What are the Per-Gram Scrap Prices for Gold?

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Answered by: michael, An Expert in the Metals Investing Category
With gold prices soaring and gold buyers aggressively seeking gold to buy, many people are digging for treasure in their jewelry boxes. While taking old pieces no longer wanted or broken and selling them to pawn shops, jewelry stores and cash for gold operations can prove to be a surprise windfall, many people can really miss out on maximizing their profits if they don't know what they have.

A potential seller might have a lot to lose if they don't know what gold scrap prices are. How much can I get is the most often asked question when selling gold. The buyers want to pay as little as they can get away with and the sellers wants the most possible. So how can the seller get as close as possible to getting the most or even knowing what a fair offer is? Easy, by knowing what it's worth.

By knowing what the market gold scrap prices are you can negotiate a fair price for your scrap gold. The prices commonly associated with gold is the price per ounce. This price is for a Troy Ounce of pure gold. This price can be confusing and doesn't help much with helping you figure out how much your item is worth considering you probably don't have an ounce of pure gold. When gold jewelry is made it is mixed with other alloys to make a stronger piece because pure gold is very soft. So that gold chain that you want to sell is .585 pure gold or in more common terms 14kt.

So what is 14kt's gold scrap worth per gram? To answer that question you must understand a few things. First that the most common way of converting gold to cash is by refining the gold back into pure form. So that chain will be taken to a refinery and smelted. What you paid for the piece of jewelry has nothing to do with actual value of the metal.

So what is the scrap value or price of 14kt gold? With the price per ounce and this formula you can figure out what that chain is actually worth at the refinery. Price per ounce divided by by 31.1 multiplied by .585 equals the price per gram for 14 carat gold. So now you can figure out how much the pawn shop is going to get paid from the refinery for your 14kt scrap gold chain. This formula works for all carats, starting with .750 for 18kt gold, .585 for 14kt and .417 for 10kt gold.

Today's gold market closed with gold selling at $1778 for an ounce of gold. So an 18kt ring that weighs 11.3 with no diamonds or other stones gold scrap price is $484. A 10kt chain that weighs 23.7 is worth $565. So when you go in to sell that item and they ask you how much you want, you know what they can melt it for and negoiate as close to that amount. Remember that gold prices are constantly in flux so check the price the day you want to sell.

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