip: Set personal goals for selling — such as paying off debt or funding a trip. Don’t rush just because prices look high for now.
Expert quote: “Align sales with your needs, not headlines,” says economist Sarah Kim.
Ask yourself:
Do I urgently need cash now?
Are prices expected to rise further?
Is my gold sentimental or investment-only?
Can I diversify instead of selling everything?
These answers can guide your final decision.
Selling gold can be easy, but doing it smartly takes planning. These five questions help you understand the key factors — from knowing market prices and testing purity to picking a trustworthy buyer and checking taxes.
A smart seller always:
Checks the live market rate.
Tests purity before agreeing to any price.
Compares offers from multiple buyers.
Understands all taxes and fees.
Decides based on both personal need and market timing.
By following this checklist, you can confidently sell your gold and aim to get at least 95% of the spot price.
When you’re ready, take your time to compare offers and choose a trusted gold buyer in Australia. A professional buyer will always explain pricing clearly, test your gold fairly, and pay you on the spot.
According to 2025 industry reports, sellers who plan ahead and ask these five questions earn up to 18% better returns than those who don’t.
So before you sell, pause and prepare — because the right timing, knowledge, and buyer can make all the difference.
