People nowadays invest in buying and collecting pieces of precious jewellery because of their good market value. One of the most common items is gold which usually comes in the form of earrings, necklaces, rings, and other jewels.
But to distinguish the estimated value of your gold, it is advised to use our Gold Price Calculator.
What is a Gold Calculator?
A gold price calculator is also recognised as the calculator used to check the value of generic gold melt. This system is used to get the gold metal value in a certain item with gold purity and weight. Such items can be rings, chains, pendants, bangles, bracelets, and earrings. There are also gold coins and gold bullion that offer great value because of their high gold content.
This gold price calculator can calculate the value of one gold metal item at a time. However, if you wish to calculate multiple gold metal items simultaneously, you can use the scrap gold price calculator. For gold bullion coins and bars, you may use a gold bullion price calculator.
Know The Value of Your Gold Items
In calculating the gold melt value of your piece, the first thing to do is to determine how gold is priced, measured and rated for purity.
Here’s more information about each aspect of the gold piece value:
Purity :
You get gold quality in the form of karats. Karats refer to the measure of the purity of gold ranging from 1 to 24. Typically, you will find it recorded on the gold jewellery piece such as 14K, 22K or 24K. You can get its percentage purity by dividing any of these numbers by 24. If you have 24K, you get 1.0 which means 100 percent pure.
In some instances, the percentage value is stamped with numbers such as 375. This means that there is 37.5 percent content of gold in the item and it is equivalent to 9K.
Upon determining the gold purity, make sure to get its measurement on a scale. For gold prices, they are often quoted based on troy ounces. A troy ounce is equivalent to 31.1g. This way, it will be easier to divide the current price of your gold item by 31.1 to obtain its cost per gram.
The Price :
If you are dealing with a gold price calculator, you will surely bump into this term – spot gold. The easiest way to know about it is by surfing the web. Then, you can calculate your gold item’s melt value through multiplication of all three (3) factors you have identified – the item weight (in grams), the gold purity (in percent), and the present gold cost per gram.
Make the Most Out of Your Old Gold Jewellery Piece
If you have kept several gold items, you can make money out of them. By learning more about gold price calculator and scrap gold prices, you can get the best value for your precious piece. However, you should also understand that you cannot just expect a certain market rate for your gold item if you will transact through a jewellery shop, a pawnshop, a mail-in or any cash-for-gold companies.
Important Tip:
There are two crucial things you should do if you want maximum returns for your gold piece. First, you should stay updated with the gold market. If you monitor the market, you can determine when gold sells high.
Lastly, go shopping around if possible. If you keep on shopping around, you must speak knowledgeable regarding your gold piece and current price rates, you are likely to save yourself from those who have low-ball offers.
