1. What is Scrap Gold Value?

The scrap gold value is the monetary worth of gold items based on their weight, purity, and the current market price of gold. Unlike jewelry with artistic value, scrap gold is valued purely for its metal content.

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• \( Grams \) — Weight of your gold in grams
• \( Spot \) — Current market price of pure gold per gram
• \( PurityFactor \) — Multiplier based on gold karat (24K = 0.999, 22K = 0.916, etc.)

Explanation: The calculation accounts for both the weight of your gold and its purity level to determine its melt value.

3. Importance of Gold Purity

Details: Gold purity is measured in karats, with 24K being nearly pure gold. Lower karats contain more alloy metals, reducing the gold content and therefore the value.

4. Using the Calculator

Tips: Weigh your gold items carefully using a precision scale. Use the current live gold spot price for most accurate results. Select the correct karat purity for your items.

5. Frequently Asked Questions (FAQ)

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

Q2: How accurate is this calculator?
A: It provides a good estimate, but actual buy prices may be lower due to dealer margins and refining costs.

Q3: Should I weigh gold in grams or troy ounces?
A: Grams are more precise for small quantities. 1 troy ounce = 31.1035 grams.

Q4: What's the difference between 24K and other purities?
A: 24K is 99.9% pure, 22K is 91.6%, 18K is 75%, 14K is 58.3%, and 10K is 41.7% pure gold.

Q5: Does this calculator work for gold coins and bars?
A: Yes, as long as you know the weight and purity. Some coins may carry numismatic value above melt value.