Calculate How much is your scrap gold worth?

You have Gold to sell? before you walk into any cash for gold place or any other jewelry store that’s claiming to offer you top dollar for your gold. You don’t have to be a jeweler to calculate scrap gold value any more, Here is what you need to know!

Below is the easiest way to calculate approximate value of what your Gold…

You will need to know;

Karat of Gold,

Weight of your gold Jewelry,

Spot price for gold for that day.

Karat of Gold,

Most gold jewelry will be stamped 10K, 14K, 18K 21, 22 or 24K. Look for the stamp carefully.

If there are markings such as GF or GP that’s typically means this isn’t real gold its either gold filled with very low percentage of gold or gold plated.

Weight of Your Gold

Jewelry store use gold weighing scale for accurately weight: gold, gold can be weighed in pennyweight (dwt) or Grams. Keep in mind that weight will include weight of gemstones in your jewelry.

Spot Price for Gold:

Spot Price will give you value for 1oz of Pure gold i.e 24K. Simple google search for ‘spot price of gold’ will render the price per oz in below format

Live Metal Spot Price (24hrs) Jul 27, 2017 at 21:01 EST
GOLD SPOT PRICES TODAY CHANGE
Gold Price Per Ounce $ 1,263.21 9.57

On July/27/2017 Gold Price is showing $1263.21

Now using all this information with our attached formula below, you can get approximate scrap gold value for your piece of jewelry. (note if Jewelry consists of gem stones, jeweler will deduct approximate  weight of gems from the gram weight). Also there is some gold loss during the melt down process, jeweler may deduct 1-2% gold weight for the loss.

Formula:

Gold Value X      Gold Gram Weight    X    Purity rate per Gram       = Value

Purity Rate per Gram:      10K   –>  0.013397642

14K   –>  0.018756699

18K   –>  0.024115756

21K  –>  0.028135048

22K  –>  0.029474812

Formula:

Gold Price X Weight in Grams X purity Rate per Gram

Example:

10K Gold with 10 grams at 1237 per ounce below is the value calculation

Gold Price X Weight in Grams X purity Rate per Gram

1263.21 X 10 X 0.013398

Approx Value:   $169.21