CALCULATING GOLD PRICES
When selling unwanted gold or precious metal jewellery items, you want to know you're getting the best possible price. Knowing the content and value of the gold, platinum, or silver in your jewellery items before you sell them will put you in a better position to negotiate a good deal. If you need assistance calculating platinum and or silver prices please click here.
Gold jewellery is made in different purities. You will need to know what carat your gold is. We will use 10ct 14ct and 18ct as our examples on how to calculate the value. 24k is pure gold. Note: 9/24 means 9 divided by 24.
9ct (9/24) = 0.375 therefore 9ct gold is 37.5% pure gold.
10ct (10/24) = 0.41666 therefore 10ct gold is 41.7% pure gold.
14ct (14/24) = 0.58333 therefore 14ct gold is 58.3% pure gold.
15ct (15/24) = 0.625 therefore 15ct gold is 62.5% pure gold.
18ct (18/24) = 0.750 therefore 18ct gold is 75% pure gold.
22ct (22/24) = 0.91667 therefore 22ct gold is approximately 91.7% pure gold.
Weigh Your Gold
Spot Price of Gold
Calculate the Value of 9ct Gold
We will use 9ct gold as our example on how to calculate actual gold content and its value. We have assumed the price of gold per troy ounce is $1300 AUD.
a. Your 9ct yellow gold chain weighs 4.3 grams which is 2.76 pennyweights (dwt).
So, we have a scrap gold chain that weighs 24.2 pennyweights. It is 9ct so there is 37.5% pure gold in the chain. We took 24.2 pennyweights and multiplied it by .375% to get the weight of the pure gold. That equates to 9.074 pennyweights of pure gold. There are 20 pennyweights in one troy ounce. Spot gold is selling for $1300.00 per troy ounce. We divided $1300.00 by 20 to get a pure gold value of $65.00 per pennyweight. We then multiplied 9.075 pennyweights of pure gold times $65 per pennyweight and we get $589.88. Remember to use the correct currency when calculating the value of your gold. Many online spot prices are in USD. You can use this method to calculate the value of any gold carat/ purity.