Know the current market price of gold before you try to pawn or sell

The current gold price is used to determine how much you’ll be paid for your gold jewellery. Gold’s price, like that of other commodities, fluctuates over time based on market conditions. Because the price of gold can fluctuate quickly without warning, it’s a good idea to check what the price of gold currently is before you step inside a pawnshop visiting a pawn shop or other business that buys gold.

It should be noted that no pawnshop will pay the market price for gold. Instead, you will typically be offered a price that is slightly lower than the market, or spot, price Staff can be trained to help customers in understanding the quantity of gold jewellery that is offered to   that gets offered for gold jewellery and to ensure that you get the most for your gold jewellery, even if it is broken or damaged.

Selecting the Best Pawnshop for your gold jewellery

Not every pawnshop handles gold.

Some may have employees in their teams who are insufficiently trained or do not be able to access the required technology to test the gold and give accurate valuations. 

Even though most pawnbrokers base their cash offers on the current spot price of gold, their processes may be different. As a result, it’s important to visit reputable pawn shops which have been in business longer than any other.

Customers will typically rely on pawnbrokers to provide the best service and the highest payout possible. The best thing about doing business with a pawnbroker is that you don’t only have to pawn or sell to get cash, you can also upgrade or refresh your jewellery collection by buying choice pieces sold to the public.

But what if you are not ready to part with the item and instead would suit your situation? You could consider pawning it in this case not sell. When you pawn your gold jewellery you are essentially putting it up as collateral. Because a lot of people tend to get attached to their gold, they may not be so ready to part with it. And this is where the question whether one should pawn or sell comes in. Your gold jewellery might have some sentimental value, It might be a family heirloom that you hoped to pass on to the next generation like someone passed it on to you. In this case it might be preferable to pawn it rather than sell it. Some people have high end jewellery that might not fetch as much money from a pawnbroker but they feel they have to approach such a broker to get cash quickly, they may want to pawn and not sell. Others want to use their gold jewellery to get the money they need again in the future, knowing that they can only sell it once but pawn it multiple times. This happens a lot of times. People will recycle the same item to a pawn shop to solve their immediate cash needs and then settle the loan as quickly as possible.

Regardless of whether you make the decision to selling or pawn your gold jewellery there is a pawnshop that will be open to serve you and give you their best offers.