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

    Selling your old gold jewellery or bars can be a great way to raise cash. However, different dealers offer vastly different prices. Here is how to ensure you get the best payout.

    1. Know Your Gold's True Value First

    Before you step into a shop, you must know what your gold is worth.

    • Use our Gold Worth Calculator formula.
    • Check the live spot price on Gold.com.sg right before you sell.
    • Separate your gold by karat (e.g., keep 916 gold separate from 18K gold).

    2. Understand the "Spread"

    Dealers will never pay you 100% of the spot price — they need to make a profit.

    • For Gold Bars (999.9): Expect to get 95% to 98% of the spot price.
    • For Gold Jewellery (916, 18K): Expect to get 80% to 90% of the spot price.

    If a dealer offers you less than 80% for your 916 gold, walk away.

    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 neighborhood pawnshop (Maxi-Cash, ValueMax, MoneyMax)

    Surprisingly, large pawnshop chains often give very competitive rates for scrap gold.

    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 live spot price
    • Calculate estimated value
    • Separate by karat
    • Get 3 quotes
    • Ensure visible weighing