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 are usually in troy ounces. It is stated that 1 troy ounce = 31.1034768 grams. 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 an 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.)
- It’s illegal to pay cash for gold! All dealers in the US are required to issue a check for all purchases within the state of Minnesota.
- Since we already know the daily price of the gold, what price are we asking for? It’s depend. in Chicago they pay around 30% of gold price. Between 60 and 70% for the general public is the price you usually get.
- Always test your gold: Sometimes when a piece is marked 10k is actually 11k 12k 13k or a 14k could be 15k,16k,17k.
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 coin – My ultimate favorite.
Canadian Gold Maple Leafs
Australian Gold Nuggets and Kangaroos