How to Estimate the Value of Your Gold

Are you trying to decide when the best time to sell your gold is? It would help if you knew what your gold is worth.

The value of gold scrap depends on two things: purity and weight. Gold purity can be expressed as either karats or millesimal fineness. Karats are measured as 24 times the pure (gold) mass divided by the total mass (gold and impurities). But for the purposes of estimating the value of your gold, you just need to check if your gold is stamped with a karat value. The higher the karat, the more it is worth.

Instead of a karat stamp, you may have gold stamped with its millesimal fineness. Millesimal fineness is the measure of gold compared to other impurities in parts-per-thousand. For example, 24kt gold has a millesimal fineness of 999 or higher, while 18kt gold is only 750. Again, a higher number equals greater value.

Once you know the purity of your gold, you need to know how much of it you have to estimate the value. You can weigh the gold to find out how much there is. But, be sure to use a jeweler’s scale for the best accuracy – every little bit counts! You should also remember that prices are set according to troy ounces, which is different from the much more common avoirdupois ounces.

For reference, here’s an infographic you can use to estimate the value of your gold.

How to Estimate the Value of Your Gold.jpg (1.51 mb)

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