How to Estimate the Value of Gold

It’s always a good idea to calculate the value of your gold on your own before you send it in to one of the gold-buying companies.  This will help you decide whether the amount of money that they offer you is fair or not.

There is a relatively simple equation to calculate the value of your gold.  There are only 3 factors in the equation.  The full equation is:  

(karats ÷ 24) x (price of gold per gram) x (weight of your item in grams)

The first thing you have to do is determine the type of gold that you have, measured in karats.  Many pieces will be engraved or marked with the karat rating.  You might need to use a magnifying glass to see it, as it is usually quite small.  Take the karat rating and divide by 24.  This will give you the first factor of the equation.  The most common karat ratings are 1k, 8k, 9k, 10k, 14k, 15k, 18k, 20k, 22k, and 24k.  Each karat is equal to 1/24th pure gold, with 24 karat gold being 99.9% pure.

How to Estimate Gold Value:

Step1

Consider the item when trying to estimate gold value by finding the gold’s purity. Gold bars, for example, have the amount of gold content on the front or side of the bar, while gold coins have a standard percentage of gold depending on the type (consult coin collecting books or online coin websites to identify the type you’ve got). Gold jewelry over ten karats will bear a stamp—24 karat gold is 99.9 percent gold, 18 karat gold is about 75 percent gold, jewelry stamped 14 karats is 58 percent pure and 10 karat gold contains about 42 percent gold.
Step 2

Weigh the item to help estimate gold value. You can do this with a scale that displays grams. Weigh the item and divide it by 1.5 to determine how much your gold weighs in pennyweights. Twenty pennyweights are equal to one troy ounce, the unit used when discussing the weight of gold. To be accurate, you may want to take off any elements like heavy gemstones, charms that aren’t gold or gold-plated fasteners that will artificially inflate the piece’s weight.
Step 3

Calculate the approximate amount of gold in the item you hope to sell using the weight and the percentage of gold you determined based on the number of karats.

Step 4

Find the current price of gold as the final step to estimate gold value. Prices will be listed soon on our site. Be aware that the price fluctuates, so you may want to check the price on the day you attempt to sell your gold.