Gold Value Calculator: 24k v. 18k v. 14k v. 10k

Posted on Sep 08,2014

As you’re aware, the price of gold has been soaring for quite some time now, and it may be time for you to cash in.  Whether you’re looking for some extra cash, money for a student loan payment, or to fill your gas tank to get to work, selling old, broken, or mismatched gold items can be a good way to do it.  There are quite a few options for selling your gold, including local jewelers, online gold buyers, pawn shops, and cash-4-gold stores.  Each alternative has its own advantages and disadvantages, but you will probably get the most money from online buyers.  Be sure to thoroughly research all of your options before deciding.

With some online research, you can also easily approximate the worth of your gold.  The first step is to determine the carat value of your gold.  Carat value tells us how pure the gold is; the higher the carat value, the more gold and less alloy is in the piece.  If you are selling gold bars, they will probably be 24k.  You will need to separate them into groups according to their respective carat values.  If you cannot find the carat value on the piece, you may want to bring it to a jeweler for appraisal.

Once you have the carat groups established, take a minute to find live-stream gold prices.  Anywhere looking to buy your gold will not pay full market value, as they are looking to profit as well, but you will use this figure in your calculations.  For the following example, we will say that the market price stands at $1300/troy ounce.  (Troy ounces are slightly larger than regular ounces and are used as a gold industry standard.)  We will now go through the process of calculating your gold’s value step by step, using an 18k group as an example.

  1. Determine the weight in grams of the gold (100 grams of 18k for this example) and convert it to troy ounces.

100 grams * 1troy ounce/31.1 grams = 3.215 troy ounces

  1. Multiply the price per troy ounce by the market price per troy ounce ($1300/troy ounce)

$1300/troy ounce *3.215 troy ounces= $13,437.09

  1. Use the carat value of your pieces (18k for this example), divide it by 24k (pure gold), and multiply the product of step 2 by this.

$13,437.09 * (18k/24k) = $10,077.82

Thus, the worth of 3.215 troy ounces (100 grams) of 18k gold at a market price of $1300/troy ounce is a little over $10,000.  You will not get such a high price when selling your gold, but you will know what it’s worth.  Performing the same calculations with gold of varying carat values will yield the following results:

24k:  $13,437.09

14k:  $7,838.30

10k:  $5,598.79

As you can see, the value decreases with the karat value.  It will also decrease if you have smaller amounts of gold.  Another tip for determining the value of your gold is to bring it for appraisal by a few reputable local jewelers.  This will give you an idea of what you might expect to receive by selling it, and it will give you some peace of mind surrounding your own math skills when it matches the product of your calculations!

Looking to sell your gold?  Here are some reviews of online gold buyers to see who you might want to work with.

Click here to submit your review.

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Sri Ram Nagar B-117, Jhotwara JaipurRajasthan302012 USA 
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