Thinking of selling your gold? You would get good money for this, but here is the thing: how do you ensure that you get the maximum price? It all starts with finding the worth. You should know how you can calculate the value of your gold, and then come up with an estimate, before you sell your gold.
The process involves only a few simple steps: first calculate the base value, and then you can process from here onwards.
Find the current gold spot price from here or another suitable website.
Assume the current rate is $1000 per Troy Oz; this number has only been taken to simplify calculations. 1 Troy Oz is the same weight as 31.1 grams.
Tip: Monitor the price of gold, and sell it on a day when it is higher than average.
Divide the current gold price by 31.1 grams, so that you can get price per gram. In our case, this comes out to be $32.15. What does this figure tell us? That the price per gram of gold is $32.15. Now, we’d use this number to determine the total worth of gold that we would have.
Which karat gold do you have? Gold can weigh from 0 to 24 karat, with 24 being regarded as the purest and most valuable. The figure that we have calculated above lies only to 24k gold. So, if we have a 24k gold bar that weighs a gram, it means the worth of the bar is $32.15.
But, what do we do if we have 18k or 22k gold bars and jewellery? We will calculate the price per karat. Divide the figure that we obtained in step 2 with 24, because this is the maximum karat value. In our case, the price per 24k gram is $32.15; upon diving by 24, we get $1.34, the price of 1 karat gold which weighs 1 gram.
Now, if our gold bar is of 22 karat, and weighs 2 gram, then we would multiply $1.34 by 22 by 2 to get the total worth. $1.34 x 22 x 2 = $58.94. If we have an 18k gold jewellery that weighs 5 grams, then the total worth would $1.34 x 18 x 5 = $120.6.
Determining the worth of gold nuggets
The worth of gold nuggets can be determined through the steps mentioned above, but there are some additional things that you should keep in mind.
Gold nuggets have become rare these days as most of the metal has been melted away and reused. Thus, if you have an attractive golden nugget, you should expect to get a really good price. And obviously, the bigger the nugget is, the more money you get.
Generally, flour gold is sold in the normal price range; in some cases, there might be a price up by 15% so that buyers can cover their costs and get some profits. If the weight is greater than a gram, you will get better prices.
Natural nuggets are never 100% pure, so keep this in mind.