Bermuda Gold Exchange is launching locations Island-wide through an agency agreement with Western Union representative, Bermuda Financial Network (BFN).Cash-for-gold counters will be in place this month starting at the Western Union branch in Somerset on the main road, followed by the St George’s Western Union location on King’s Square and the Hamilton location at 133 Front Street next week.BFN managing director Alvin Wilson said yesterday the cash-for-gold business was a good fit for his money transfer locations. He said Western Union staff had been trained in the cash-for-gold business.Bermuda Gold Exchange, which currently has a Reid Street retail outlet, is run by James Gilbert. Its rival is Gold Standard Bermuda, in Washington Mall.“If people have old gold jewellery bought years ago but don’t want, and could use some extra money, especially in this economic climate, they can bring it in and sell it,” he said.Mr Wilson said the cash-for-gold rates offered were the most competitive in Bermuda and were as - if not more - competitive than what you could get in the US.Payouts to customers are based on the current market price of gold and the quality, or carat, of the gold.“People usually leave with hundreds of dollars (for their gold jewellery),” he said.Yesterday gold was trading at around $1,604 an ounce.Mr Wilson said the company decided to start the cash-for-gold expansion in Somerset because it was an underserved community.“People prefer not to have to go all the way into town and deal with the traffic,” he said.The hours of the Western Union/Gold Exchange branch in Somerset will be 10.30am to 5.30pm; Hamilton 8.30am to 5.30pm, and St George’s 10.30am to 4.30pm.In addition, Mr Wilson said Western Union was running a promotion at its branches, offering a total of $15,000 cash in giveaways to customers who make two transactions in any month from now until the end of September. Their names will be entered in a draw for the cash prizes.