Assuming that you have gold jewelry that you’d like to sell for cash quickly, selling it to a pawn shop is a fast, convenient option that gives you an instant cash payment. With that being said, selling your gold at a pawn shop in Singapore can have significant disadvantages.

From lower prices to a sales process that’s often quite high-pressure and intimidating, especially if you’re a first-time seller. Read on to uncover some of the things you should know before pawning your gold in Singapore.

It is essential that you look into the gold bar price Singapore before deciding on anything.  Keep in mind the pawn gold price Singapore depends on several factors. The most significant being; the current price of gold, the fineness of your gold jewelry and the profit margin the pawn shop expect to get on the sale.

Moreover, it is worth noting that most pawn shops in Singapore will buy gold jewelry. Gold bullion bars, gold coins, and other forms of investment gold generally aren’t worth selling to a pawn shop. No wonder, it is ideal to sell this to a specialist gold bullion buyer.

Like other commodities, it is common for the price of gold to fluctuate over time based on market conditions. Gold prices can change rapidly, making it essential to check the current pawn shop gold prices before deciding on anything.

Note that pawn shops need to make a profit to stay in business, meaning you’ll never be offered the exact spot price for gold jewelry. Rather, you’ll mostly be offered a significantly lower amount that the market price. In most cases, the price on offer per gram tends to be lower the smaller the amount of gold you have to sell.

Even though the specific price you’ll be offered can vary from one pawn shop to another, 50% of the gold’s scrap price is a common amount. It is in your best interest to look into the pawn shop price for gold to avoid getting duped.

For those who would like to pawn gold at best price in Singapore, then you should look no further than United Pawnshop. Simply drop by one of their pawn shop in Singapore and one of their friendly customer service specialists can help you.