
If you have gold that you are interested in selling it is recommended that you learn how to determine the value of your gold before selling it. Whether you have old gold jewelry, gold flatware and serving sets, a rare coin collection or even scrap gold metal what you own may be worth value to a gold buyer. Before setting out to sell your gold determine the real value of your gold first so you know what exchange rate you are most likely to find in the precious metals market.
You first step in determining the price of your gold is to weigh it. It is best to use a precision scale that is calibrated in troy ounces, much like a chemistry lab scale. If you don't have such a scale you can use the following calculation to determine the troy ounce: to convert from grams to troy ounces divide the number of grams by 31.10. This will tell you the actual weight of the gold you have but it is only the first step.
Next you have to determine the purity of the real gold since many items including jewelry, coins and other metals will have filler metals to complete the item. Gold buyers are only interested in the actual precious metal or gold in an object and will only pay for that value. Most real gold is easy to find the value for since it will have a karat mark imprinted somewhere on the item. Karat measure states the proportion of gold in an item from zero (0k) to 100% (24-karat). To find the percentage of gold in an item divide the karat weight by 24 to calculate the percentage of gold in a specific item.
The last calculation to make is to find the amount of gold in the item. This is done by multiplying the percentage of gold times the weight in troy ounces. Once you know the amount of gold you have in a ring, necklace, watch or money clip you can then check the daily gold rates on any financial website or the London Gold Fixing table that is updated twice daily to give current gold rates. With this information you will have a much easier time getting fair cash value for your gold since you'll know the market value of your gold and how much it is worth on the commodity exchange.
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