1. What is Scrap Gold Value?

The scrap gold value represents the intrinsic metal value of gold items based on their weight and purity. It's different from retail jewelry prices as it doesn't include craftsmanship or brand value.

2. How Does the Calculator Work?

The calculator uses the gold value formula:

Where:

• \( Weight \) — Weight of your gold in grams
• \( Karat \) — Purity of gold (24K is pure gold)
• \( Gold\ Spot\ Price \) — Current market price of gold per gram

Explanation: The karat value is divided by 24 to get the purity percentage (e.g., 18K = 18/24 = 75% gold).

3. Importance of Gold Purity

Details: Gold purity significantly affects value. 24K is pure gold, while lower karats are alloys. Always verify purity through hallmarks or testing.

4. Using the Calculator

Tips: Weigh your gold precisely in grams. Use accurate, up-to-date spot prices from reliable sources. Select the correct karat value for your gold.

5. Frequently Asked Questions (FAQ)

Q1: Where can I find current gold spot prices?
A: Check financial news websites, commodity exchanges, or gold dealer websites for live spot prices.

Q2: How accurate is this calculation?
A: The calculation is mathematically precise, but actual offers may be lower due to dealer margins and refining costs.

Q3: Should I use grams or troy ounces?
A: This calculator uses grams, which are more common for small quantities. 1 troy ounce = 31.1035 grams.

Q4: What if my gold has stones or other materials?
A: Only the gold content has value in scrap calculations. Other materials typically don't add value.

Q5: How do I know the karat of my gold?
A: Look for hallmarks (e.g., "14K", "585" for 14K). When in doubt, have it tested by a professional.