Know BEFORE You Go! Calculating Gold Price

Terry Soloman

Gold Member
May 28, 2010
19,713
30,971
White Plains, New York
🥇 Banner finds
1
🏆 Honorable Mentions:
1
Detector(s) used
Nokta Makro Legend// Pulsedive// Minelab GPZ 7000// Vanquish 540// Minelab Pro Find 35// Dune Kraken Sandscoop// Grave Digger Tools Tombstone shovel & Sidekick digger// Bunk's Hermit Pick
Primary Interest:
Metal Detecting
I saw a guy get ripped off today, and I think all of you should know - How to Calculate Gold Price By Karat & Weight.

First, divide the karat (24; 18; 14; 10) by 24. Now multiply that number by today's gold price per gram. So, if you have a five-gram 10K gold ring, and the current price of gold is $1,600.00 per ounce - or $51.45 per gram ($1,600.00 divided by 31.1 grams), then your 10K gold ring is worth $21.44 per gram ($51.45 x .4167), or $107.20.

10k = 10/24 = .4167
14k = 14/24 = .5833
18k = 18/24 = .750
22k = 22/24 = .9167

If you have five- grams of 14K, and gold is $1,600.00 today, then $1,600 divided by 31.1 would equal $51.45. That figure, multiplied by .5833 (14K) comes out to $30.01 per gram. $30.01 x five- grams equals $150.05.

Some gold buyers use pennyweight (DWT) instead of grams. There are 20- pennyweights per troy ounce. Let’s say you want to sell your gold. You know it weighs 25 grams. You go to a pawn shop to see what they will pay, but they use pennyweights, not grams. Here's how to calculate the conversion: 25 grams of gold x 0.643 = 16.1 pennyweights.

Pennyweights to Grams............divide by 1.55517

Grams to Pennyweights............Multiply by 0.643

Know what you have BEFORE you go to sell it. You swing hard for your gold, don't give it away!
 

Don't forget karat gold can be half karat under what is marked so you will only be paid for 13.5k if marked 14k. You will not get 100% of spot either so be prepared to accept much less. Don't forget that these people are running a business which succeeds by turning a profit. Noone is buying gold just for the sake of buying it. They are buying it to resell it at a profit. I am only posting this because many people's definition of being "ripped off" is questionable.
 

Just shop it around to get the best price, there's a gold buying joint on just about every corner now.
 

Top Member Reactions

Users who are viewing this thread

Back
Top