Scrap Gold Calculator

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scrap gold calculator
Calculate Total Scrap ValueCalculate Pure Gold Content
Grams (g)Troy OzPennyweight (dwt)
24K (99.9%)22K (91.6%)18K (75.0%)14K (58.3%)10K (41.7%)9K (37.5%)
Results:
Total Melt Value: $0.00
Estimated Cash Payout: $0.00
Pure Gold Weight: 0.00 grams
function calculateGold(){var weight=parseFloat(document.getElementById('gold_weight').value);var unit=document.getElementById('weight_unit').value;var karat=parseFloat(document.getElementById('karat').value);var spot=parseFloat(document.getElementById('spot_price').value);var payoutPct=parseFloat(document.getElementById('payout').value);var showSteps=document.getElementById('steps').checked;if(isNaN(weight)||isNaN(spot)||isNaN(payoutPct)){alert('Please enter valid numeric values');return;}var weightInGrams=weight;if(unit==='troyoz'){weightInGrams=weight*31.1034768;}else if(unit==='dwt'){weightInGrams=weight*1.55517384;}var purityFactor=karat/24;var pureWeight=weightInGrams*purityFactor;var pricePerGram=spot/31.1034768;var meltValue=pureWeight*pricePerGram;var finalPayout=meltValue*(payoutPct/100);document.getElementById('meltValue').innerHTML=meltValue.toLocaleString(undefined,{minimumFractionDigits:2,maximumFractionDigits:2});document.getElementById('payoutValue').innerHTML=finalPayout.toLocaleString(undefined,{minimumFractionDigits:2,maximumFractionDigits:2});document.getElementById('pureWeight').innerHTML=pureWeight.toFixed(3);document.getElementById('answer').style.display='block';if(showSteps){var stepHtml='Step 1: Convert weight to grams: '+weightInGrams.toFixed(2)+'g
';stepHtml+='Step 2: Purity ('+karat+'K): '+(purityFactor*100).toFixed(1)+'% pure gold
';stepHtml+='Step 3: Pure gold weight: '+pureWeight.toFixed(3)+'g
';stepHtml+='Step 4: Market price per gram: $'+pricePerGram.toFixed(2);document.getElementById('calculationSteps').innerHTML=stepHtml;document.getElementById('calculationSteps').style.display='block';}else{document.getElementById('calculationSteps').style.display='none';}}

How to Use the Scrap Gold Calculator

Determining the value of your old jewelry, coins, or dental gold is essential before visiting a refinery or local jeweler. Our scrap gold calculator helps you estimate the raw material value of your items based on current market spot prices and specific purity levels.

To get an accurate estimate, follow these steps:

1. Determine the Weight
Use a digital scale to weigh your gold. Note that our calculator supports Grams, Troy Ounces, and Pennyweights (DWT). Be careful not to confuse a standard ounce (28.35g) with a Troy ounce (31.1g).
2. Identify the Purity (Karat)
Look for hallmarks like 10k, 14k, or 18k. If your jewelry is 14k, it contains 58.3% pure gold. 24k represents 99.9% pure gold.
3. Check the Current Spot Price
The global market price for one troy ounce of gold fluctuates constantly. Enter the current price to see live estimates.
4. Adjust Buyer Payout
Gold buyers must cover overhead and profit. Most local shops pay between 60% and 80% of the melt value, while reputable online refineries may pay up to 90-95%.

How It Works: The Gold Melt Formula

When you use the scrap gold calculator, it performs a multi-step mathematical conversion to find the intrinsic value of the metal content. The formula used is:

Value = (Weight × (Karat / 24) × (Spot Price / 31.1035)) × Payout Percentage

  • Karat / 24: This determines the percentage of pure gold (e.g., 18k / 24 = 0.75 or 75%).
  • Spot Price / 31.1035: This converts the price of gold from Troy Ounces to Grams.
  • Payout Percentage: The final adjustment for the dealer's fee or margin.

Calculation Example

Example: You have a 14k gold necklace weighing 20 grams. The current gold spot price is $2,000 per troy ounce, and your buyer offers 85% of the melt value.

Step-by-step solution:

  1. Weight = 20g
  2. Purity (14k) = 14 / 24 = 0.5833
  3. Pure Gold Content = 20g × 0.5833 = 11.666g
  4. Price per Gram = $2,000 / 31.1035 = $64.30
  5. Total Melt Value = 11.666g × $64.30 = $750.12
  6. Actual Payout (85%) = $750.12 × 0.85 = $637.60

Common Questions

What is the difference between an Ounce and a Troy Ounce?

This is the most common mistake made when using a scrap gold calculator. A standard kitchen ounce (Avoirdupois) is 28.35 grams. However, precious metals are measured in Troy Ounces, which are heavier at 31.1035 grams. Always ensure your scale is set to "oz t" or grams to avoid losing roughly 10% of your calculated value.

Should I remove stones before weighing?

Yes. If your jewelry has diamonds, gemstones, or glass inserts, the scrap gold calculator will be inaccurate because these materials weigh significantly more than gold but are valued differently. Buyers will typically deduct the estimated weight of the stones from the total weight of the piece.

Is 10k gold worth half of 20k gold?

Mathematically, yes. 10k gold is 41.7% pure, while 20k gold is 83.3% pure. Since value is based strictly on the weight of the pure gold content, the 20k piece will be worth double the 10k piece of the same weight.

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