*
With yellow climbing to every time high it may be a great time come clean the end your jewelry box complete of broken chains and old rings. Of course you want to get the most for her items, and also the only way to perform that is to figure out what girlfriend have before you try to sell it. Every the details you must calculate the worth of yourscrap items ismentioned below. Girlfriend can additionally use ours scrap calculatorto gain an approximate value for the lot of gold, silver or platinum in her items.

You are watching: Price of gold per penny weight

Download printable instructions (PDF)

Gold high quality or Purity

Gold jewel is do in various purities. Girlfriend will need to recognize what karat your gold is. We will use 10k, 14k and also 18k together our examples on just how to calculate the value. 24K IS PURE GOLD

*
*
*
*
10 / 24 = 0.4166641.7% PURE14 / 24 = 0.5833358.3% PURE18 / 24 = 0.75075% PURE24 / 24 = 1.0100% PURE

Weigh her Gold

You will must know how much her gold weighs. Gold is sold and weighed in troy ounces. Jewelers and also gold buyers use two various calculations, pennyweights (DWT) and also grams (G) The value of your gold will be specifically the exact same regardless the what weighing method is used. Offered Jewelry buyer LLC provides pennyweights.

*
*
*

Using the over conversions, here"s one example: 23.7g / 1.555 = 15.24dwt

Spot Price of Gold

The spot price of yellow is the price the is selling for at any type of given time. Because the point out price is changing constantly you will require to recognize the current spot price of yellow to identify the value of her scrap gold. The existing spot yellow price is listed in the document or on the internet however I have actually it noted right ~ above the house page of this web-site.

*
On respectable 29, 2013 one troy ounce of yellow traded in ~ $1,407.30

Calculate the value of 14k Gold

We will use 14k gold together our example on exactly how to calculation actual gold content and its value. The exact same formula works for 10k and also 18k.

EXAMPLE: Your 14k yellow yellow chain weights 24.2 pennyweights (dwt)


Step 1

24.2 dwt ∗ .583%

14.1 pennyweight pure gold

Remember, the purity of 14k is 58.3%. We have actually a scrap gold chain that weighs 24.2 pennyweights. The is 14k so over there is 58.3% pure yellow in the chain. Us took 24.2 pennyweights and also multiplied the by .583% to gain the load of the pure gold. Us come up v 14.1 pennyweights of pure gold.


Step 2

spot gold price the $1349.00 ÷ 20 pennyweight every oz

$67.45 per pennyweight

There room 20 pennyweights in one trojan ounce. Spot gold is marketing for $1349.00 per troy ounce. We divided $1349.00 through 20 to get a pure gold value of $67.45 every pennyweight.


Step 3

14.1 dwt ∗ $67.45

$951.05

Actual pure yellow content value of chain.We climate multiplied 14.1 pennyweights the pure yellow times $67.45 per pennyweight and we obtain $951.05.


What can I offer It For?

Your scrap yellow chain has actually $951.05 worth of pure gold. Obviously over there is cost associated with refining her gold and also operating a organization so you will not gain the full value of her gold. However if friend take your gold come a reputable buyer the strictly specialization in buying gold you have to expect to acquire 80% to 85%. If girlfriend are available less 보다 this the is not a legitimate offer.

*

Do not sell your gold prior to you recognize what the is worth.

Why would certainly you? at the price of gold now you may be talking around a the majority of money. It is precious a few minutes of her time to perform a tiny homework. There space businesses the will offer you as tiny as $150.00 for her old chain. Or businesses favor mine that will market you as much as $800.00. The is precious a little inconvenience or probably a slightly longer drive to gain the many out of your old jewelry.

Ask Questions

Most people who have actually gold to offer don’t really know the true melt down value of your gold. Using the above calculations provides you that knowledge. At supplied Jewelry Buyer, our project is to educate you with details so you deserve to make ideal selling decision.

See more: What Does Charity Begins At Home Mean, Charity Starts At Home

For much more information,Contact Ustoday in ~ (314) 974-6699or visit our store in St. Charles, MO.