After gold, it's no longer gold

How to assess the value of your gold before selling

Before you sell gold, understanding its value is essential. The price depends on three key factors: purity, weight, and the current London Bullion Market Association (LBMA) fix. Purity is measured in carats, with 24-carat gold being 99.9% pure. Most jewellery falls between 9-carat and 18-carat, while bullion bars and coins like Britannias or Sovereigns are typically 22-carat or 24-carat.

Weight is measured in grams or troy ounces, with 1 troy ounce equalling approximately 31.1 grams. Dealers use digital scales to verify weight, and reputable services like GoldUnion include this step in their free valuation. The LBMA fix, updated twice daily, sets the benchmark price for gold in pounds sterling. Checking this rate before selling ensures you receive a fair offer based on real-time market conditions.

A common mistake is assuming all gold items hold the same value. For example, a 22-carat Sovereign coin may fetch a higher price per gram than 9-carat scrap jewellery due to its collectable status. If you’re unsure about your item’s purity, a professional appraisal at a gold dealer in the UK can provide clarity.

Where to sell gold in the UK:

UK sellers have two main options: online platforms or physical branches. Online services offer convenience, allowing you to post items for valuation and receive payment via bank transfer. However, posting valuable items carries risks, such as loss or damage in transit. 

In-branch services, like those offered by GoldUnion, provide immediate appraisals and same-day payouts. This is particularly useful for urgent sales or high-value items, such as gold bars or rare coins. Branches in Bishop’s Stortford and Bognor Regis allow sellers to witness the valuation process, reducing concerns about transparency. For those who prefer face-to-face transactions, this option also eliminates the need to package and post items securely.

Local options are especially valuable for sellers searching for “sell gold near me”. While online platforms dominate search results, physical branches cater to customers who prioritise trust and immediacy. GoldUnion’s branches, for instance, offer a £100 bonus for in-person appointments, adding an incentive for sellers who might otherwise default to online-only services.

Types of gold you can sell: coins, bars, and scrap jewellery

Gold items fall into three broad categories: coins, bars, and scrap jewellery. Each type appeals to different buyers and commands varying prices.

Gold coins, such as Sovereigns or Britannias, are popular among collectors and investors. Their value depends on rarity, condition, and metal content. For example, a 2023 Britannia coin contains exactly one troy ounce of 24-carat gold, making its price closely tied to the LBMA fix. Older Sovereigns, particularly those from the Victorian era, may carry numismatic premiums due to their historical significance. Sellers should note that coins in poor condition or with heavy wear may be valued solely for their metal content.

Gold bars, ranging from 1 gram to 1 kilogram, are favoured by investors seeking pure metal. Brands like Cooksongold, an authorised distributor for GoldUnion, produce bars with serial numbers and certificates of authenticity. These features enhance resale value, as buyers trust verified products. Smaller bars, such as 1-ounce or 100-gram sizes, are easier to sell than larger ones, which may require specialised buyers.

Scrap jewellery, including broken chains or outdated pieces, is typically valued based on weight and purity. While it lacks the premiums of coins or bars, it remains a practical option for sellers looking to liquidate unwanted items. GoldUnion’s service includes a free valuation for scrap gold, ensuring sellers receive a fair price without hidden fees. If you’re considering selling jewellery, their dedicated page outlines what items are accepted and how the process works.

How to avoid scams when selling gold

Selling gold attracts scammers, so vigilance is crucial. The most common scam involves undervaluation, where dealers offer significantly less than the item’s worth. To counter this, obtain multiple quotes from reputable dealers and compare them against the LBMA fix. GoldUnion, for example, updates its prices every minute to reflect market changes, providing transparency for sellers.

Another red flag is pressure to sell immediately. Legitimate dealers allow time for decisions, especially for high-value items. Be wary of unsolicited offers via email or social media, as these often lead to fraudulent transactions. Always verify a dealer’s credentials, such as FCA registration or membership in industry bodies like the British Numismatic Trade Association (BNTA).

