Scrap Gold: How to calculate the value

What is scrap gold? 

The term “Scrap” means “recycled” or remains from manufacturing. But, it does not necessarily mean it is not valuable, especially with gold. 

How do you get scrap gold? 

Firstly, Pure gold is mined and refined; then, after being used by an owner, it is known as scrap gold during resale. You can sell scrap gold in the form of coins, alloys, nuggets, and bars.

Interestingly, Scrap gold does not always contain 100% pure gold. Gold purity is measured using the term “Karats”. Gold Karat ranges from 9 karats to 24 karats, with 9 karats having the least pure gold content and 24 karats containing 100% pure gold. 

What is the price of scrap gold?

The market determines the price of scrap gold. The market can be volatile, with prices rising and falling quickly. Scrap gold is often weighed in troy ounces when bought and sold: 1 troy ounce generally equals 31.1 grams. Most scrap gold buyers will buy your gold at 60% to 80% of the market price.   

The value of scrap gold depends on several factors: 

•  The metal’s quality; The most valuable metals have minimal impurities — that is, they’re pure. Gold purity is measured in karats. 

• The metal’s weight; The heavier and larger a piece of gold is, the more it will sell for at a yard sale or flea market. For example, a 2-ounce bar will sell for more than an ounce. 

• The type of metal being recycled; depends on if it has been melted down before recycling or not. 

How much is scrap gold per gram? 

Scrap gold has a value based on its weight and purity. The price of gold scrap is calculated per gram. You can get about $20 to $30 per gram of scrap gold, depending on the purity.   

Here is a breakdown of the value of gold by karat; 

How much is 9 ct gold worth 

9 karat gold is of the lowest purity due to the high percentage of other metal alloys like copper. The prices of 9ct gold can vary depending on the current market and demand. Generally, you can expect about $28.29 per gram for your 9-karat gold jewellery. 

How much is 10k gold worth 

The market price of 10k gold per gram is $28.29 and per ounce is $762. You only get this pricing for your gold with reliable sellers.

How much is 14-carat gold worth 

Your rings, wrist watches and collectables are probably made using 14-carat gold. It is the most popular gold on the market because it is firm, durable, and easy to work with. A14-carat gold is currently about $44.14 per gram and  $800 per ounce. 

How much is 18ct gold worth 

The purity of 18 karat gold makes it suitable for watches, rings and day-to-day jewellery. Your 18 karat gold will cost $56.58 per gram as of 2022. 

How much is 21K gold worth 

Auctions are the easiest way to sell your jewellery because there are no middlemen or commission fees. Another way is through reliable stores.  A 21-karat gold easily fetches $66.01 per gram and  $1,000 per troy ounce.  

How much is 22-carat gold worth 

22-carat gold is also a trendy gold due to its durability and affordability. It is used in jewellery, ornaments, and other decorative items.  The average price of 22-carat gold per ounce is about  $1,243.This means that if you have 22-carat gold in your possession, you can expect to receive about $69.11 per gram. 

How much is 24ct gold worth 

24 karat gold has the highest purity of any gold today. The 24 karats gold bars are made with 99.99% pure gold, which means they contain no other metals or impurities. Each bar weighs 24 ounces and contains one troy ounce of pure 24-ct gold. Per the current market price, 24 karat gold costs 1850 per ounce and $75.44 per gram. 

Takeaway 

Your gold is not invaluable after long-term use. If you are looking to sell your jewellery at a scrap gold store, this information serves as a guide so you do not undersell. Furthermore, you now have an approach to recognizing your scrap gold and the value it holds.