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What is the value of my scrap gold?

When selling scrap gold you'll always want to get the best deal, but this is difficult if you're not sure exactly what you should base your prices on or how to calculate gold price at all. Here's a handy guide to help you do just that - and you don't need to be an expert in rocks and minerals.

 

What is the Current Value of Gold Based On?

Gold is always related to the economy. When the economy is down a little, gold prices go up. The value of gold changes everyday, so you'll want to check out the most recent gold prices, which will be in troy ounces and dollars. You'll need to find out the current gold prices before moving on to the next steps in calculating your gold.

 

Weight, Purity and Online Calculators

If you don't have a gold testing kit - which not many people selling their old scrap gold will - then you need to find a handy online calculator. Any will do, as long as you can input the current gold price on the market (or at least find a calculate which already takes into account current market prices). If you prefer to calculate the value yourself, here's the formula you need to calculate your gold price based on current market rates:

(Current Price % 31.1) x (Carat $) x (Weight in grams)

 

Scrap Gold Value

Now you have the price of your gold you can work out whether the retail you've gone to will provide you with a good deal. They'll quote a price per gram, so you can check your own value against theirs. Remember, however, that retailers will only give you around 80% - 95% of the actual value of your gold.

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