Cash for gold

How to get a good price for your gold.

Photograph of gold chains

As the price of gold is high, there are lots of companies that buy gold on the high street and online. By shopping around, you may be able to get a better price for your gold. Sending your gold in the post could be risky and you may not get the price you were promised.

Working out the value of gold
You can estimate the value of your gold yourself (see below). Shop around to find out how much your gold, jewellery or other items are worth. Ask a couple of high street jewellers how much they would pay for your gold. Don’t be afraid to haggle to get the right price or to play one jeweller off against another.

How to estimate the value of your gold
You can estimate the value of your gold in three easy steps. All you need to do is to find the hallmark purity, the weight in grams and the current price of gold per gram.

•  Find out the purity of your gold. It usually has a 3-figure hallmark stamp showing the purity. Imagine a decimal point in front of it. For instance a hallmark of 375 means each gram contains 0.375 g of pure gold.

•  Weigh your gold in grams. You can buy a digital jewellery scale for around £5.

•  Look up the current price of gold in £ per gram online. Often the gold price is quoted in US dollars per Troy ounce, so make sure you look up the price in British pounds per gram.

Estimating the price of your gold
Once you have the hallmark purity and weight in grams of your gold and the current price of gold per gram, you are ready to calculate the price of your gold.

Follow this formula: