Are you considering selling your gold? Perhaps you have some old jewelry you no longer wear or inherited a collection you're not interested in keeping. Whatever the reason, if you're going to sell gold, there are a few things you need to know first.
Decide Whether to Sell Online or in a Local Store
There are benefits and drawbacks to both options. Selling online is often more convenient because you can do it from the comfort of your own home. However, you'll need to research different gold buyers to ensure you get a fair price.Local stores may not offer the same level of convenience, but you're sure of getting a reasonable price for your gold. To sell gold online, check what different buyers are offering and compare their prices. Check reviews, too, to get an idea of the quality of service each company provides.
Know the Karat Value of Your Gold
The karat value is how gold purity is measured. The higher the karat value, the more pure the gold and the higher the price you expect to get for it. 24-karat gold is the purest form, but it's also the softest. It's not often used in jewelry. 
18-karat gold is a popular choice for jewelry because it's strong enough to withstand everyday wear and tear. 14-karat gold is also commonly used in jewelry, but it's less pure than 18-karat gold.
Determine the Value of Your Gold
Determine the current market price for gold and multiply it by the percentage of gold purity in your piece. For example, if gold sells for $1,000 per ounce and you have a piece that is 14-karat gold, it contains 58.3% pure gold. To calculate the value of your gold, multiply $1,000 by 0.583, which equals $583.
Get Your Gold Appraised
If you have a precious piece of gold jewelry, have it appraised by a professional. The effort will give you a more accurate estimate of its value. Remember that an appraisal will likely cost you a fee, so it's only worth doing if you're planning to sell a high-value piece of gold. Also, remember that the appraised value is not necessarily the same as the market value. You may not get the appraised amount when you sell.
Consider the Cost of Selling Gold
You will have to pay a fee to the buyer when you sell gold. This fee is typically a percentage of the total sale price. For example, if you sell your gold for $100 and the buyer charges a 10% fee, you will receive $90 for your gold. Factor in the cost of selling when determining how much money you'll make from the sale.
Be Prepared to Negotiate
When you're selling gold, be prepared to negotiate. The buyer will likely try to lowball you, so it's essential to know the value of your gold and be firm in your asking price. If you're not comfortable negotiating, bring someone with you who is.Have the original documents, such as invoices, to prove the gold is yours. The invoice details the karat value and weight of the gold, so the buyer can't lowball you on the price.
Choose a Reputable Buyer
Selling gold is a great way to make some extra money. Just be sure to research and choose a reputable buyer to get the best price for your gold. Check online reviews, ask friends or family for recommendations, and get quotes from multiple buyers before deciding. Also, take your time to read all the terms and conditions to know what you agree to. With some research and preparation, you’ll ensure you get a fair price for your gold.