How to Calculate Scrap Gold Prices Per Gram

Calculate scrap gold prices per gram quickly using these step-by-step instructions.

If you're hoping to sell scrap gold in the form of gold fillings, gold jewelry, a gold tooth, or gold extracted from an electronic device to a scrap gold buyer, then you may want to calculate scrap gold prices per gram to figure out how much you should be selling for. You can figure out the value of scrap gold using an online calculator or do the calculation manually. Learn how to find scrap gold prices per gram when you recycle scrap gold through dealers and turn it into cash.

Things You'll Need

• Magnifying glass
• 10K, 14K, 18K, or 24K scrap gold
• scale that weighs in grams or ounces
• calculator

Instructions

1. Find scrap gold prices per gram by calculating it from today's gold price. Determine the current price of gold at Goldprice.org or any website that tracks the gold market. The price of gold fluctuates daily and is measured in troy ounces, or about 31 grams.

2. Divide the price of gold dollar amount by 31.1035 grams and round off to the nearest cent. For example, if on a given day the current price of gold is $1000 per troy ounce, then the price per gram equals 1000 divided by 31.1035, or $32.15072. Rounded off to the nearest cent, you get $32.15.

3. To find out how much your scrap gold is worth, sort it and then weigh it. Divide the scrap gold into categories according to 10K (karat), 14K, 24K, etc. Note the fineness using a magnifying glass if necessary. Don't include any items that are gold-plated in your pile of gold scrap.

4. Use a gram scale to weigh the gold. Or, if you have a lot of gold scrap, weigh the gold on a scale that accurately weighs ounces and convert ounces to grams. If you have 1 ounce of gold, you have about 28 grams of gold.

5. Multiply as follows to calculate the value of scrap gold sorted by karats:

   For 10 karat (10K) gold, multiply the day's price of gold per gram (the number you got in Step 2) by .4167.

   For 14 karat (14K) gold, multiply the gold price per gram by .5833.

   For 18 karat (18K) gold, multiply the current price of gold per gram by .75

   For 24 karat (24K) gold, simply use the price of gold per gram.

   Note: If you have a different karat weight, simply divide the karat by 24 to get the decimal to use.

6. Multiply the number you got from the previous step times the number of grams of the gold fineness you're pricing. That is the current price of gold scrap on the market. Be aware that when selling gold scrap to scrap gold dealers, you may get from 10 to 50 percent less than the market value. Part of it depends on how much scrap gold you sell.

7. If you have trouble with these instructions to manually calculate the value of scrap gold, try the online scrap gold calculator at sites like GoldPrice.org or Dendritics.com to help you figure out some of these calculations. You'll still have to weigh the gold and calculate how much your gold is worth, but these can calculate the gold price per gram for you.

Tips & Warnings

• Gold is a beautiful, rare and soft precious metal with the chemical element symbol Au, a colorful history and plenty of lore associated with it. Many collectors and investors buy gold coins, gold bullion and other gold products for pleasure or to invest for future profit.

• If you have historically valuable gold items to sell, such as gold coins, consider selling them as the coins to a coin dealer or gold coin collector rather than to scrap gold dealers. You're likely to get more money and you'll be preserving the historical value of the piece.

Resources

• Goldprice.org Scrap Gold Calculator