Gold and Silver Prices

Whether you’re planning on purchasing or selling gold jewelry, coins or other gold products, an important thing to do before you go on any deal is to familiarize yourself first with the current gold and silver prices. Indeed, the easiest way to be tricked into unprofitable deals is to talk about deals while being ignorant of the present price per ounce of the gold and silver that you’re buying or selling.

So, how do you know of the price of gold in the market today? Well, the most convenient way to find out is to look it up online or check on the local newspapers. Here you will get an idea of the gold price per ounce wherein you can refer to for calculating the price of your gold product. To get a rough calculation of the price of your gold, you can try the following steps: First, check the karat fineness of your gold. For jewelry, this is often inscribed on the jewel; if you’re calculating for the price of your gold coins, consult a dealer or numismatics expert to give you the real metal value of the coin. Next, obtain the weight of the gold using a jeweler’s gram scale. After that, get the current price per ounce of gold in the market (this is often expressed in ‘per troy ounce’ which translates to 31.1 grams. To get the gold price per gram, divide the price by 31.1.). Finally, divide the karat fineness of your gold by 24 and multiply the quotient with the current gold price per gram. That would give you the market price for your gold. For example, supposed you have a 14 karat gold. Divide it by 24 (that’s 0.58) and then multiply it by the current price per gram, say 28.94. That would be 0.58 x 28.94 = 16.9 (this would be the price for your gold). If the gold product weighs 10 grams, you multiply 16.9 by 10, resulting to 169. This means that your gold product weighing 10 grams with 14 karat fineness would be worth $169.00 in the market if the current price per gram would be $28.94. The current ‘price per ounce’ for gold today lays around $900 (that’s $28.94 per gram, as used in the example). Of course, the gold price varies every day as dictated by the laws of the market. To better familiarize yourself with the gold price, you can ask for the service of online stores that will provide you quick and accurate prices for your gold products. They can do the math for you and give you sound advices on the current trends in the market.