1. What is the Scrap Gold Melt Calculator?

The Scrap Gold Melt Calculator determines the intrinsic melt value of gold jewelry or scrap based on its weight, purity (karat), and current gold spot price. It helps estimate the raw material value before any premiums or discounts.

2. How Does the Calculator Work?

The calculator uses the gold value formula:

Where:

• \( Weight \) — Gold weight in troy ounces (oz)
• \( Karat \) — Gold purity (24k = pure gold)
• \( Spot \) — Current gold price per troy ounce (USD)

Explanation: The formula calculates the pure gold content by multiplying weight by the karat fraction (karat/24), then multiplies by the current gold price.

3. Importance of Gold Valuation

Details: Accurate gold valuation is essential for selling scrap gold, insurance appraisals, estate planning, and investment decisions. The melt value represents the minimum value based on gold content.

4. Using the Calculator

Tips: Enter weight in troy ounces (1 troy oz = 31.1 grams), karat purity (common values are 10k, 14k, 18k, 22k), and current gold spot price. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: How accurate is this calculator?
A: It provides the theoretical melt value based on gold content. Actual buy/sell prices may include premiums or discounts.

Q2: What's the difference between karat and carat?
A: Karat measures gold purity (24k = pure), while carat measures gemstone weight (1 carat = 200mg).

Q3: Where can I find current gold spot prices?
A: Spot prices are available from commodity exchanges like COMEX, LBMA, or financial news websites.

Q4: Does this work for gold coins and bars?
A: Yes, if you know the exact gold content. Most bullion is .999+ pure (essentially 24k).

Q5: How do I convert grams to troy ounces?
A: 1 troy ounce = 31.1035 grams. Divide gram weight by 31.1035 to get troy ounces.