Gold Value Calculator

Determining the value of your gold is a straightforward process. You only need to know three things:

1. Weight: the weight of your gold in grams, pennyweights, ounces, troy ounces, or anything else as long as it is accurate.
2. Purity: the purity (karat or percent) of the gold
3. Spot: the spot price for gold at a given point in time

If you’re looking to calculate the price of your gold, whether it’s in the form of jewelry, coins, or bars, you need to determine the three values described above (weight, purity and spot price) before you are ready to calculate the price of your gold. 

In this article, we will teach you to manually calculate the price of gold and also, we provide an easy-to-use gold calculator that can do the math for you.

Weight

You can use any small scale to measure the weight of your gold. If you want to be very accurate you might want to use a well-calibrated jewelry scale (for example at a reputable jewelry store) but usually it is not necessary.

Tip:

Test any small scale before weighing your gold. Use a penny or nickel to check the accuracy of your scale. A penny should weigh 2.5 grams and a nickel should weigh 5.0 grams (link to US mint).

If you plan to do manual calculation (described later in this post) we recommend using troy ounces (ozt) if your scale has such a setting, otherwise grams (g) or pennyweights (dwt) are good alternative choices. 

Use caution:

Don’t mix up regular ounces (oz) with troy ounces (ozt). In the jewelry trade it is common to use the phrase “ounces” while meaning “troy ounces.” One ounce (oz) equals 28.35 grams while one troy ounce (ozt) equals 31.1 grams. Gold spot price is almost always provided for 1 troy ounce (ozt) of pure gold.

Next, weigh your gold in troy ounces or grams, depending on the unit used in the market you’re referring to. Ensure that you’re using the correct unit of measurement for accurate calculations. You can use a jewelry scale to weigh your gold accurately. Make sure the scale is calibrated correctly. If you don’t have a jewelry scale, you can visit a jeweler or leave it to us so we can provide an accurate appraisal for your gold jewelry.

Purity

Most jewelry is not made of pure gold. Gold is a soft metal so it is not practical to make jewelry that will be soft and prone to breaking/deformation. The purity value communicates which part/percentage of the total weight in the jewelry alloy is actual gold. Most of the time jewelry will have a purity stamp. There are two most common ways of how jewelers denote purity: karat or 3-4 digit fineness number. Just like miles vs kilometers it’s just a slightly different way of measuring the same thing. The purity stamps are typically engraved on the inner part of rings, or clasps of chains and sometimes you might need a loupe to be able to see them.

*attach some photos here

Both scales work in the range of no gold (zero karat or zero fineness) to pure gold (24 karat or 999.9 fineness). In practice, there are only a few jewelry purity values that are common in circulation shown below.

Purity expressed in karats	Purity expressed in fineness	Purity expressed as percentage	Extra notes
10k	417	41.7%	Lowest purity jewelry but it is more resilient to stress and deformation
14k	583 or 585	58.3%	Most common karat for jewelry
18k	750	75%	Higher tier fine jewelry
22k	916 or 917	91.6%	Rarely found and suggests custom order fine jewelry or eastern origin (where high karat jewelry is more common)
24k	999 or 999.9	99.9%	Typically found only in gold bars and coins

While other karats sometimes can be found, such cases are very uncommon.

Caution:

Watch out for stamps after the karat of fineness. 

GF means gold filled (not real gold)

GP, PL, GPL, P might mean plated (coated) gold only on the outside (not real gold)

Rolled, RL - might mean “gold rolled” which is a thick plating that used to be a common thing in the vintage pocket watch industry.

If you can’t find any markings, consider having it tested by a local jeweler or a pawn shop. Alternatively you can test your gold at home by purchasing a very cheap gold testing available on Amazon, eBay or most general-purpose online marketplaces. 

Spot Price / Current Market Price

The market price of gold is the benchmark price used for calculating the value of your gold. This price is quoted per troy ounce. It’s important to note that the gold market price is usually pretty stable but it does fluctuate. You can find current market prices on financial news websites, commodity exchanges, or on our website.

