Introduction

A few months ago, an Aussie man found an old gold chain at the back of his drawer. It was broken and unused for years. Instead of keeping it, he decided to try cash for gold in Australia. By the end of the same day, that old chain turned into $2,500 cash in his bank account. 💰

Stories like this are very common in Australia right now.

In 2026, gold prices hit around $3,500 per ounce due to strong global demand and market uncertainty. Many Australians are using this chance to turn old or unwanted gold into fast money.

In this guide, you will learn how the cash for gold process works in Australia, step by step. We will explain pricing, buyers, safety tips, and mistakes to avoid.
Key takeaway: If you prepare well and choose the right buyer, you can get top dollar for your gold.

Why Sell Gold in Australia Right Now?

Gold Price Trends Down Under

Gold prices in Australia are very strong in 2026. According to Perth Mint data, the spot price of gold is up nearly 25% year-on-year.

Here’s why prices are high:

  • Global demand for gold is rising

  • Economic uncertainty pushes people to safe assets

  • The Australian dollar is weaker, which increases gold value locally

This means Australians get more cash for gold compared to past years.

Benefits of Cashing In

Selling gold has many benefits:

  • Quick money: No long loan process or credit checks

  • No interest: Unlike personal loans or credit cards

  • Tax-free for personal items: Most personal jewellery is not taxed under ATO rules

As Sydney jeweller Mark Lee says:

“Gold beats savings rates when prices are this high.”

Real-World Example

A Melbourne family had old heirloom gold rings sitting unused. They decided to sell them to help pay university fees. After comparing buyers, they received 15% more than melt value. The money helped without taking a loan.

Step 1: Assess Your Gold Items

Before selling, you need to understand what you have.

Types of Gold You Can Sell

Most cash for gold buyers in Australia accept:

  • Gold jewellery (rings, chains, bangles)

  • Gold coins

  • Scrap gold

  • Broken jewellery

  • Dental gold

Even damaged or broken gold still has value.

Karat Guide: Know Your Purity

Gold purity is measured in karats (K):

  • 9K: Low purity, common in Australia

  • 10K–14K: Medium purity

  • 18K: High purity

  • 22K–24K: Very high purity

Look for small stamps like 9K, 18K, 750, or 999 on your items.

How to Test Purity at Home

You can do basic checks at home:

  • Magnet test: Gold is not magnetic

  • Acid test kits: Available online (use carefully)

Also:

  • Weigh your gold using a digital scale

  • Note any hallmarks or stamps

These steps help you understand value before visiting a buyer.

Common Pitfalls to Avoid

Do not make these mistakes:

  • ❌ Do not polish or clean gold harshly

  • ❌ Do not remove stones yourself

Tip: Use a soft cloth only. Harsh cleaning can lower value.

Step 2: Find a Trusted Buyer

Choosing the right buyer is the most important part of the cash for gold process.

Top Options in Australia

You can sell gold to:

  • Local pawn shops

  • Jewellery stores

  • Online refiners like ABC Refinery

  • Dedicated cash for gold stores

Brick-and-mortar buyers

  • Pros: Instant payment, face-to-face

  • Cons: Slightly lower rates sometimes

Mail-in services

  • Pros: High payouts, professional testing

  • Cons: 1–3 day wait

Red Flags to Spot

Avoid buyers who:

  • Have no license or physical address

  • Pressure you to sell fast

  • Refuse to explain pricing

Expert tip: Always check if the buyer is a member of the Gold Traders Association of Australia.

Case Study: Perth Seller’s Win

A Perth woman mailed 50 grams of scrap gold to a refinery. The gold was assayed professionally, and she received $4,200 via bank transfer within 48 hours. No stress, no pressure.

How Pricing and Payout Work

Understanding pricing helps you avoid being underpaid.

Factors That Set Your Price

Your payout depends on:

  • Current gold spot price

  • Purity of gold

  • Weight of gold

  • Refining fees (usually 5–10%)

In 2026, industry data shows the average payout is around 92% of melt value.

The Assay Process Explained

Most buyers use XRF testing:

  • Non-destructive

  • Instant purity check

  • Very accurate

Timeline:

  • In-store: Instant results

  • Mail-in: 1–3 business days

Payout Methods

Australian buyers usually offer:

  • Cash (in-store)

  • EFT / bank transfer

  • Cheque

Important tips:

  • Always ask for a written quote

  • Confirm the final payout before selling

Step 3: Complete the Sale Safely

Paperwork and Legal Bits

Australian law requires:

  • Valid photo ID (passport or driver’s license)

  • Compliance with AUSTRAC rules

  • Sales receipt for records

This protects both buyer and seller.

Post-Sale Tips

After selling:

  • Keep your receipt

  • Track Capital Gains Tax only if selling investment gold

  • Personal jewellery is usually CGT-free

You can also:

  • Reinvest in gold ETFs

  • Pay bills or clear debt

  • Save for emergencies

Expert Quote and Takeaway

Brisbane refinery expert says:

“Verify twice, sell once.”

Action steps:

  • Compare at least 2 buyers

  • Check live gold prices

  • Never rush your decision

Conclusion

Selling gold in Australia is simple when you understand the process.

The Cash for Gold Process in 5 Steps:

  1. Check what gold you have

  2. Know current gold prices

  3. Choose a trusted buyer

  4. Understand pricing and testing

  5. Complete the sale safely

In 2025 alone, Australians sold over $150 million worth of gold, according to ABS data. This number keeps growing as prices rise.

Final Call to Action

Look through your drawers today. Old chains, broken rings, or unused jewellery could be worth more than you think.
Compare quotes, choose a trusted buyer, and turn your gold into cash for gold—fast and safely. 💰