For in-person sales, ensure the dealer uses calibrated scales and provides a written valuation. GoldUnion’s branches follow this protocol, offering a secure environment for transactions. If selling online, use tracked and insured postage to protect your items during transit. Never send gold to a dealer without confirmation of their legitimacy and a clear returns policy.

Frequently asked questions

What is the best place to sell gold in the UK?

The best place to sell gold in the UK depends on your priorities. Online platforms offer convenience, but physical branches provide immediacy and transparency. GoldUnion combines both, with branches in Hertfordshire and the South East for in-person sales and an online service for remote transactions. For those searching for the best place to sell gold in the UK, consider factors like payout speed, fees, and customer reviews.

Reputable dealers like GoldUnion are authorised distributors for trusted refiners such as Cooksongold, ensuring fair pricing. Always check for hidden fees, such as assay or sealing charges, which can reduce your payout. Some dealers include these fees in their quotes, while others add them later. GoldUnion’s pricing is transparent, with no additional charges beyond the agreed valuation.

How do I sell gold sovereigns or krugerrands?

Selling gold sovereigns or Krugerrands involves a few key steps. First, verify the coin’s authenticity and condition. Sovereigns are 22-carat gold, while Krugerrands are 24-carat, so their values differ. Check the year of issue, as older coins may carry numismatic premiums. For example, a 1937 Edward VIII Sovereign is rare and valuable, while a modern Sovereign’s price aligns closely with the LBMA fix.

Next, obtain a valuation from a trusted dealer. GoldUnion accepts both Sovereigns and Krugerrands, offering prices based on the current market rate. For in-branch sales, bring the coins to a GoldUnion location for an immediate appraisal. The price of gold sovereigns to sell fluctuates daily, so check the LBMA fix before finalising your sale.

Can I sell scrap gold or broken jewellery?

Yes, you can sell scrap gold or broken jewellery, though its value depends on purity and weight. Scrap gold is typically melted down, so its resale price reflects the metal content rather than craftsmanship. GoldUnion accepts scrap gold, including broken chains, earrings, and rings, and provides a free valuation. The process involves weighing the items and testing their purity using an X-ray fluorescence (XRF) machine, which is non-destructive and accurate.

To maximise your payout, separate items by carat before selling. For example, 18-carat gold fetches a higher price per gram than 9-carat. Remove any non-gold components, such as gemstones or clasps, as these are not valued. If you’re unsure about the purity of your jewellery, a professional appraisal at a GoldUnion branch can help. Their sell my gold service simplifies the process, offering fair prices and secure payouts.

What documents do I need to sell gold in the UK?

When selling gold in the UK, you’ll need proof of identity and, in some cases, proof of ownership. Acceptable ID includes a passport, driving licence, or utility bill. Dealers are legally required to verify your identity under anti-money laundering (AML) regulations, so bring original documents rather than copies. For high-value sales, such as gold bars or rare coins, dealers may request additional documentation, such as a purchase receipt or certificate of authenticity.

If you inherited the gold, a will or letter of administration may be required to prove ownership. GoldUnion’s branches handle these checks efficiently, ensuring compliance with UK law. For online sales, you’ll need to provide scanned copies of your ID and proof of address. Always confirm the dealer’s requirements before sending items, as missing documents can delay your payout.

How is the price of gold determined when selling?

The price of gold is determined by the LBMA fix, a benchmark set twice daily in London. This rate reflects global supply and demand, economic conditions, and currency fluctuations. Dealers use the LBMA fix as a reference, adjusting their buyback prices to account for overheads and profit margins. For example, GoldUnion updates its prices every minute, ensuring sellers receive offers aligned with the current market.

When selling coins or bars, the price may include a premium for rarity or brand recognition. For instance, a Cooksongold bar may fetch a higher price than a generic bar due to its trusted refiner status. Scrap gold, however, is valued solely on weight and purity, with no premiums. To get the best price, monitor the LBMA fix and sell when rates are favourable. Avoid dealers who offer significantly less than the market rate, as this may indicate hidden fees or scams.