This calculator provides a quick and accurate estimate of the current market value of your gold based on its type (karat), weight, and the prevailing market price. Gold is a precious metal often traded by weight, and its value fluctuates based on global economic factors, demand, and supply. Understanding its value is crucial for buyers, sellers, investors, and even for insurance purposes.
How the Calculator Works:
The calculation is straightforward and involves a few key factors:
Gold Type (Karat): Karat is a measure of gold's purity. 24 Karat (24K) is considered pure gold (99.9% pure). Lower karats indicate that the gold is mixed with other metals (alloys) to increase its durability or change its color. The calculator uses the following purity percentages:
24K: 99.9% pure gold
22K: Approximately 91.7% pure gold
18K: Approximately 75.0% pure gold
14K: Approximately 58.3% pure gold
Weight: This is the total mass of the gold you wish to value, entered in grams.
Current Gold Price per Gram: This is the live market rate for pure gold (24K) per gram. The calculator uses this as a base to determine the value of lower karat gold.
The Calculation Formula:
The calculator employs the following formula:
Estimated Gold Value = (Weight in Grams * Purity Percentage) * Current Gold Price per Gram
For example, if you have 10 grams of 18K gold and the current price of 24K gold is $65.00 per gram:
Purity of 18K gold is 75.0% or 0.75.
The value of 1 gram of 18K gold is 0.75 * $65.00 = $48.75.
The total estimated value for 10 grams of 18K gold is 10 * $48.75 = $487.50.
The calculator automatically adjusts for the purity based on the selected Karat.
Use Cases:
Selling Gold: Get a realistic idea of your gold's worth before visiting a jeweler or pawn shop.
Buying Gold: Compare prices and understand the value you are getting for different karats.
Investment: Track the value of your gold holdings.
Insurance: Determine the replacement value for insuring your gold jewelry or assets.
Please note that this calculator provides an estimate based on the current spot price of gold. Actual buy/sell prices from dealers may differ due to refining costs, manufacturing, dealer markups, and fluctuating market conditions.
function calculateGoldValue() {
var goldType = document.getElementById("goldType").value;
var weightGrams = parseFloat(document.getElementById("weightGrams").value);
var currentGoldPricePerGram = parseFloat(document.getElementById("currentGoldPricePerGram").value);
var purityPercentage = 1.0; // Default to 100% for 24K
if (goldType === "22K") {
purityPercentage = 0.917;
} else if (goldType === "18K") {
purityPercentage = 0.750;
} else if (goldType === "14K") {
purityPercentage = 0.583;
}
var resultValue = 0;
// Validate inputs
if (isNaN(weightGrams) || isNaN(currentGoldPricePerGram) || weightGrams <= 0 || currentGoldPricePerGram <= 0) {
document.getElementById("result-value").innerText = "Invalid input. Please enter positive numbers.";
} else {
var actualGoldWeight = weightGrams * purityPercentage;
resultValue = actualGoldWeight * currentGoldPricePerGram;
document.getElementById("result-value").innerText = "$" + resultValue.toFixed(2);
}
}