How to Determine the Price of Gold You’re Selling

How to Determine the Price of Gold You’re Selling

Before you go to sell your scrap gold or gold jewelry, you may want to try and figure out just how much your pieces are worth before you take them in. Follow these tips to figure out about how much your gold is value.

  1. Use a magnifying glass to decipher the karat number on each piece. If you can’t read it, you could choose to have the gold tested. Keep in mind, though, that most of the gold jewelry manufactured before 1980 is a little below its marked karat value.
  2. Keep gold coins separate from the rest of your gold. If you have gold coins, they may have anumismatic value which is above their metal value. This is usually be based on age, rarity, and the overall condition of the coin. If this is the case, take it to a coin dealer to find out it’s worth.
  3. Weigh your scrap gold. Purchase a jeweler’s scale for the most accurate weight of your gold. If you don’t have access to one, just take your gold to a jeweler for weighing. Weigh your items in groups, based on their particular karat.
  4. Determine the current price of gold. All you have to do is search the Internet or look it up in your local newspaper. Gold is valued per troy ounce, which is equal to 31.1 grams. The price of gold fluctuates hourly, though, according to supply and demand, so the price could be completely different from one part of the day to the next.
  5. Divide today’s gold price in dollars per ounce by 31.1 for the gold price per gram. For example, if today’s price per ounce is USD$1,600, then today’s price per gram is USD$51.45.
  6. Multiply by the fineness of the gold. For each group of gold, divide the karat by 24, then multiply that number by today’s gold price per gram. For example, if you have 10K gold and the current price of gold is USD$1,600 per ounce, or USD$51.45 per gram ($1,600/31.1), then the price of your scrap gold is USD$21.44 per gram.
  7. Multiply the price per gram by the weight in grams. If you have 10 grams of 10K gold and you calculated the price at USD$21.44 per gram, then your scrap gold is worth USD$214.40.
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