Want to know what your gold is worth?
These easy steps will help you calculate the value of your gold or silver.
The best way to make sure that you are getting a fair value for your precious metals is to know what they’re worth. All you need is some basic math skills (or a calculator) and an accurate scale to weigh your items.
The gold prices you see in the news are based on one troy ounce of 24 karat (99.9%) pure gold. Unless you purchase gold bars or are a coin collector, most of us have gold that is going to differ significantly in weight and purity.
Not to worry! — The value of your gold can be calculated with a few simple steps and arithmetic.
Step 1: Determine The Current Price of Gold
The current price (more accurately “melt” price) for gold is: XML Precious Metals Feed. Please subscribe.
You can also confirm this by searching online or checking your local newspaper
Step 2: Determine The Price of Gold per Gram
Gold differs slightly from traditional units of measure because it is measured in troy ounces (This comes from the troy weights system that was first introduced in Ancient Rome). Troy ounces weigh slightly more than regular ounces and can be defined as 31.1 grams. So, to calculate the price of gold per gram, simply take the current melt price and divide by 31.1.
Step 3: Determine the Purity of Your Gold
Gold jewelry can be categorized into various levels of purity, more commonly known as the Karat system. Most jewelry is stamped with a karat value. The easiest way to determine the purity of your gold is to take the karat value and divide by 24.
Common Karat markings and Purity:
10k = 41.7% Pure
14k = 58.5% Pure
18k = 75% Pure
22k = 91.6% Pure
24k = 99.9% Pure
If you can’t find the marking on your item, you can usually get a pretty good estimate based on the region where your gold was purchased from:
United States = 14k
Middle East/India = 18k-22k
Far East = 24k
Note: Often times, the purity level of gold in jewelry may be slightly lower than what is marked. To be sure that you are getting the full value of the gold, look for items marked KP (Stands for karat plumb). This denotes that this is the least amount of gold in the piece (Example: A piece marked 14kp has at least 58.5% pure gold. It could have more gold, but not less).
Step 4: Multiply the Price per Gram by the Purity
The price per gram determined above is for 24k gold. Since most gold is not 24k, you have to take into account the purity to calculate the right price per gram.
Step 5: Determine The Weight of Your Gold
This step is easy! Make sure to have an accurate scale that can weigh in grams.
Step 6: Multiply the Price per Gram by the Weight
And finally, take the price per gram you calculated in step 4 and multiply by the weight.
Voila! There you have it. This is exactly what your gold is worth.
Too many steps? Use our precious metal calculator below and determine what your gold is worth in seconds!
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