How to Calculate the Value of Scrap Gold

If you are willing to sell the gold that you have, you need to ensure that you don’t sell it short of its actual value. Before anything else, you need to wait for the right opportunity to sell your gold. Selling when the economy is going through a bad phase may not be a good idea as the price of gold is at its lowest during these times. You should know the exact worth of your gold at any given time to sell at the best rate. Moreover, during the whole process you should be in touch with several dealers to compare rates and offers and accept the best bargain.

Instructions

  • 1

    Determine value by Karat

    You can separate the gold with its karat weight and then assess the value. This is also helpful in determining whether the items you have are of the exact weight that is mentioned on them or not. Use a magnifying glass to read the karat number on each item and then discuss the value with a reputable dealer with the total number of karats that you have. Keep in mind that most of the jewelry made before 1980 is marketed with a slightly lesser value as laws have changed since then.

  • 2

    Determine the Gram Weight

    The next thing you need to do is weight your gold on a jeweler’s scale. You can find this on a jewelry store or you can buy the scale from the market at a relatively cheap price. Weigh each item separately rather than piling the whole bunch on the scale. Note down all the readings, and in the end convert them to grams if the scale measures in ounces. Making all your weight measurements in the same unit will come in handy.

  • 3

    Determine the price

    Finally, you need to multiply the gram weight of the gold that you have with the daily market rate of selling. You can find the current price of gold in the newspaper or on the internet. However, if you intend to use the gold that you have for making a new set of jewelry, there will be a loss in weight during the designing.

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