In today's gold market, it's important to know exactly how much gold is worth, whether you are buying or selling. This article will demonstrate how to figure out the value of gold items, from 24k to 8k to everything in between.
Items you will need
- Scale that weighs in grams and ounces
- Up-to-date knowledge about the current price of gold (can easily be found online)
Know the conversion. Gold is typically measured in troy ounces, and:
1 troy ounce = 31.1034768 grams (many simply go with 32 grams.)
Next, know the current price of gold, which can easily be found on most stock websites, in the newspaper, or through the link in the References section.
Convert the current price of gold to grams. If the current price of gold is approximately $1,117 per troy ounce, then:
1,117/31.1034768 = $35.91 for 1 gram of 24k
If you choose to use 32 instead of the long decimal, then:
1,117/32 = $34.91 (if using this number in the calculations below, simply assume that your gold is worth just a little bit more.)
Now you will need to know the different prices of 14k, 10k, and so on. Keep in mind that 24k gold is essentially pure gold, and lesser numbers represent the proportion of purity in the jewelry. So for 14k, simply take 24 and divide it by 14. For 10k, do the same thing, so:
24/14 = 1.71429 24/10 = 2.4
Take these numbers, and divide the price of 1 gram of 24k (in this case, 35.91) by each of them to find the value of 1 gram of 14k and 1 gram of 10k, like this:
35.91/1.71429 = $20.95 for 1 gram 14k 35.91/2.4 = $14.96 for 1 gram 10k
Simply follow the same formula for 12k, 18k, etc.
Weigh any gold that you have to find out its weight in grams (or ounces, if you have that much). Let's say. for example, that you have 1.8 grams of 14k gold. Multiply it by the appropriate price for 14k (in this case, $20.95):
1.8 * 20.95 = $37.71
You have $37.71 of gold.
- Note that the price of gold is always changing, so what you calculate one minute is only an approximation. If you intend to sell or buy gold, make sure that your calculation is as up-to-date as possible.
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