Scrap Gold Calculator

Category: Other Finance
- April 07, 2025
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Calculate the value of your scrap gold based on weight, purity (karat), and current gold price. This calculator helps estimate how much your gold items are worth.

Gold Information

$

Additional Items

1

Advanced Options

About Gold Valuation

Scrap gold is valued based on its weight and purity. The gold content is what determines the value, not the condition or craftsmanship of the item.

Gold Purity (Karat)
  • 24K Gold: 99.9% pure gold, the highest purity available for gold
  • 22K Gold: 91.7% pure gold, commonly used in high-end jewelry
  • 18K Gold: 75% pure gold, a popular choice for quality jewelry
  • 14K Gold: 58.3% pure gold, common in the United States
  • 10K Gold: 41.7% pure gold, the minimum karat that can be legally sold as gold in the US
Weight Measurements
  • Grams: The most common metric measurement for gold
  • Troy Ounce: Standard weight for precious metals (31.1 grams)
  • Pennyweight (dwt): Used by some jewelers (1 dwt = 1.555 grams)
Considerations
  • Buyers typically pay 70-80% of the calculated melt value
  • Refining fees may be deducted from the final payment
  • Antique or designer jewelry may be worth more than its melt value
  • Gold prices fluctuate daily based on market conditions
  • Always get multiple quotes when selling scrap gold
Gold Value Calculation Formula:
Value = Weight × Purity × (Gold Price ÷ 31.1)

What Is the Scrap Gold Calculator?

The Scrap Gold Calculator helps you estimate the value of your gold items based on weight, purity (karat), and the current market price of gold. Whether you're selling old jewelry or investing in gold, this tool offers a quick way to calculate what your gold is worth.

Unlike general payment estimator or Profit Calculator tools, this one is specialized for gold. It provides both a simple total and a detailed breakdown of how that value is determined.

Who Is It Useful For?

  • Individuals selling gold jewelry or coins
  • Buyers and traders assessing scrap gold prices
  • People comparing quotes from multiple gold buyers
  • Anyone curious about how gold purity and weight impact value

How to Use the Calculator

  1. Enter the Weight: Input the total weight of your gold item(s). Choose from grams, troy ounces, or pennyweight.
  2. Select the Purity: Choose the karat value that matches your gold (e.g., 18K, 24K).
  3. Input Current Gold Price: Enter the current price of gold per troy ounce. This value can be found on any major Financial news source or precious metals site.
  4. Add More Items: Click “+ Add Item” to include additional gold pieces with different weights or purities.
  5. Choose Preferences: Adjust decimal precision and toggle options like refining fees or detailed breakdowns.
  6. Click "Calculate Value": See your estimated value, including melt value and item-by-item details.

Understanding the Results

The calculator displays:

  • Total Estimated Value: Final value after optional refining fee deduction.
  • Total Weight: Combined weight of all items.
  • Pure Gold Weight: Gold content calculated by multiplying weight by purity.
  • Melt Value: Value before any fees, based on gold content and current price.

You’ll also see a formula breakdown, similar to a payment breakdown or commission estimator, but specific to gold pricing.

Benefits of Using This Tool

  • Quickly estimate your gold’s worth without manual calculations
  • Compare offers more confidently with accurate numbers
  • Plan finances when selling gold, much like a loan repayment tool or Revenue Calculator
  • Get transparency with optional detailed steps and item summaries

Frequently Asked Questions (FAQ)

What does "purity" mean?

Purity refers to how much actual gold is in an item. For example, 24K is 99.9% pure, while 14K is about 58.3% pure.

What is a "melt value"?

This is the raw value of the gold content in your item, based on current prices. It does not account for design or brand value.

What is the refining fee?

Refiners may charge a small fee (typically 3%) to process scrap gold. The calculator includes this in the final estimate if selected.

Can I use this tool for coins or bars?

Yes. As long as you know the weight and purity, you can use this tool for coins, bars, or any form of gold.

Do I need to convert to grams myself?

No. Just select the correct unit (grams, troy ounces, or pennyweight), and the calculator handles conversions.

Other Useful Calculators

While this tool focuses on scrap gold, you may also find these helpful:

Conclusion

This Scrap Gold Calculator gives you a clear estimate of what your gold is worth—fast. By combining your inputs with market data, it helps you make better decisions, whether you're selling a single ring or multiple pieces. It's a useful tool for anyone needing quick, reliable numbers without guesswork.