Need to know how much gold is worth? Knowing the price of gold for 10k, 14k, 18k, or 24k will help you to get the most money when you go to sell it to a gold buyer. Below we show you how to calculate the price of gold before selling so you will know if you are getting a fair deal. Why would we do that? Because we believe that if you know what your gold is worth, you won't sell it to anyone but Gold Kings!
Determining how much your gold is worth per pennyweight (dwt) or gram (g) will help you to know you are getting a good deal when you sell your gold. The formula for determining gold price per DWT (pennyweight) is: Spot Price/20 x Purity
To find the purity of gold in your jewelry you divide the karat by 24 like this:
Notice that the purity of the gold is converted into a decimal. Therefore, if gold is currently at $1,300 per ounce and you have 10K gold to sell, the formula would be: Spot Price/20 x Purity or $1,300 / 20 X .417 = $27.10 per DWT.
If you are selling scrap gold, you should expect to get around 75% of that price when you sell to a gold buyer. At $1,300 per ounce, you should get around $20 per pennyweight for your 10K jewelry. The other 25% is the gold buyers profit to cover their overhead. You can use the formula above and substitute the current current gold price and the purity of your gold.
DWT is an abbreviation that stands for pennyweight. Pennyweight is a measurement of weight that equal to 1.555 grams. Twenty pennyweights are equal to a troy ounce of gold. Pennyweight and grams ae just two different ways of measuring weight. You can measure the distance from Atlanta to Augusta in mile or kilometers, but it won't change the distance. Measuring weight in DWT or grams won't change the price of your gold. However, we would be glad to measure it however you like.
You need to know how to tell if gold is real before you separate your gold into karats. Jewelry isn’t made from pure gold. Because the metal is so soft, other metals are added to the gold to make it harder and more durable. The number of karats in a gold item reveals its proportion of gold to metal, with most jewelry can range from 10K to 18K, although 24K is also seen on occasion.
After you separate your real gold from your fake, you will need to separate your gold into karats –including 10K, 14K, 18K, 24K, and so on. Make a pile of any scrap that you have that is gold-plated. If you are uncertain about the karat of your gold, a magnifying glass can be useful for looking at the jewelry hallmarks inside the bands of rings or on the clasps of chains.
You can weigh your gold on any household scale to determine the weight of your gold. Then use our rate chart on the right to see what Gold Kings will pay for your gold. Keep these tips in mind and you will happily discover that the old, broken, unwanted gold jewelry, dental work, and other items that are cluttering up your jewelry box or hiding in your dresser drawer have never been worth more!