Scrap Gold Calculator
The total value of your scrap gold depends on the weight and purity of each individual piece and the current price of gold. You can find the latest gold price information from CNN Money or BBC Market Data (prices in $USD per troy ounce).
The calculator on the left will compute the value of your scrap gold when you input the weight of each item (in troy ounces or grams), the purity of each item (in karats or %), and the current gold price. If you want to figure what your gold is worth by hand, you can also follow the instructions below.
If the purity is given as a percentage, the formula is
For example, suppose you have 4.6 troy ounces of 22k gold jewelry. The total weight of pure gold is 4.6*22/24 = 4.2167 troy ounces. Or suppose you have 12.79 grams of metal that is known to be 56% gold. The total gold weight of the metal is 12.79*56/100 = 7.1624 grams.
Step 2: Add the gold weight of each item to find the total gold weight of your scrap metal and jewelry.
Step 3: Multiply the gold weight by the current price of gold, making sure to use the same units. If you calculate your gold in troy ounces, multiply by the current price per troy ounce. If you calculate in grams, multiply by the price per gram. The final number is the value of your scrap gold.
Example: Christie has 3.1 troy oz of 21k gold jewelry, and 1.8 troy oz of metal that is 15% gold. The total gold weight of the first item is
3.1*21/24 = 2.7125 oz,
and the total gold weight of the second item is
1.8*15/100 = 0.27 oz.
Thus, the total gold weight of both pieces is 2.9825 troy ounces. If the current price of gold is $1700 per troy ounce, then her scrap gold is worth
$1700*2.9825 = $5070.25.
Gold and other precious metals are weighed in troy ounces and troy pounds, not avoirdupois ounces and pounds (i.e., "regular" ounces and pounds). The avoirdupois units are used to measure the weight of everyday items, especially food and body weight. One avoirdupois ounce weighs 28.3495231 grams, and there are 16 avoirdupois ounces in an avoirdupois pound.
Troy units are used only for precious metals. One troy ounce weighs 31.1034768 grams, and there are 12 troy ounces in one troy pound. One troy ounce = 1.09714286 regular ounces, and one regular ounce = 0.911458333 troy ounces.
© Had2Know 2010