Understanding the price of 18ct gold per gram
Despite the fact that we all know exactly what it is, and understand that it's a very valuable commodity, there are very few of us who don't work in the jewellery trade who understand exactly how gold prices are calculated. It often seems something of a mystery, which is something that buyers of used jewellery tend to use against those who try to sell their unwanted goods.
Gold uses the carat system in order to determine the quality of the metal, enabling people to know at a quick glance how valuable certain pieces are. While this is common knowledge, the actual meaning of carat, or how it is measured remains less understood.
Gold is grouped into 9 carat, 14 carat, 18 carat, 22 carat and 24 carat ratings. 24 carat gold represents the purest form of the metal, at 99.9% purity, while 9 carat gold is usually the lowest used for jewellery at around 35%.
Because gold is such a soft metal in comparison to others, before it is used in jewellery, it is generally strengthened by adding another much stronger metal to it, often stainless silver. In doing this, the purity of the gold is obviously reduced, and the overall percentage left over when the process has been completed will be reflected in the gold's final carat rating.
When you are selling your scrap gold, whether it's jewellery received from an old relationship that you have no desire to hold onto, or broken pieces that are sitting in the bottom of a drawer, it's important to know how the prices are calculated so that you can ensure you receive the best price.
You can check out the up to date scrap gold prices online at www.bestpriceforgold.co.uk ahead of your trip to your local gold dealer, so you'll know whether or not any offer made is realistic.
For example the current price of 18ct gold per gram at the time of writing is at least £20.70 per gram, so if you are offered anything lower, it's time to try a more reputable store!