Gold is a valuable asset as it can be sold for money at any moment. When you take a piece of gold in the form of jewelry, bars, scraps or nuggets to a gold dealers shop, you should know the value of what you’re selling to make a fair deal. Gold dealers usually don’t share the value of what you are selling so it’s best to know about it yourself before you sell anything.
This is how you can calculate the value of scrap gold:
- With the help of a magnifying glass, check the karat number of the piece you plan to sell. You can check this way if even that item is made of gold. If the karat reading is not clear, have the gold tested at a gold dealers shop.
- If you want you can perform the test yourself. You can purchase a Skey tester will show you your items authenticity with 100 percent accurate results.
- Use a scale then to weigh your scrap gold. Once you know the weight, you can calculate the value of what you’re selling off. For this, you will need a jeweler’s scale. It accurately gives the total weight of the scrap gold. Incase you cant buy one, use a food scale in your kitchen.
- Now convert the weight to grams (if your scale is showing the weight in ounces).
- Check the current market value of gold from the current newspaper or online.
- Divide the gold price in dollars per ounce by 31.1 then to get the exact value of gold’s price.
- Multiply that value to the weight of your scrap gold.