Supermarket battles with pawnbrokers for lucrative market.
The Tesco Gold Exchange is upping the ante by offering its cash for gold customers £10 per gram on 9ct gold.
The supermarket soft launched its cash for gold service at the end of November online and in 15 stores. Its initial price offering was £7.81 per gram for 9ct gold but it will increase this to £10 per gram for 9ct gold from today until the end of January.
Tesco’s move into the cash for gold market has caused ripples amongst pawnbrokers leading Monsterpriceforgold.com to promise its customers 10 percent more than Tesco for their gold, up to 90 percent of the bullion value.
The supermarket said it is planning to raise the standards of the cash-for-gold market, which has been subjected to an Office of Fair Trading (OFT) investigation after dubious pricing set by some companies, by offering better prices for gold.
A Tesco spokesperson said: “Customers have been are poorly served in this area so we’re pleased that we can trial a trustworthy service that is transparent and offers market-leading value. Tesco Gold Exchange helps customers feel confident about raising a few extra pounds from their unwanted gold, enabling them to spend it on something more worthwhile.”