If you are looking to make some money out of gold then you may refer to the old adage buy low, and sell high. This is easier said than done as the gold market can be one which is quite volatile and not easy to predict. The price of gold has been standardised around the world, meaning that you will pay roughly the same amount for an equal measure of gold, anywhere in the world, including at Goldbuyersmelbourne.com.au pawn shops in Melbourne. That’s just one source among the many around Australia.
That being said, there are also local factors which can affect the price of gold, which means that the price can go up or down, due to various reasons. These reasons can be the world market, or you can also see movement in the price of gold for more local reasons.
Back to School in Thailand
Every year in Thailand the pawn shops and gold dealers become very busy towards the end of April and the start of May. The reason for this is that this is the time of year that the new school term starts, which means school tuition fees are due. Traditionally, this is when a lot of the poorer families will either pawn or sell their gold in order to make sure that their children’s school fees can be paid. This can force the buying price of the gold down with so much finished gold flooding the market. The gold dealers and pawn shops will try and knock the price down as much as they can in order to save themselves some money. So, this is also traditionally an excellent time of year to buy finished gold jewelry as you may be able to get it slightly cheaper than you would at other times of the year.
India’s Wedding and Festival Season
Just like Thailand, India also has times of the year when the local market can affect the price of gold, especially finished gold jewellery. India has its festival season which runs from August to October, and also the wedding season which runs from November to December, and also from late March through to early May. During this time of year traditionally gold is bought, especially finished gold jewellery. India still has a dowry system in place so when a couple is going to get married the families will usually buy gold for the occasion. During these times of the year, you can see the price of finished gold jewellery varying slightly when compared to the market price of gold. As with everything, when demand goes up, so does the price.
The Market Price of Gold
There are plenty of other countries around the world that have similar times of the year when the demand for finished gold jewelry can rise and fall. Although there may be slight fluctuations locally, they will still always follow the market price of gold as it is dictated by the commodities market. As said before, the best time to buy gold is when the price is low, and if you are looking to make money you will need to sell when the price is high, that is not going to change. If you do some careful planning though you may be able to follow the market price of gold and then coincide either buying or selling gold to take advantage of the current local market. Learn more about buying and selling gold at Goldcore. Gold traditionally increases in value over time, but there is still plenty of room to make a profit if you are shrewd.
