There are 3 variables that will affect the amount of money you will get for your gold:
- Gold purity (karat)
- Weight (grams)
- Daily spot gold price on stock market, live price for pure gold today:
The first two, purity and weight, will never change once your gold jewelry or items are measured and assessed. But the daily gold spot price will. As gold is sold daily on stock markets around the world, the price of gold will vary every day. You can see today’s value of gold in the chart above. It is important to understand that this is the price for pure gold. Pure gold is 24 karat gold, and can be thought of as 100% gold. But, you rarely see a “24k” stamp on a ring. Usually, you see “14k” on a piece of jewelry. This simply means that the ring is 14 parts pure gold, and 10 parts other metals. The math is simple, 14/24 = 58.3% pure gold. So, when you weigh your 14k ring, you have to understand that only 58.3% of that weight is pure gold. Jewelers and gold buyers use two different calculations, pennyweights (DWT) and grams (G) The value of your gold will be exactly the same regardless of what weighing method is used. One Troy ounce = 20 pennyweight (DWT). Or, as is currently popular, in metric in which 31.1 grams = one metric ounce. The conversion is 1.55 grams = 1 dwt (Troy ounce).
Every gold buyer will calculate the maximum value they can get for the gold based on grams and gold purity. Based on that maximum value they will discount what the gold is worth so they can take some profit, just like any business.
Posted in: Selling Jewelry or Gold