Gold Selling Myths Vs Facts: Before selling the gold kept at home, remove these 6 misconceptions..

In India, gold is not just jewellery; it is a symbol of trust, celebration, and sensible saving. Be it wedding bracelets, coins, and biscuits, or the new-age digital gold, gold remains the first choice of most Indian households.

But when it comes to selling gold, most people are hesitant. And this hesitation is justified too, because there are many misconceptions and incomplete information about selling gold in the market. Here are the 6 most common myths related to selling gold, which every Indian should stop believing.

Myth 1: Gold can only be sold at the same shop from where it was bought.

This is one of the biggest misconceptions. Many people think that they have to go back to the same shop where they bought it to sell their gold. Whereas the truth is that you can sell your gold to anyone. You can take your gold wherever you want to sell it. There is no need to go back to the dealer or showroom from where you bought it.

What matters most is that the process is transparent and the purity check is correct. Before deciding to sell, get offers and quotations from different places. Your loyalty to a shop is a good thing, but that loyalty should not be paid for by losing money.

Myth 2: Old or used gold fetches a lower price.

Just because your gold is old or worn, it does not mean that its value has gone down. The truth is that gold never gets old, and its value does not decrease with time. The resale value of gold is determined based on its purity and current market rates, not on how old or new it is. That ancestral necklace or bracelet that you have worn for years is still as valuable today.

Myth 3: Making charges and GST are refundable.

Many people believe that when they sell gold, they will get the full price back, including the making charges and GST. Unfortunately, this is not the case. When you sell your gold, the buyer only pays you for the quantity and purity of the gold, not the making charges or taxes you paid upfront. These are service costs and cannot be recovered.

Myth 4: Gold should only be sold in emergencies

Many of us have grown up thinking that gold should only be sold when there is a crisis – like a medical emergency or an urgent financial need. While gold has traditionally been a backup in tough times, this is not the only reason to sell it. Today, people sell gold for much smarter reasons – to upgrade to new designs of jewellery, to invest in better investment opportunities, or to simply get rid of jewellery they no longer use. It is another way of managing your wealth. Selling gold does not mean you are in trouble. This can also be a smart move that helps you put idle assets to better use.

Myth 5: All buyers offer the same price.

The rate may vary from place to place. Some places deduct hidden charges, while some do not provide live market rates. So always go to a certified gold buyer.

Myth 6: There is a loss when selling coins and biscuits.

This is not true. In fact, coins and biscuits often fetch better prices because they are usually made of 24-carat gold and do not involve additional costs like making charges. Also, it is easy to verify their purity, making the process straightforward during resale.

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