How to Value Your Gold: Know What Your Jewelry or Bars Are Really Worth

Do you have old gold jewelry or a coin lying around and wonder how much it's really worth?

Being able to value gold is a necessity if you plan to sell, recycle or insure it. The inherent value of gold always depends on its weight, market rate, and purity.

Here's how to calculate it at home.

Step 1: Know the Purity 

Gold purity is measured in karats. Look for a hallmark, certification, or your receipt for the piece to find the purity. Refer to the following table or our blog here for more information.

Purity (Karat)	% Gold Content
24K	100%
22K	91.6%
18K	75%
14K	58.3%
10K	41.7%

 

Step 2: Weigh Your Gold

Use a scale to weigh your gold and measure in grams.

Step 3: Find spot price of Gold

To find the spot price of gold just google "current gold price per ounce", always look for 24K Gold price. Refer here for detailed steps. If you find the 24k gold per gram rate, you can use that as well.

24k Gold Price Per Gram = 24k Gold Price Per Ounce/31.103

To calculate the spot price per gram of 24K gold, divide the current gold price per troy ounce by 31.103.

Example: Current spot price of gold is $4354.00 per troy oz:

4354.00 / 31.103 = $140 per Gram (24K)

Step 4: Calculate the value

To calculate the value of your gold use this formula:

Gold Value = Weight (Grams) * Purity (%) * 24K Gold Price Per Gram

EXAMPLE 1	22K Gold Ring
Weight (W)	10 grams
Purity (P)	22K = 91.6% = 0.916
Spot Price Per Gram (24K) (S)	$140/gm
Value = (W*P*S)	10*0.916*140 = $1,282.40

 

EXAMPLE 2	50gm Gold Bar
Weight (W)	50 gram
Purity (P)	24K =100% = 1
Spot Price Per Gram (24K) (S)	$140/gm
Value (W*P*S)	= 50*1*140 = $7000.00

This method can help you estimate the rough value of your gold. However, this is not a guarantee that this exact amount will be your payout when you trade it in. More in another blog.