Gold Value Formula:
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The scrap gold value formula calculates the market value of gold items based on their weight, purity (karat), and the current gold spot price. It helps determine how much your gold jewelry or scrap gold is worth.
The calculator uses the gold value formula:
Where:
Explanation: The formula calculates the pure gold content in your item (grams × karat/24) and multiplies it by the current gold price to determine the market value.
Details: Gold purity is measured in karats, with 24K being pure gold. Lower karat values indicate the gold is alloyed with other metals. The karat value directly affects how much pure gold your item contains and thus its value.
Tips:
Q1: Where can I find the current gold spot price?
A: Check financial news websites, gold dealer websites, or commodities exchanges for the current gold price per gram.
Q2: How accurate is this calculator?
A: It provides the theoretical melt value based on pure gold content. Actual offers from buyers may be lower due to refining costs and dealer margins.
Q3: Does this include gemstones or other materials?
A: No, this only calculates the gold value. Any gemstones or non-gold components should be valued separately.
Q4: What's the difference between 24K, 18K, and 14K gold?
A: 24K is pure gold (100%), 18K is 75% gold, and 14K is 58.3% gold. The rest is alloy metals.
Q5: How do I convert ounces to grams for this calculator?
A: 1 troy ounce = 31.1035 grams. Multiply ounces by 31.1035 to get grams.