1. What is the Scrap Gold Calculator?

The Scrap Gold Calculator estimates the value of gold items based on their weight, purity (karat), and the current gold spot price. It's useful for evaluating jewelry, coins, and other gold items.

2. How Does the Calculator Work?

The calculator uses the gold value formula:

Where:

• \( Weight \) — Gold weight in grams
• \( Karat \) — Gold purity (24K is pure gold)
• \( Spot \) — Current gold price per gram in USD

Explanation: The formula calculates the pure gold content by multiplying weight by the karat fraction (e.g., 18K = 18/24 = 75% gold), then multiplies by the current gold price.

3. Importance of Gold Purity

Details: Gold purity significantly affects value. 24K is pure gold, while lower karats contain alloys. Common purities are 24K, 22K, 18K, 14K, and 10K.

4. Using the Calculator

Tips: Enter accurate weight in grams, select the correct karat value, and use the current spot price from reliable sources like Kitco. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Where can I find the current gold spot price?
A: Reliable sources include Kitco, LBMA, or financial news websites. Prices are typically quoted per troy ounce or per gram.

Q2: How do I determine the karat of my gold?
A: Look for hallmarks (e.g., "24K", "18K") on jewelry. When in doubt, have it tested by a professional.

Q3: Does this calculator account for craftsmanship value?
A: No, this calculates only the melt value of the gold content. Antique or designer pieces may have additional value.

Q4: What's the difference between troy ounces and grams?
A: 1 troy ounce = 31.1035 grams. Make sure to use consistent units in calculations.

Q5: How often does the spot price change?
A: Gold prices fluctuate continuously during market hours based on global supply and demand.