How to find Scrap Gold Prices

If you are selling scrap gold, how much will you get? What are your scrap gold prices? Gold prices tend to rise along with worries of war or inflation but before you bring gold jewelry, dental fillings, teeth, nuggets, and bars to a scrap gold dealer's counter you should know exactly what it's worth - what is your scrap gold prices. Most scrap gold dealers keep the calculation a secret. Here is their formula of scrap gold prices.

Separate your scrap gold into their various karat fineness (i.e. 10k, 14k or 18k). You may need a magnifying glass to see the number inscribed on the piece. If not, you may need to have the gold tested by a reputable dealer. There's also the possibility that some of the gold is actually just gold-plated, which a dealer would determine with certainty by using a chemical test.

If you have any gold coins, they may have a numismatic value above their metal value, based on age, rarity, and condition. Take it to a coin dealer; you may be able to get more money that way.

Determine the gram weight of each group by using a gram scale. If you can only weigh by the ounce, convert to grams ).

Determine today's price of gold. You can find this on the Internet or in your local newspaper. Fine gold as of this writing is about $1200.00 per troy ounce. (A troy ounce equals 31.1 grams. This never changes.) The price of gold fluctuates according to supply and demand.

Divide today's gold price by 31.1 to get today's gold price per gram.

Multiply by the fineness of the gold. For each group of gold, divide the karat by 24, then multiply that number by today's gold price per gram. For example, if you have 10KT gold and the current price of gold is $38.6 per gram ($1200.00 / 31.1), then your scrap gold price is $38.6 x .4167 = $16.08 per gram.

10KT = 10/24 = .4167
14KT = 14/24 = .5833
18KT = 18/24 = .750

Multiply the price per gram by the weight in grams. If you have 10 grams of 10KT gold and you calculated the price at $16.08 per gram, then your scrap gold price is 10 x $16.08 = $160.80.