A guide on how to sell gold online

Gold has always been a highly valued commodity and its worth has only increased over the years. In today's digital age, it's easier than ever to sell your unwanted gold online, but with so many different websites and marketplaces all promising you the best deal, it can be overwhelming to know where to start or which site will be right for you.

In this guide to selling gold online, we'll explore the gold-selling process, such as understanding how much your gold may be worth and where to find the best places to sell gold online.

How much is gold worth?

Gold is measured in troy ounces, and its price is quoted in various currencies, including US dollars, euros and yen. Prices tend to be highly volatile and can be influenced by several factors, such as demand and supply. It's important to keep an eye on the spot value of gold, which represents the current market price, to ensure you get the best possible deal when you sell your gold.

However, the actual price you get may be lower than the spot value, as buyers need to make a profit too. They may determine the price based on scrap gold prices, which take into account the weight and purity of your gold. Therefore, it's essential to stay informed about the market trends and choose the right time to sell your gold to get the best price possible.

How do I work out the value of my gold?

Before selling your gold, it's worth taking the time to do your own research to understand its potential value. This can sometimes be as simple as looking at the carat stamp on a piece of gold jewellery or weighing the gold on some digital scales.

You will then need to find the current spot price of gold per gram and divide that by 31.1, then finally multiply the total value by the percentage of gold in your jewellery (carat divided by 24) to get the final value.

Additional factors such as the condition and distinguishing features of the piece also impact its value and it's important to bear in mind that buyers need to make a profit, so may offer less than the market price.

How can I tell if my gold is real?

There are a number of tests you can do at home to check if your gold is real. This could be as simple as checking whether the gold has a stamp or hallmark (although fake gold can also occasionally have these markings).

Other methods include:

1. Applying vinegar to the gold to check for a change in colour. If there is a change, the gold is unlikely to be real.
2. Using a lighter to check for changes in colour to the gold when heated. If there is a change, the gold is unlikely to be real.
3. Using a neodymium magnet – if the gold is attracted to the magnet, it is unlikely to be real.
4. Applying toothpaste to the gold to check for black streaks. If the black streak remains after rinsing it under water, the gold is unlikely to be real.

Is it safe to sell gold online?

It’s natural to feel a bit nervous when navigating the gold selling process, especially if this is your first time. It's important to be cautious and do your research to ensure you pick a reputable online dealer with a track record of positive customer reviews and ratings. Be sure to read their policies on shipping, insurance, valuations and pay out options. They should also provide clear instructions for how to send in your gold and what to expect during the valuation process.

Before agreeing to a pay out, make sure you understand the terms and fees associated with the transaction. For instance, some dealers may charge processing fees or offer lower prices for certain types of gold, such as jewellery.

Where to sell gold online

Online marketplaces such as eBay allow you to set your own price and negotiate with potential buyers. There are also numerous online gold buying companies – such as the gold companies we’ve reviewed - that should offer a simple selling process, including free and insured shipping, prompt valuation and payment.

It's important to do your research and compare offers from different buyers to ensure you get the best value for your gold. Look for companies with positive customer reviews and accreditation from reputable industry organisations.

Best place to sell jewellery online UK

Impartial comparison sites such as Gold Comparison continuously monitor and review the leading UK online postal gold buyers based on their level of service, price and speed. We provide you with all the information you need to make an informed choice on the best place to sell jewellery online without having to spend hours scouring the web yourself.

When exploring your options, set out criteria by which to compare gold buying sites. The criteria should include:

• The price offered
• Insurance options when sending gold via post
• Ease of sending gold
• The length of time to get a valuation
• When and how a pay out is provided
• The items they buy
• The percentage of positive reviews
• Return options

For more information on how to sell gold online, check out the Sell Gold section of our website.