How Much is Scrap Gold Worth
This is about how much scrap gold is worth and how you can calculate its value prior to selling your unwanted gold.
- You might unknowingly have scrap gold in your house, which you can turn to cash.
- Other than broken jewelry, know the many other sources of unwanted gold, such as flea markets, and get cash for gold.
- Know how to test if it is real gold or its karat rating through gold testing kits which you can purchase online or through appraisal by legitimate dealers.
- Gold prices vary. If you want to get a more accurate value, check our live gold chart for the daily price of gold.
- You can get shortchanged by 10% if you do not know the right weight unit used for precious metals. Use our gold value calculator for a proper estimate of gold value.
You might unknowingly have assorted gold possessions lying around the house. Instead of letting them gather dust, you can sell them as scrap gold. But what is scrap gold and how much is scrap gold worth?
What is scrap gold?
Scrap gold is any piece of gold item that is no longer valued in its original marketable form or design and which is taken to the refinery to melt down and recycle. For example, you have old, broken gold jewelry or even gold from electronic circuit boards, dental gold, gold coins, or bouillons.
How is the value of scrap gold determined?
To determine the value of scrap gold, we need to know three values: the purity of the gold measured in karats, the weight of your scrap gold, and the current gold price in the market.
To figure out the percentage of purity of your scrap gold, check the karat gold stamp on it. If this is not visible, you can go to a reputable dealer to test the gold. You can also research gold testing kits available online or through local gold dealers.
It goes without saying that, should you have assorted scrap gold, group them according to karat.
After you determine the karat rating, bear in mind that, with 24 karats as the standard of gold purity at 99.9 percent, simply divide your gold’s karat weight by 24.
For example, to calculate the purity of a 14k piece, 14 / 24 is 0.583 pure gold. Simply put, 14k jewelry has 58.3 percent pure gold content.
So for scrap gold with less than 24 k purity, it has other metals such as silver, copper, or platinum. This is expected in jewelry as 24k pure gold is too soft to be used for that purpose.
We need to figure out the percentage of pure gold because it is what gold buyers are after.
Scrap gold is usually weighed per troy ounce. 1 troy ounce is 31.1 grams, which is slightly more than the regular ounce at 28.34 grams./ounce. 1 troy ounce is equal to 1.09 ounces.
Now here is where a customer selling any type of precious metals can unknowingly get “scammed.” 1 troy ounce is 10% more than the ounce we use for other goods like sugar or other grocery items. But when it comes to precious metals like gold, silver, platinum, they are traded in troy ounces.
Conversely, a gold dealer who just aims to get more out of a deal will sell in ounces when in t oz, it is only 90% less gold in weight.
Another unit of weight used for scrap gold is known as pennyweight or dwt which is equal to 1.555 grams, while per troy ounce equals 20 dwt.
3.Current Gold Price
After determining the purity and the weight of your scrap gold, you need to know the current gold price per gram. Below is a live chart where you can check the price in USD whether grams or ounces.
How much is scrap gold worth?
To compute the value of your scrap gold, multiply its weight in grams by its percentage purity according to karat then multiply by the current price of gold in the market per gram.
If you have 100 grams of 14 karat scrap gold, multiply 100 by 0.583 (14k’s purity rating), to measure its actual pure gold content at 58.3, then multiply by today’s gold price per gram. This gives you the estimated value of your gold.
Please keep in mind that you will not be able to get that worth if you were to sell. Most gold buyers will buy your scrap gold at 60-80% of the current gold market price to cover their melting and refining costs and their profit.
Alternatively, you can use our scrap gold calculator to get estimated values.
Scrap Gold Calculator
Use this calculator to make sure that you are getting the right value for your gold. Remember that not knowing the difference between troy ounces vs ounces can mean a 10% loss.
For example using this calculator, selling a scrap 18 karat gold jewelry at April 13, 2021 prices, 5 troy oz has 10% more worth ($7179.43) than 5 oz ($6543.75).
This calculator gives values in every unit measured, oz, troy oz, and more.
How much do Jewelers pay for scrap gold?
Most gold dealers/buyers will pay from 60-80% of the current gold price per gram. This is to cover the operational costs such as refining and melting your unwanted gold.
How much is scrap 14K gold worth?
Multiply the weight in grams of your 14k scrap gold by 0.583 (14k’s rating), to measure the actual gold content, then multiplied by the current gold price per gram. This gives you the estimated value of your gold.
How do you calculate scrap gold price?
To calculate your scrap gold price, multiply its weight in grams by its pure gold content rating then multiply with today’s gold price.
As an example, a scrap 10k gold weighing 80 grams should be calculated as 80 x 0.417 and is worth 33.36 grams of pure gold, then multiply by today’s gold price in grams.
Using the calculator above, you can check your scrap gold jewelry for example, in grams, oz, or troy oz.
Where to Find Scrap Gold Sources
Here are some of the most common sources of unwanted gold:
- Old broken gold jewelry like old rings, tangled gold necklaces, broken bracelets
- Gold coins (Have it appraised first though, it might be a rare coin worth more!)
- Gold bullion scrap
- Dental gold
- Electronic circuit boards
- Certain costume jewelry
- Musical instruments
- Expensive pens
- Gold frames
A flea market near you can be a great source of unwanted gold. While it is best to have a gold testing kit and scale, it may not always be practical to do this when hunting for gold in flea markets.
An easier option is to bring a small magnet (the size of a die) because real gold will not stick to magnets, as opposed to gold-plated metal which will. Test clasps and actual jewelry separately.
The magnet method will only test if it is real gold or not. To test in terms of karats, a gold testing kit will differentiate them, for example, a 10k vs a 14k gold.
Also, remember to group your unwanted gold according to purity.
Where can I sell scrap gold?
Sell to a reputable gold dealer near you, do your research. Check reviews online.
Look for gold dealers with a physical store, preferably one that has been around for years or decades. The longevity in the business is a good sign of trustworthiness.
A reputable gold buyer will also take time to appraise your gold (or any precious metal for that matter such as silver) and give you its fair and honest value. Remember that a gold buyer may try to shortchange you by using oz instead of t oz as unit weight, causing you to lose 10% in the transaction.