Once you’ve found the correct gold purity and weight of your gold, learning how to value gold is now easy. You can use the gold calculator found on this page to very quickly and easily find the current market value of your gold. All you have to do is enter the current spot price of gold per ounce as it appears at the top of the chart located in the gold calculator (no comma to separate thousands). Then enter the weight of your gold in grams for each of the karat values you have. The calculator will then calculate the current market or “melt value” of your gold for you!
Below is a breakdown of how the calculator works. It is a description of how you would “manually” calculate the current market value of your gold in four steps:
Step 1: Separate your gold items by purity and find the total weight for each group separately (in units of grams).
Step 2: Determine today’s price of gold per gram. You can do this by dividing the current spot price of gold per ounce by 31.1.
Step 3: Find the price per gram for each of the different purities of gold you have. You do this by dividing the karat value of your gold by 24, and 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 $45.00 per gram ($1,399.50 per ounce / 31.1), then the price of your scrap gold is $45.00 x .4167 = $18.75 per gram.
(By dividing the karat value of your gold by 24 (pure gold) you are finding the exact percentage of “pure gold” in your item)
10k = 10/24 = .4167
14k = 14/24 = .5833
18k = 18/24 = .750
Step 4: Multiply the price per gram by the weight in grams. If you have 15.25 grams of 10k gold and you calculated the price at $18.75 per gram, then your scrap gold would have a “melt value” of $285.94 (15.25 (total grams of 10k gold) x $18.75 (price per gram).
Once you have found the value of all of your separate gold purity groups simply add those totals together to find the total market value of your gold!
Let’s say you have 5.6 grams of 14k gold and 15.3 grams of 10k gold and today’s price per ounce of gold is at $1,400.00. First, divide $1,400.00 by 31.1 which equals $45.016 (today’s price per gram for pure 24k gold), multiplied by .5833 (14k) which equals $26.26 (today’s price per gram for 14k gold). Then multiply $26.26 by 5.6 grams which equals $147.04 (today’s market value for your 14k gold).
Next, do the same for your 10k gold. $45.016 multiplied by .4167 equals $18.75 (today’s price per gram for 10k gold). Then multiply $18.75 by 15.3 (total grams of your 10k gold) and that equals $286.88 (today’s market value of your 10k gold).
Now simply add the two values together $147.04 + $286.88 = $433.92 and that would equal today’s total market or “melt value” for all of your gold!
Finding the Weight and Purity of Your Gold:
If you are like the majority of people visiting this site, and you’re simply looking to sell a few of your gold items as a “one time thing” then here are a couple ways that you can find their gold content and weight very inexpensively or even for FREE!
1. You can take your items to a local pawnshop or gold buyer who has an acid, electronic, or XRF gold tester. Let them know that you are looking to sell these gold items, and ask that they test and weigh them for you (make sure that they DO IT IN FRONT OF YOU so that you can see the results for yourself!). Then, if they don’t offer you a price for your items which is at least 75% of current market value (which I cover in detail in “Insider Gold Selling Secrets”), simply collect your items and take them somewhere else to sell. Only now you’ll know exactly what you have, and more importantly you can now figure out EXACLTY how much it’s really worth!
2. You can take your gold to a local gold assayer who has an XRF machine and can tell you exactly how much gold your item(s) contain. Most local gold assayers will charge a fee around $20.00 to have this done, but this will vary from city to city so be sure to call around and get quotes first before spending your valuable time driving to them. You can find a list of gold assayers by doing a Google search for “YOUR CITY gold assayers” or by looking in the phone book under gold sellers/dealers. Also, many gold assayers are also BUYERS of gold and many of them will test your item(s) for FREE if you decide to sell to them (I cover what percentage of market value that you SHOULD get from these types of buyers in Insider Gold Selling Secrets).
3. If your gold is already “hallmarked” and you are fairly confident that the hallmark is accurate, but you just don’t have a scale to weight your items you can use an “automated” postal shipping machine which can usually be found at your local post office to weigh your items for free so that you don’t have to buy a scale!
Here’s a list of a few more Gold Value Calculators with some additional and useful functionality: