Scrap Gold – How to calculate its value?

You need to be constantly updated with the current market in order to find out the price of gold. Before calculating the value your jewels, getting to know the live price of gold is needed and as of now, gold is on a commodities exchange 24/7.An example that we will be inputting is $1,632.92.2)

Establishing the Gold Prices Per Gram.

The measurements of the price of gold is usually in troy ounces.It is stated that 1 troy ounce = 31.1034768 grams. So in order to calculate the current gold prices per gram, division of the current gold prices by 31.1034768 is needed. An example is $1,632.92/31.1034768 = $52.49963)

Concluding the fineness of your scrap gold karat.

The fineness of scrap gold ranges from 8K all the way to 24K. K represents karat. If the amount of fineness is not engraved or indicated in the gold piece, heading to a honorable and trustworthy dealer is required so as to test the fineness of your gold product.For example, the fineness of your gold product is 14K.4)

Measure the scrap gold.

A gram scale is vital for measuring each pile of scrap gold. However, if the product can only be weight by ounce, take note that 1 ounce scrap gold 18k = 28.34952312 grams gold. An example for the weight of your gold product is 5 grams.5) The quantity of pure gold in the alloy will assist you in calculating the gold price.

As the 24K gold is 99.9% pure gold, it is used as a standard to be divided with. Our example would be 14K = 14/24 = 0.5833

Thus, $52.4996 X 0.5833 = $30.62306)

For the final step.

The current market price of scrap gold needs to be calculated In order to know the current market price of scrap gold, multiplying the pure gold price per gram by the weight of the scrap gold is needed.Example: $30.6230 X 5g = $153.115

Now, being able to calculate gold prices  for your own scrap gold and looking at how the Gold is rising? As the value of gold is high, have you thought of selling your gold products for more cash? If you haven’t already known, gold products are the best path to input your money because unlike a car, it does not depreciate quickly and it will be very valuable in the long term. Always remember that Gold will always increase in the long run.

Here are some gold products that I highly recommend if you ever think of investing your money into gold items and selling it later for a higher value:

Chinese Gold Panda coinMy ultimate favorite.
Canadian Gold Maple Leafs
Australian Gold Nuggets and Kangaroos

By Alexandre Laurent

Alexandre Laurentl is working in the jewelry and investment gold since 2002. Alexandre graduated from The Normandy School of Business and from the University of Perpignan a Bachelor of economics in 1995.

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