If you want an accurate price of 22ct gold you're better off looking for real time updates from stock markets or gold price websites. Most websites will give you the price of gold per gram our ounce based on pure gold (or near pure gold), but 22ct is only 91.66% purity.
If you're selling scrap gold the actual price might be different from what you've calculated; in the case of scrap gold it's probably a little worn or damaged, and the retailer buying the gold has to make a profit so they won't give you the full market price (they normally deduct anything from 10 - 30% off the actual price after deductions for damage).
Find a Real Time Gold Price Site
To begin calculating the price of 22ct gold, find a real time site that shows the current gold rates. For example, http://www.forex.pk/bullion-rates.php offers gold prices based on close of business per day in several currencies and weights.
Calculate the Price Per Weight and Carat
Next you'll need to find out the price of gold per carat and per weight. You'll notice most gold sites show you the price of gold for a certain weight and for 100% purity. You can either use an online calculator such as http://www.royalgoldbuyers.co.uk/gold-price-per-gram.html which offers a calculator and real time prices. If you want to do the calculation yourself you'll need to times the current gold price by the carat (i.e., current price times 0.9166) and times the final sum by the weight of the gold (i.e., current price times 0.9166 times weight in grams).
Calculating the Price of 22ct Scrap Gold
This is a much more difficult task because retailers are likely to deduct anything up to 50% (in some cases) for the gold. Much of what you receive is based on how much gold you give them and in what condition. The best way to find out the price of your scrap gold is to take it to the retailer directly, or take a quick look online to see if they have their own website. Once you know the actual value of gold from the above steps you'll have some idea of where to get the best value for money.
Finding the Best Price
Look out for specialist gold retailers who could give you a better price. For example, if you're looking to trade gold coins then go to a coin collector rather than a normal retailer. If your items have history or extra value don't just sell them for their gold value, share them for their historic significance (if they have any) or to a trade specifically interested in those items.
- Flickr: Karat Gold Scrap