Did you know that the United States owns the most gold of any country? The U.S. reserve of gold is worth more than $373 billion. If you have gold that you want to sell but are wondering how much is gold worth, you are in the right place. 

Keep reading to learn more about pricing your gold before you go out and sell it. 

Purity

The quality of your gold will make a difference when it comes to how much money you will receive. The higher the quality the more money a buyer will offer you. The gold’s purity is usually measured on a scale from 1 to 24. 

Usually, the piece of jewelry has a stamp directly on it saying what the karats are. The most common stamps are 10k, 14k, and 22k. To determine the purity you divide the karats stamp by 24. For example, a 12k stamp means that the gold is 50% pure. 

Once you have your purity figured out you want to weigh your jewelry on a scale. Usually, the prices are quoted per troy ounce which equals 31.1 grams. You can divide the current gold price by 31.1 to get the price per gram. 

Melt Value 

Once you have the weight of your gold jewelry figured out, you can get an idea of what the melt value is. You will first want to search for the current gold price online in order to make your calculations. 

An example of calculating the melt value of a piece that weighs 22g and is 14 karats with a current gold value of $1,600 per ounce. You will multiply the weight (22g) by the purity times the price per gram. 

Market Value

There are different ways to sell your gold, many places will give you your money the same day when you walk into their location in person. You can click here for a reputable buyer that is well versed in the world of gold. 

You can’t expect to get the market rate for your gold because the rate is what consumers are willing to pay. You will get paid less than the market rate because the buyer is in business to make money and will have to pay you less in order to make a profit when they resell your piece or pieces. 

Keep in mind that a buyer will not pay you market value because they have to also account for gold prices fluctuating. The price of gold changes daily which means they need a cushion to protect themselves against the market rate dropping before they sell the gold. 

Now You Know How Much Is Gold Worth

Now that we answered the question “how much is gold worth?” you can sell your gold with more knowledge about what to expect. It is best to go in with an idea of the price instead of going in blind. This will help you avoid getting underpaid for your jewelry.

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