In accordance with fluctuating commodity prices, gold’s value can dip or soar on a daily basis. Check GoldPrice.org for conversion rates. Separate the gold you have into their various carat fineness; you might need to examine detailed numbers stamped on the gold or if there are none then have the gold examined or tested by a reputable dealer. You should keep in mind that some testing may involve the loss of some gold, so this is only recommended where you have a decent amount. Find out the value of each group by using the gram scale. If you are only able to weigh by the ounce then you will need to convert to grams by multiplying by 28.35: One ounce will equal 28.35 grams, and you can find charts to do this conversion. Fine gold is also measured in troy ounces; one troy ounce is equal to 31.1 grams of gold. Having secured today’s price per gram, multiply by the fineness of the gold. In other words divide the carat by 24, then multiply that number by today’s gold price per gram. For example with your 10 carat gold and the current price was 30 dollars a gram then the price of your 10 carat scrap gold would be $30 x .4167 = $12.501 per gram. So, you simply multiply the price per gram by the weight in grams. For 14 carat, multiply by 14/24, which is .5833. Most people use grams for these calculation but many scrap gold buyers use pennyweight (DWT) instead of grams. There are 20 pennyweights in a troy ounce. So in this case you can substitute 20 for 31.1 to calculate pennyweight in our formula. You can also multiply a pennyweight by 1.555 to get an equivalent gram weight or divide a gram weight by the same 1.555 to get pennyweight. Multiply the number you got from the previous step times the number of grams of the gold fineness you're pricing. That is the current price of gold scrap on the market.
