Gold Price Per Gram Calculator - Calculating Value of Your Scrap Gold In 6 Easy Steps
How much will you be paid for gold price per gram, if you plan to sell your scrap gold? Find calculator and explanation of this simple math process here.
Gold scrap might include gold from electronics, a gold tooth, gold jewelry, or various miscellaneous items. Recovery of gold items in circulation and melting gold has long been a popular way to recycle gold.
If you want to sell the gold you have and are looking for a scrap gold buyer, check around. You can sell scarp gold to gold refiners, pawn shops or other gold buyers. Ask whether a minimum amount of scrap gold is required in order for them to buy, and if they accept dental gold and other forms of recycled gold, as well as what portion of the assayed value (the scrap gold prices that you calculated) they will offer you in cash.
Calculating Gold Price Per Gram for Scrap Gold in 6 Easy Steps
Note: Due to the constant changes in the Spot Price, the Scrap Calculator provides market indications of what your karat scrap lot is worth and is not a confirmation of scrap purchase price by dealers. Besides, scrap gold dealers will likely buy the gold from you at about 10 to 20 percent less than what it's actually worth since they must process it and still turn a profit from reselling it.
Knowing how to figure scrap gold prices per gram so you can estimate how much cash those who buy scrap gold should offer you. To make the calculation you will just need to know the karat weight of the gold - 10K, 14K, 18K, or 24K - and have a gram scale.
Step 1 - What is the Current Price of Gold?
The first step is to find what the current market price of gold is. As you probably now, gold is trading on commodities exchanges 24 hours a day, so you have to check the live price of gold before calculating gold price per gram. We made this step easy for you...
Example: $1,213.81 (05-30-2010)
Step 2 - Determine the Gold Price Per Gram
The price of gold is conventionally measured in troy ounces. One troy ounce is exactly 31.1034768 grams. Divide current gold price from step 1 by 31.1034768 grams and the result is current gold price per gram.
Example: $1,213.81 / 31.1034768 = $39,0249
Step 3 - Determine Your Scrap Gold Karat Fineness
Your scrap gold can be of different fineness: 8K, 9K, 10K, 12K, 14K, 16K, 18K, 21K, 21.6K, 22K, 23K or 24K, where K means karat. If you cannot determine the number inscribed on the piece, you may need to have the gold tested by a reputable dealer.
Example: let's say you own gold necklace of 18K
Step 4 - Weigh the Scrap Gold
Weigh each pile of scrap gold using a gram scale. If you can only weigh by ounce, be aware, that every ounce of scrap gold you have is exactly 28.349523125 grams of gold. You can convert imperial ounce to grams with our calculator.
Example: let's say your gold necklace weights 8 grams
Step 5 - Calculate the Gold Price According to the Amount of Pure Gold in the Alloy
24-carat gold is 99.9% pure gold, 18-carat gold is 75% pure gold, 12-carat gold is 50% pure gold, and so forth. Depending on your scrap gold fineness, use the following factors to calculate the pure gold price per gram:
- 10K = 10/24 = 0.4167
- 14K = 14/24 = 0.5833
- 18K = 18/24 = 0.750
Example: $39,0249 * 0.750 = $29,2686
Step 6 - Calculate The Current Market Price Of Scrap Gold
Multiply the number you figured from Step 5 times the weight of gold in grams from Step 4 to finish the calculation of the value of scrap gold.
Example: $29,2686 * 8 = $234,15
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Written by: Goran Dolenc
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