This calculator is designed to help you estimate the value of your scrap gold based on its weight, purity, and the current market price of gold. Scrap gold refers to any gold item that is no longer desired in its original form, such as old jewelry, dental gold, coins, or industrial gold waste. Understanding its value before selling is crucial to ensure you receive a fair price.
How the Calculation Works
The calculator uses a straightforward formula to determine the approximate value of your scrap gold:
Determine Pure Gold Content: First, we need to find out how much pure gold is in your scrap item. This is done by multiplying the total weight of the scrap gold by its purity percentage.
Calculate Value: Then, we multiply the amount of pure gold (in grams) by the current market price of pure gold per gram.
Estimated Value (USD) = Pure Gold Content (grams) * Current Gold Price per Gram (USD)
Understanding Gold Purity (Karat)
Gold purity is measured in Karats (K). Pure gold is 24 Karats (24K), which means it is 99.9% pure. Other common Karat values represent fractions of pure gold:
24K: 99.9% pure gold (24/24)
22K: 91.67% pure gold (22/24)
18K: 75.00% pure gold (18/24)
14K: 58.33% pure gold (14/24)
10K: 41.67% pure gold (10/24)
If your gold is not a standard Karat, you can select 'Other' and input its precise purity percentage.
Factors Affecting Your Sale Price
While this calculator provides an estimated value based on the gold content, the actual price you receive when selling scrap gold can vary due to several factors:
Refiner's Fees: Gold buyers and refiners charge fees for their services, which include assaying (testing purity) and refining the gold.
Market Fluctuations: The price of gold changes constantly based on global economic conditions, demand, and supply.
Buyer's Profit Margin: Buyers need to make a profit, so they will typically offer a percentage of the melt value.
Form of Gold: Sometimes, items with gemstones or intricate designs might have different pricing structures.
When to Use This Calculator
This calculator is ideal for:
Estimating the value of inherited or old jewelry.
Assessing gold coins or bullion not kept in pristine condition.
Determining the worth of dental gold or industrial gold scrap.
Comparing offers from different gold buyers.
By using this tool, you can approach the selling process with greater knowledge and confidence.
var goldKaratSelect = document.getElementById("goldKarat");
var otherPurityInputGroup = document.getElementById("otherPurityInputGroup");
var otherPurityInput = document.getElementById("otherPurityPercentage");
goldKaratSelect.onchange = function() {
if (goldKaratSelect.value === "Other") {
otherPurityInputGroup.style.display = "flex";
otherPurityInput.required = true;
} else {
otherPurityInputGroup.style.display = "none";
otherPurityInput.required = false;
}
};
function calculateScrapGoldPrice() {
var weightKg = parseFloat(document.getElementById("goldWeight").value);
var karat = goldKaratSelect.value;
var otherPurity = parseFloat(document.getElementById("otherPurityPercentage").value);
var pricePerGram = parseFloat(document.getElementById("currentGoldPricePerGram").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = "; // Clear previous result
var purityPercentage;
if (isNaN(weightKg) || weightKg <= 0) {
resultDiv.innerHTML = 'Please enter a valid weight for scrap gold.';
return;
}
if (isNaN(pricePerGram) || pricePerGram <= 0) {
resultDiv.innerHTML = 'Please enter a valid current gold price per gram.';
return;
}
if (karat === "Other") {
if (isNaN(otherPurity) || otherPurity 100) {
resultDiv.innerHTML = 'Please enter a valid custom purity percentage (0-100).';
return;
}
purityPercentage = otherPurity;
} else {
purityPercentage = parseFloat(karat);
if (isNaN(purityPercentage) || purityPercentage 24) {
resultDiv.innerHTML = 'Please select a valid Karat value.';
return;
}
// Convert Karat to percentage
purityPercentage = (purityPercentage / 24) * 100;
}
// Calculate pure gold content
var pureGoldContent = weightKg * (purityPercentage / 100);
// Calculate estimated value
var estimatedValue = pureGoldContent * pricePerGram;
// Display the result
if (!isNaN(estimatedValue) && estimatedValue > 0) {
resultDiv.innerHTML = '$' + estimatedValue.toFixed(2) + 'Estimated Value (USD)';
} else {
resultDiv.innerHTML = 'Could not calculate value. Please check your inputs.';
}
}