Here’s how to have a general idea about the price of gold per ounce. To establish the price of gold per ounce, what you first need to do is gather your scrap gold and group them into their different karat fineness. A magnifying glass may be used to verify the inscribed karat value on the piece. Better yet, you may have the gold piece checked by a well-established dealer in your area, as some pieces are actually just plated with gold, which upon closer inspection may appear to be real gold but will prove otherwise when the pieces are subjected to chemical test.
Determine the gram weight of each karat group using a gram scale. If using ounce as your measurement, multiply the weight by 28.35 to get its ounce equivalent. This will be Gold Value #1.
Check your local newspaper or browse the net for the updated and current price of gold, which is usually in troy ounce. Following the law of supply and demand, the price of gold varies, but a troy ounce is always pegged at 31.1 grams.
To get your Gold Value #2, divide the current gold price by 31.1 to get the gold price per gram. Let’s say the current price of gold is determined at $900; divided by 31.1, your Gold Value #2 will be $28.94. Divide your jewelry’s gold fineness by 24 to get your Gold Value #3. For this one, let’s say you have a 14K piece; divided by 24, your Gold Value #3 would be .5833.
Multiply Gold Value #2 and #3. Using the above example, $28.94 x .5833 would be $16.88. So the price of gold per ounce for a 14K piece when converted to grams would $16.88.
Finally, multiply this with your Gold Value #1. For example, 3 ounces or 85.05 grams of 14K gold would yield $1,435.64.
There you have it, a simple way of determining the value of your gold pieces. But, of course, should you get confused, it is always recommended that you check, double-check, and triple-check with your most trusted jeweler!
