Are you strapped for cash? Or do you need some funds for your new start-up? You might require funds for your child’s education. It is apparent that you might have many requirements and need to fulfil them. Selling gold coins for cash can be the solution to your impromptu financial needs. Every citizen of India knows the significance of gold and that it often gets used as the best and most suitable investment mode as well. But in an emergency or short-term cash shortage, trading gold can help you get a quick infusion of cash.
Where to Sell Gold Bars Near Me?
In India, there are many places where you can sell your gold bars. The first thing you should do is check if they are a certified seller or not. If they are not certified, it’s best not to deal with them because if anything goes wrong with your transaction, you will be out of luck with no legal recourse. Below are some places you can get cash for gold coins:
- Jewellery Stores: Selling gold to local jewellers is one of the quickest ways to obtain cash. The jeweller will check the weight and purity of the gold, calculate its value and give you payment in cash on the spot. Ensure the gold is in good condition and accompanied by an original purchase receipt.
- Accredited Gold Re-Seller: Several gold re-sellers in India are accredited and can be trusted. They offer a safer alternative to selling your gold at a pawnshop or other establishment. You certainly get assured of receiving maximum value according to the current price.
- Cash for Gold Shops: Several companies mortgage your gold and provide you with money for that to ascertain you fulfil your needs. Most of them test the purity of your gold, provide ultrasonic cleaning of ornaments and follow a 100% transparent process. If you don’t want to mortgage your gold, you can sell it to them to receive the maximum value.
How to Sell Gold and Silver Coins?
You want the best price for your items when selling gold and silver. While it can be tempting to think that it’s easy to find any buyer willing to purchase precious metals, this is not the case. Numerous factors influence the pricing of precious metals, including their rarity and condition. Gold and silver coins rare in circulation are more valuable than common ones. Here are some tips on how to sell gold and silver coins without any hassles:
- Have an Invoice or Bill: A registered buyer will always ask you to provide a bill of purchase of the gold with all the details and purity mentioned. It gives the buyer proof of the item’s authenticity and ensures they cannot dispute any claims of adulteration or impurity.
- Know Current Market Price: The first step in selling gold coins for cash is to know the current market price. You can do this online by searching for “current gold prices” on Google or by going directly to an online site that shows you the current bid and asks prices. Another way is to call up a local jeweller, who will be able to tell you what they are paying for gold at the moment. It will give you an idea of how much money you can expect for your gold.
- Check for Gold Purity: It is essential to check the purity of your gold. A hallmark is a small stamp or mark that indicates that the piece has been officially tested and certified as having a certain level of purity. If your gold is 916-hallmarked, it is sure that the ornaments have 91.6 per cent gold and no mixed alloy.
Should You Sell Gold Without the Purchase Receipt?
You can get cash for gold without a receipt, but you should know that not all jewellers will purchase unsecured gold. Some will only accept gold with a receipt of purchase information. If you sell an item without the original invoice, get a written estimate from the buyer before doing so. It will help ensure that they pay you fairly for your items and don’t try to cheat you out of money. If you decide to sell gold without documentation, make sure you do it with someone trustworthy to get the maximum value for your metals.
Following are the documents required for selling gold in India:
- Passport Size Photo
- PAN Card
- Address Proof (Aadhar Card or Electricity Bill)
- Bank Account Statement
Tax Levied on Gold
When you sell gold, you have to pay taxes on it. The Short-Term Capital Gains Tax would be applied according to the tax bracket you fall in as per the tax regulations. If the sale is made within three years, then the short-term taxes are applicable. The Long-Term Capital Gain Tax applies if you sell it after three years.
The Bottom Line
Selling gold is a personal decision that may require you to analyze your finances and decide how you want to liquidate your assets. If you have doubts about the process or are wondering where to sell gold bars near me, you must understand how Indian gold services work. The price of gold changes daily, so getting an idea of how much your gold is worth before you sell it is imperative. Take your time, research, and get the most money out of what you’re looking to sell.
