Gold Loans: Process, Tips and What You Should Know
Gold Prices: Valuing Your Gold
Understanding the gold price is essential to valuing your gold items and borrowing against them. Daily commodities markets affect gold prices, therefore check Kitco for the spot price per ounce.
Weigh your items after knowing the price per ounce to determine gold content in ounces. Since 24-carat gold costs in Canada are higher, jewellery will not be 24K pure gold. The 75% pure 18K gold content is 0.75 times the ounce weight.
Remember that jewellery gold melts at a lower price than raw gold bullion. Gold loan and bank lending criteria vary; however, you may usually borrow 70-90%. Top designer jewels may also evaluate brand and style.
Gold loan steps
The 1-ounce gold price is CAD 2600. Not sure how to get a gold loan? Simple process—no concerns.
Reliable Gold Loans: Find a local gold lending company online or by asking friends and family.
Present ID and Gold: Acquire a passport or driver's license and gold jewellery, bars, or coins as collateral. To determine market value, gold lending companies must authenticate your identity and assess the gold's purity and weight.
Arrange an evaluation and loan: Gold lending business assessors determine carat purity. The price of gold will be determined by weight. Based on the company, the loan is 70-90% of that price.
A loan agreement with interest rate, repayment length, and renewal options will be signed if the loan amount is approved.
Get Gold for Loan Repayment: Till the debt is settled, pay monthly. After payment, gold is available.
