Gold is a long-term portable investment instrument. Indians typically have a lot of gold in the form of jewelry handed down for generations, along with a decent amount of bullions and coins bought solely for investment.
Since gold prices aren’t affected by day-to-day external stimuli, the value doesn’t drastically change by a sizeable margin overnight. Additionally, it can instantly be converted into cash as a quick tradable asset, as there’s no downtime to consider while selling gold.
So, how does one know the correct time to sell gold? Well, there is no fixed answer for when is a good time to sell gold. But there are a few indicators that will tell you about the selling gold rate. Keep them in mind when you decide to sell gold.
The current state of the economy can say a lot about what your gold will fetch in return. While counterparty risks associated with paper assets increase during economic turmoil and at the onset of a recession, gold prices either remain fairly stable or, as history indicates, increase. This also creates an influx of people rushing to hold on to safer assets while ditching the high-risk market- and economy-dependent assets. The boost in demand could further bolster gold prices, making it an excellent time to sell gold.
The correlation between the Indian rupee and the US dollar significantly affects gold prices. The primary reason for this is that gold is an imported product. Hence, when the dollar weakens in comparison to the rupee, the appreciating rupee value can boost the demand for gold in the country, thereby affecting the current gold prices. A higher reigning price could yield better returns on the original value of your gold.
Gold has proven to perform well during crises. Whether it is the Sino-American trade wars, the current ongoing pandemic, or the great recession, gold prices have shown an uptick during all of these situations. While crises negatively impact other assets, gold appreciates in value. Therefore, crises could be a good time to sell gold due to the higher probability of more returns.
Subjectively speaking, in times of personal emergencies, selling gold could be the quickest way to get funds. Unlike other assets, gold has a high liquidity factor, and gold owners can trade gold for cash almost immediately over the counter.
While it’s important to know the best time to sell gold, it is also essential to know where to sell gold. You should not be robbed of the returns you deserve. Wondering where can I sell gold for cash ? Regardless of whether you’re holding gold in the form of jewelry or coins, MMTC-PAMP is a reliable name. MMTC-PAMP’s Gold Buyback program ensures the actual if not more, return on gold. The program involves a series of multi-layered authentication and purification stages, and the entire process is transparent and clearly documented – the customer can see everything on a live CCTV camera. Once the process, which takes roughly 45-60 minutes, is completed, the customer gets cash instantly transferred to their bank account.
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