Cash for Gold: How To Get The Best Price in Singapore

Selling your old gold jewellery or bars can be a practical way to raise cash. However, different dealers offer different prices. Here is how to understand what your gold is worth and how to approach the sale. Before you start, check the current reference price and read our guide on where to sell gold in Singapore.

1. Know Your Gold's Underlying Value First

Before you step into a shop, you should understand the underlying gold content value of what you're selling. Use the calculator below to estimate this based on weight, purity, and the current reference price.

This estimate reflects the underlying gold content before dealer deductions. Actual offers can differ because of testing, refining costs, product condition, resale demand and the buyer's margin.

2. Understand Dealer Margins

Dealers will not pay you 100% of the spot price — they need a margin to cover their costs and profit. The actual percentage you receive depends on:

• The type of gold (bars vs jewellery)
• The purity (999.9 bars vs 916 jewellery)
• The dealer's assessment and testing process
• Current resale demand for that product
• Whether the item has original packaging or assay documentation

Investment-grade bars in original packaging with assay certificates typically achieve tighter spreads than scrap jewellery without hallmarks. Rather than assuming a fixed percentage, request quotes from multiple dealers and compare.

3. Compare Multiple Quotes

Never accept the first offer. Visit at least three places:

1. A reputable bullion dealer
2. A traditional goldsmith in Chinatown or Little India
3. A neighbourhood pawnshop chain

You can also use our dealer comparison table to request quotes via WhatsApp.

4. Watch the Weighing Scale

Ensure the dealer weighs your gold in front of you. In Singapore, dealers must use scales approved by Enterprise Singapore (Weights and Measures). The scale should be clearly visible to you.

5. Don't Let Them Acid-Test Unnecessarily

If your jewellery has clear hallmarks (like "916" or "22K"), a reputable dealer can verify it using an XRF (X-ray fluorescence) machine without damaging it. Acid testing involves scratching the gold, which damages the piece if you decide not to sell it.

Summary Checklist

• Check current reference price
• Calculate estimated gold content value
• Separate items by karat
• Get at least 3 quotes
• Ensure visible weighing on approved scales
• Request non-destructive testing where possible