Gold Prices Per Ounce

Gold Prices Per Ounce

Gold Prices Per Ounce (AUD)	Gold Prices Per Ounce (CAD)
Gold Prices Per Ounce (EUR)	Gold Prices Per Ounce (JPY)
Gold Prices Per Ounce (GBP)	Gold Prices Per Ounce (ZAR)
Gold Prices Per Ounce (CHF)	Gold Prices Per Ounce (USD)
Gold Prices Per Ounce (CNY)

Do you have scrap gold sitting at home that you want to sell? Then you need to have a good idea of gold prices per ounce before you even bring your jewelry, gold dental fillings, nuggets, or bars to a dealer’s counter. The calculation for gold price per ounce is not really a secret. Here’s how you can get a rough idea how much your metals are worth:

1. If you are sure that your gold is real and is not plated, look for its karat fineness. Is it 10k? 14k? 18k? The number is usually inscribed on the jewelry. If it isn’t, you may need to go to a reputable dealer to have it tested. If you are not sure that your gold is real, you can do an acid test. Buy the kit (acid and stone) from any jewelry supplier online. It’s affordable, and the instructions are easy to follow. If you are dealing with gold coins, their actual value may be above their metal value. Consult a coin dealer or numismatics expert. 2. Next, you need to determine the weight (by ounce or gram, though “gram” is more commonly used). You need a jeweler’s gram scale, which can also be bought online. 3. Determine the price of gold today by looking it up on the internet or the local newspaper. Gold price per ounce tends to fluctuate depending on supply and demand. Real fine gold (as of March 2011) goes for around $900.00 “per troy ounce.” A “troy ounce” is 31.1 grams. This is constant. Now, divide the gold price by 31.1 and you get gold price per gram for today. 4. Lastly, divide the karat fineness by 24, and then multiply the resulting number by gold price per gram. For instance, you have in your hands 10 karat gold. Let’s say that the current price is $28.94 per gram (that’s $900.00 / 31.1). The price of your gold is $28.94 x 0.4167 which is equal to $12.06 per gram. So, if you have 10 grams, then your gold is worth $120.59.

Having an understanding of gold price per ounce enables you to make more money of scraps of gold you might want to sell, such as dental fillings, jewelry, or nuggets. If you want to make sure you don’t get ripped off at the dealer’s counter, then you should have an idea of what the gold prices per ounce are right now, and how much you can get for the amount and quality of gold you have.

Here’s a step by step guide: First, ensure that your gold is real. The simplest way to determine this is to do an acid test. The kit is available online and the instructions are straightforward. However, if you are sure that your gold is real, then you can proceed to determine its fineness in terms of karats. You can have a professional do this, but oftentimes (as in the case of jewelry), the number is inscribed / indicated on the piece itself. Look at the inside of your gold ring, for example. It should say 10k, 14k, or 18k. Then you need to verify the weight of your gold either in terms of ounces or grams. Grams are more often used in the US. Borrow a jeweler’s gram scale. You an also purchase it, although it is quite pricey at around $50. Next, find out what the price of gold is that day. The local paper should have it; you can also look online. Supply and demand dictates the price. As of March 2011, gold is sold at an average of $900 “per troy ounce” (equivalent to 31.1 grams). Divide that gold price by 31.1 to find out the price per gram. Finally, divide your piece’s karat fineness by 24. Multiply the number you get by the current gold price per gram. Let’s say your gold is 10 karats, so you get 0.4167. The current price is $28.94 per gram (we got that number of dividing $900 by / 31.1). The per-gram price of your gold is therefore $12.06 per gram ($28.94×0.4167). If your piece weighs 10 grams, expect to get $120.59 for it. Note: Gold coins are in a league of their own. They may cost way more than their metal value because of their collectible “numismatic” value. It’s best to bring gold coins to collectors and experts.