Calculation

To calculate the value of your gold, use the following formula: Value = (Weight in troy ounces) × (Purity as percentage) × (Spot price per one troy once)

For example, if you have a 14k gold necklace weighing 33 grams and the current market price of gold is $1,940 per troy ounce:

• 14k corresponds to 58.3% purity (same as dividing 14 by 24)
• 33 grams equals 1.061 troy ounces (one troy ounce has 31.1 grams so we divide 33 by 31.1)
• We multiply 1.061 troy ounces of weight by 0.583 (purity) and multiply again by spot value of $1940 per troy ounce which gives us:

1.061*0.583*1940=1200

So the full gold value (aka “scrap” or “melt” value) is $1200 in this case

Also, you can use our gold calculator to calculate this value a little faster. In the case of a calculator you just select the weight and purity and it does all the rest for you.

Additional Considerations

Designer Jewelry or Antique fine jewelry/coins can be worth a premium

We only explained how to calculate gold value. If the jewelry piece has some notable history, designer name, or collectible value it can be worth a premium. It might be a good idea to seek a professional appraisal in such cases.

Don’t expect to get full melt value when selling by weight

Gold buyers make money of paying buying for less than they sell. Gold buyers can typically get up to 98-99% of melt value by selling gold to large-scale precious metal refineries. You can expect to get 75-85% from average cash-for-gold buyers. Anything over 85% is a pretty good deal if you don’t have a business account or have large quantities of gold you sell regularly. 

Numismatic Value

Rare coins or historical pieces can have numismatic value beyond their gold content. Research the specific coin’s history and rarity to assess its potential value. Use google image search on a photo of your coin and check online prices on eBay and other places.

Online Gold Calculators

Using an online gold calculator simplifies the process of determining your gold's value. These calculators are user-friendly and require you to input basic information such as weight, purity, and current market price. They provide instant results, helping you make quick and informed decisions.

Conclusion

Calculating the price of your gold involves determining its purity, weight, and the current market price of gold. After such values are determined, you can “plug in” the values into the formula of weight x purity x spot price to get your estimate of gold value (review examples and explanations from the above). Remember that additional factors such as jewelry design, brand, and historical significance can influence the price you ultimately receive. Whether you’re looking to sell or simply assess your wealth, being knowledgeable about the factors that determine your gold’s value puts you in a better position to make informed decisions.

If you're in the market to sell your gold jewelry or bullion, use the gold calculator gold value calculator (goldvaluecalc.com) to get an idea of what your gold value is.

Frequently Asked Questions (FAQ)

What is gold karat?

A gold karat represents the purity level of gold. Jewelry is typically made of alloy that is not completely pure gold. 24k gold is 99% pure. For instance, 22k gold can be calculated as 22/24, which equals 0.916 or 91.6% pure gold, often referred to as 916 gold. Therefore, products like 22k gold are stamped with the 916 seal to indicate their purity. Same idea applies to any other karat. Most popular karats are 14k (58.3% pure) and 10K (41.7% pure).

How to calculate gold price with gold rate calculator?

To calculate gold price using a gold rate calculator, input the weight and purity of the gold item. The calculator then computes its market value based on the current gold rate. This process provides an accurate estimation of the gold's worth, aiding in informed buying, selling, or loan decisions.

How do you calculate scrap gold price?

To calculate scrap gold price, first determine the weight and purity of the gold item. Multiply the weight expressed in troy ounces (1 troy ounce = 31.1 grams) by the purity as a decimal fraction (0.75 for 18 karat aka 750 fineness) and then multiply by the spot price of gold for one troy ounce. 

How to calculate the gold price for 1 gram of gold?

Divide the spot price (which is almost always expressed in troy ounces) by 31.1 and you get the price of 1 gram of pure gold. For example $1940 troy ounce /31.1 = $68.38 per gram. Then if your gold is not pure you multiply the derived number by purity. For example if 14k then $68.38*0.583 = $39.87 (for one gram of 14k gold). Note that we got 0.583 as 14/24 where 24 represents maximum purity.

Can the gold rate calculator be used for different purities of gold?

Yes, you may use the gold rate calculator to calculate the gold rates for different purities. 

How do I use the gold rate calculator?

To use the gold price per gram calculator, simply input the purity of your gold and the weight of your gold in grams (or whichever weight is most convenient as long as you select that unit of measurement). The calculator will then determine the value of your gold based on the provided information.

Can I use the gold price calculator to estimate the value of gold jewelry?

Yes, you can use the Gold Price Calculator to estimate the value of gold jewelry. Simply input the current price of gold per gram and the weight of the jewelry in grams. The calculator will then provide an estimate of the value of the gold content in your jewelry based on the provided information.