Here, we have compiled the most frequently asked questions to help you buy or sell gold with confidence. Read on.
Whether you’re selling old jewellery or interested in investing, buying, or selling gold in Brisbane can be a confusing task if you’re not aware of the market scenarios. Here are 10 FAQs to help you understand the basics of buying and selling gold, and how you can get the maximum payout on your gold.
- How is the gold price determined?
The price of gold is determined by the international spot price, which fluctuates every day, similar to the global stock markets. This spot price is internationally measured in Troy Ounces, the standard gold measurement, which can be easily converted as per your gold or silver needs.
Once the Purity and Weight have been calculated in front of you, the gold price is accordingly determined.
- What is karat (K) in gold?
Karat indicates gold purity. The higher the karat, the higher the content of gold in your jewellery, scrap or bullion product.
- 24K = pure gold (99.9%)
- 18K = 75% gold
- 9K = 37.5% gold
- What are hallmarks, and why are they important?
A hallmark is a small hallmark/stamp that informs you about purity. In Australia, you’ll commonly find:
- 375 = 9K
- 417 = 10K
- 585 = 14K
- 750 = 18K
- 999 = 24K
These markings provide both you and the appraiser with a starting point, but professional gold Brokers in Brisbane will conduct purity tests to assess the gold purity despite its hallmark/stamp.
The table below shows how the same weight varies with different payouts depending on their gold purity or gold content.
| Karat (K) | Purity % | Hallmark Stamp | Gold Content in 10g | Example Value
(if spot price = $100/g) |
| 24K | 99.90% | 999 | 10g pure gold | $1,000 |
| 18K | 75% | 750 | 7.5g pure gold | $750 |
| 14K | 58.50% | 585 | 5.85g pure gold | $585 |
| 9K | 37.50% | 375 | 3.75g pure gold | $375 |
*This chart shows
- How do Brisbane’s gold buyers test purity?
The most trusted Gold Buyers in Brisbane use XRF testing, which is quick, non-invasive, and highly accurate.
XRF machines can detect all metals in the item, verifying both karat and whether there are other metals or plating that can impact the value of your gold.
Before XRF testing became common, traditional methods were used. That included acid testing, where a small drop of acid is applied to the gold to see how it reacts, and fire assays, which involve melting the gold to measure its purity. XRF is quick and doesn’t damage your jewellery, but sometimes traditional tests are still used for really valuable pieces
Tip: While many of the gold brokers in Brisbane will measure your gold in front of you, if not, you can always request the store’s staff to measure the weight and purity of your gold product.
At Cash Your Gold, our staff ensures that your gold is assessed in your presence to maintain your trust and peace of mind. Every process is performed in front of you so you can sell your gold with confidence.
- What steps are performed when I sell my gold?
Selling is easy but takes a few steps:
- Weighing – Gold buyers in Brisbane verify the gross weight of your item.
- Purity testing – Most reputable buyers use XRF (X-ray fluorescence) machines to test purity, which doesn’t damage your gold and is highly accurate. Some may also rely on traditional methods like acid testing or a touchstone test for cross-verification.
- Calculation – The price of your gold is calculated based on the current spot price, the purity of your gold, weight of your gold minus any small handling fees.
Final Price=(Spot Price × Weight of Gold × Purity Percentage) − Handling Fees
- Quote & Payment – When you agree to the Quote, you are paid the agreed price of your gold on the spot via cash or bank transfer.
- What can I sell that is gold?
You can sell nearly everything with gold in it, such as:
- Broken or old jewellery
- Coins, bars, or bullion
- Dental gold (crowns, bridges)
- Scrap or nuggets of gold
The condition of your gold does not matter for refining. Even worn-out or broken ones have value based on gold content.
- Do I have to provide ID when selling gold in Brisbane?
Yes. Customers must present either one valid photographic ID or 2 non-photographic IDs while selling gold.
- Is it better to sell to a gold buyer, jeweller, or pawnshop?
- Gold buyers in Brisbane offer you the highest price for your gold based on the live market value, since they are interested in the gold content, not resale value.
- Jewellers might provide less value since they take into account the cost of design, brand, and labour to melt or resell your gold. A jewellers’ primary interest is reselling and making a profit from the gold products.
- Pawnshops usually give the lowest payout against gold, as their line of business is short-term borrowing and they include a bigger margin of risk.
- What becomes of gold after I sell it?
Sold gold typically follows one of two routes:
- Refining – This process includes melting gold and turning it into bars or bullion to be resold or used industrially.
- Reselling – If you sell a vintage, designed, or branded gold jewellery piece, it might be cleaned, polished, and resold.
Knowing what happens to your gold after you sell it gives you peace of mind, and you can sell your items with confidence. Any reputable buyer in Brisbane will inform you about what they plan to do with your precious metals, keeping the process completely transparent.
- How do I ensure getting the maximum cash when selling gold?
If you want to ensure that you receive the highest payout on your gold items, follow these simple steps:
- Inspect hallmarks/stamps before selling.
- Stay updated on the current spot price.
- Weigh items at home to approximately validate the gross weight.
- Choose a gold exchange over pawnshops or jewellers, as they perform a fair and open assessment of your jewellery, explain the calculation, and pay the best price immediately.
Final Word
Now that you have a clear understanding of how to sell your gold and what to expect, you can visit one of the most trusted gold buyers in Brisbane, Cash Your Gold, to get the best value for your old gold!
Being aware of your gold’s purity, hallmarks/stamps, spot prices, and what the gold brokers in Brisbane do with your gold, you can make sound decisions confidently.
Want to receive the highest payout on your gold items? Contact us now and get the best price on your items.
1. Chermside (North Brisbane)
- Address: Suite 5, 832 Gympie Rd, Chermside, QLD 4032
- Phone: 07 49 390 234
- Email: info@cashyourgold.net.au
- Hours: Mon–Fri: 9:00 AM – 5:30 PM; Sat: 10:00 AM – 4:00 PM
- Details: Located opposite Westfield Chermside, with parking available behind the building and easy access via Hamilton Road.
2. Sunnybank (South Brisbane)
- Address: 6/409 Mains Rd, Macgregor, QLD 4109
- Phone: 07 2142 6862
- Email: info@cashyourgold.net.au
- Hours: Mon–Fri: 9:00 AM – 5:00 PM; Sat: 10:00 AM – 4:00 PM
- Details: Conveniently located in the heart of Sunnybank, easily accessible for residents.
3. Browns Plains (South-West Brisbane)
- Address: Unit 3/3376 Mount Lindesay Hwy, Regents Park, QLD 4118
- Phone: 07 2142 6482
- Email: info@cashyourgold.net.au
- Hours: Mon–Fri: 9:00 AM – 5:00 PM; Sat: 10:00 AM – 4:00 PM
- Details: Situated along the Mount Lindesay Highway, this location serves the south-western suburbs of Brisbane.
