In Australia, the price you can sell gold for depends on its purity and the weight, with 24ct gold (99.9% pure) fetching the highest price per gram.
Gold has always been a sign of wealth and a safe way to keep your money safe. Gold Buyers Melbourne is one of the most trusted places to buy and sell gold in Australia. The gold market is strong there. You can get the most money for your gold by following this plan. It will show you current market trends, and prices, and how to get the best price for your gold.
How Much Gold Costs Now in Australia
Gold’s value changes every day based on demand, market trends, and the state of the world economy. Gold is worth about AUD 4,657.80 an ounce in Australia on March 7, 2025. It has gone up a lot since last year, when it was AUD 3,254.40 per gold ounce. It has gone up more than 43%.
- The Following Things Can Change The Price Of Gold: Gold is often used as a hedge against inflation or losing the value of money.
- Market Demand: Prices can go up if there is a lot of demand for gold coins or investments backed by gold.
- Rates of Exchange: When the value of the Australian dollar goes down, gold in Australia starts to get more expensive.
Things that Affect the Price at which You Can Sell Gold
There are several things that affect how much you can get for your gold when you sell it in Australia:
Value of Purity (karat):
According to Karats, gold is either all gold or 75% gold. For example, 24K is gold and 18K is 75% gold.
Gold is worth more if it has a higher karat value. When you sell, make sure you know how pure it is.
How Much:
- Most of the time, grams or silver ounces are used to measure gold.
- Gold is more expensive when it weighs more.
Price at the Market Spot:
- One troy ounce of pure gold can be bought on the market at the spot price.
- People who want to buy usually pay a little less than the spot price to cover the cost of processing and make a profit.
The State and Shape:
- When buyers take into account the costs of melting and refining, jewellery can sell for less than gold.
- Since coins and bars are all the same quality and weight, their prices tend to be closer to the spot price.
Type of Buyer:
- Different buyers offer different prices. As an example:
- The margins at pawn places make them pay less.
- Specialists who buy gold in Melbourne usually have good prices.
Where in Melbourne Can I Sell My Gold?
There are many honest gold buyers in Melbourne who offer prices that are close to what the market will bear. Here are some common choices:
Professionals Who Buy Gold:
- Buying and selling valuable metal is all they do for a living.
- They pay more than jewellery stores and swap shops.
Stores that Sell Jewellery:
- There aren’t many jewellery shops that will buy old or extra gold jewellery.
- When compared to professional buyers, they might not pay as much.
- Sending gold to most sites is how you can sell it online.
- Make sure the buyer is honest and has clear prices.
Pawnshops:
Pawnshops are handy, but they usually pay less because they want to make money by selling the items again.
Buyers on Their Own
You might make more money if you sell straight to private buyers, but it’s risky because people might scam you or not pay you.
How to Sell Your Gold for the Most Money
Do these things to get the most money back when you sell gold:
Find out How Much Your Gold Is Worth
- Use a gold tester or have a professional look at it to see how pure it is.
- Get the right weight for your gold and use current spot prices to guess how much it’s worth.
Look into Buyers:
- Look at what other buyers are offering before you decide to buy.
- Make sure the companies you work with are good by reading reviews and scores.
Talk About:
- If you don’t think the first offer is fair, don’t be afraid to talk it down.
- If customers think there is competition, they might make a higher deal.
Stay Away From Scams:
- Watch out for people who want to make a lot less than the market value.
- Stay away from deals that seem too good to be true or that ask for money upfront.
When to Sell:
- Keep an eye on the market and get out of it when prices are high.
- Today might be a good day to sell since prices are almost at all-time highs (AUD 4,657.80 an ounce).
How to Understand Fees and Deductions
When you sell gold, keep in mind that most buyers will take out refining or handling fees:
- Refining fees can be between 1% and 5% of the value.
- There may also be extra costs for some buyers to weigh or test your gold.
- Before you finalise a sale, you should always ask for a list of all the charges.
How to Sell Scrap Gold vs. Bullion
That which you sell changes the value of gold too:
Used Gold Jewellery Scrap
- Usually sold for less because it has flaws and costs more to refine.
- Great for broken or old jewellery that doesn’t mean anything to you.
Gold Bullion (Bars and Coins)
- Gets higher prices because it’s simpler to check the weight and purity.
- Often chosen by investors who want common forms of gold.
Tax Effects of Selling Gold
In Australia, selling gold may have tax effects based on the type of gold sold:
- It is a capital asset to sell investment-grade gold, which means coins or bars with a purity level of more than 99.5%.
- If you sell gold and make money, you might have to pay capital gains tax (CGT).
- Most of the time, selling scrap gold or jewellery won’t be charged unless it’s done as part of a business.
- If you’re not sure what your duties are, talk to a tax professional.
Why Now Sell Gold?
- Because of the way the economy is right now, now is a good time to sell.
- In the past year, gold prices have gone up a lot—by more than 43%.
- Fears of inflation have made more people want safe investments like gold.
- You can make money when prices are high if you sell now.
Conclusion
If you do it right, selling gold in Australia can be a good way to make money. You can make the most money without getting into any extra trouble if you look at real-time market prices, find known gold buyers in Melbourne, and do things the right way. With prices close to AUD 4,657.80 an ounce, which is a record high, today might be the best time to double your money. Planning ahead is important if you want your sales to be useful, whether you’re getting rid of old jewellery or high-quality bullion investment pieces.