When selling gold, the gold buyer will give you less than the actual value of your gold so that they will be able to earn a profit. If you are wondering just how much your gold is worth, there are ways to figure out the value. By knowing how much gold content you have, you will put yourself in a better position to make more money when selling. There are three factors that will determine how much value your gold has:
You have likely heard of 24 karat gold, this is the highest purity and means that your item is 100% gold. If 24k = 100%, gold items with a lower number of karats means that it is combined with another metal (e.g. 12k = 50%). Even if your item is only 12k gold, it could still have other valuable precious metal content. You may be able to find markings to determine the purity.
Now that you have found the purity, you need to weigh the gold items that you have. This will allow you to know exactly how much gold content the item possesses. If your gold is 12k and weigh 10 grams, then that means that you will have 5 grams of gold. Continue this process with other precious metals and determine your total precious metal content.
Gold is a valuable commodity that has a market price which can change often. By selling at a time when the price of gold is high, you will earn more money. The price of gold is often displayed by ounce. If you have to, convert your gram units into a percentage of an ounce to determine the value. An example of the formula can be found below:
(Weight(oz) X Purity(%)) X Gold Price = Value