916 price today

We have been taught that to buy gold when we have extra money. Do you agree with this statement?

Do you know that the buying price & selling price of the gold jewelries, gold bar/ gold bullion is totally different?

No idea with it and don’t know how the calculation of selling and buying ? Let’s us share about it.

Buying price of gold

Let’s say the buying price of 916 is RM270 per gram. Item you choose is 10.00gram. It is calculated by RM270 x 10.00grams = RM2,700.00. After calculated the item cost, you have to add up another workmanship fee (upah). Let’s say the workmanship fee is RM150. So you have to pay RM2,700 + RM150 (workmanship) = RM2,850. Your item is actually RM285 per gram.

Selling price for gold

There are two (2) options to sell your gold which is trade in or cash. Most of the gold smith shop will only allow you trade in your items. It means that you are only allowed to exchange your item with their items. Of course, it’s not as easy as you think. It doesn’t mean that, just change a brand new design item without paying. NO! NO! NO! Usually there is a depreciation about 25-30% for trade in concept.

For example your item is 10.00gram, and you are looking for 12.5 gram item which selling price is RM270 per gram. Your old item is RM2,700 – 30% = RM1,890. At this moment, you will ask WHY calculate it by RM2,700 but not RM2,850 which the amount purchased previously. It’s because WORKMANSHIP no longer included during you sell your item! While the new item which you going to exchange is RM2,850 + RM150 (workmanship) = RM3,000.

So end up the old item is just cost RM1,890 for trade in and new item total price is RM3,000. You have to pay another RM1,110. This is how we calculate the trade in price for old item and how much to pay for the new item.

How about the selling price of gold for CASH?

This is the most interesting part. Many of us think that, we can earn money from keeping gold. So we will buy many gold to keep and sell when the selling price goes up. But yes, you can earn money if you keep your gold about more than 15 years, 20 years or even more. If you want to resell it for cash, of course there will be higher depreciation compared to trade in. It depends on the shop rules and regulations. Some of the shops deduct 40 – 50%, and some even more. All of the shops might differ of the percentage of deduction. You might have trouble to sell your gold jewelries, gold bar if you lost your receipt. If you having trouble to sell your gold, look for JEWEL CAFE and we will help you to exchange your gold for cash!

Visit us

Walk in to our store at AEON AU2 SETIAWANGSA for more information. Our store located in front of the Cosway.

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