Estimated Value: $0.00
";stepText+="1. Convert weight to Troy Ounces: "+weightInTroyOz.toFixed(4)+" t oz
";stepText+="2. Purity Factor ("+karat+"K): "+(purityPct*100).toFixed(1)+"%
";stepText+="3. Pure Gold Content: "+pureGoldContent.toFixed(4)+" t oz
";stepText+="4. Market Value: $"+totalMarketValue.toFixed(2);if(margin>0){stepText+="
5. Less "+margin+"% Margin: -$"+dealerReduction.toFixed(2);}document.getElementById('stepDetails').innerHTML=stepText;document.getElementById('stepDetails').style.display='block';}else{document.getElementById('stepDetails').style.display='none';}}
Gold Calculator Use
The gold calculator is an essential tool for investors, jewelers, and individuals looking to sell scrap gold. It allows you to determine the precise market value of gold based on current spot prices, weight, and purity levels. By entering the specific details of your gold items, you can avoid underestimations when selling to dealers or buying new pieces.
To get an accurate result, ensure you have the correct weight of your item (excluding any gemstones) and the hallmark indicating its karat age.
- Gold Weight
- The mass of the gold item. Remember to subtract the weight of any stones, crystals, or non-gold attachments.
- Gold Purity (Karat)
- Karat (K) measures the ratio of gold to other metals. 24K is pure gold, while 14K is approximately 58.3% gold.
- Spot Price
- The current market price of one troy ounce of 24K gold. This price fluctuates throughout the trading day.
How It Works
The gold calculator uses a standardized mathematical process to convert raw weight into pure gold value. Because the international gold market trades in Troy Ounces, the first step is always unit conversion. The formula for the calculation is:
Value = (Weight × Purity %) × Spot Price
- Weight Conversion: Grams are converted by dividing by 31.1034768. Standard ounces (avoirdupois) are multiplied by 0.911458.
- Purity Calculation: Karat value is divided by 24 (e.g., 18K / 24 = 0.75).
- Spot Price: Applied to the "fine gold" content (the actual amount of pure gold within the alloy).
- Dealer Margin: If you are selling scrap, dealers usually take a 10% to 30% commission, which the gold calculator can subtract automatically.
Gold Calculation Example
Example: You have a 14K gold necklace weighing 25 grams. The current spot price is $2,000 per troy ounce.
Step-by-step solution:
- Convert weight: 25g / 31.1035 = 0.8038 Troy Oz
- Calculate purity: 14K / 24 = 0.5833 (58.33%)
- Find pure gold weight: 0.8038 × 0.5833 = 0.4689 Troy Oz of fine gold
- Multiply by spot price: 0.4689 × $2,000 = $937.80
- Total Market Value = $937.80
Common Questions
Why is gold measured in Troy Ounces?
The Troy ounce is a specialized unit of imperial measure used for precious metals dating back to the Middle Ages. A Troy ounce (31.1g) is heavier than a standard "grocery store" ounce (28.35g). Using a gold calculator ensures you don't lose value by confusing these two units.
What is the difference between 14K, 18K, and 24K?
24K is 99.9% pure gold and is very soft, making it rare for jewelry. 18K contains 75% gold mixed with 25% alloys (like copper or silver) for strength. 14K is the most common in the US, containing 58.3% gold. Lower karats are more durable but contain less intrinsic gold value.
Will a dealer pay me the full spot price?
Generally, no. Refineries and scrap gold buyers must cover their overhead, melting costs, and profit margins. A typical payout ranges from 70% to 95% of the spot price. Our gold calculator allows you to enter a margin percentage to see what a realistic cash offer might look like.