Gold has been exchanged around the world for centuries and known as one of the most valuable goods throughout history. However, as time went on, the value has gone up and down. When determining the value of a gold object, there is a lot to be considered. If you want to know how much the gold you have is worth, here’s the best way to get a rough estimate:

Starting Price

Before you consider selling your gold, it’s important to know about what the base price will be. Although there are many ways to determine how valuable your gold is, there will be a base price of what it could sell for. To determine this, check charts on sites such as Kitco.com. On sites like these, you will find the current price of pure, 24-karat gold, which is quoted for one troy ounce, which equals 31.1 grams

Determine Purity

To know a piece of gold’s worth, you must determine how pure it is. The quality of gold is indicated in karats and its purity is measured on a scale of 1 to 24 which can be found. To find the karats of a piece, there is usually a stamp on it the will read, for example, 10k, 14k, or 24k. The purity of gold is then measured in a percentage by taking the number of karats and dividing it by 24. For example, 12k gold is 50% pure. This means 24k gold is the purest form.

Melt and Market Value

When selling gold, there is market value and melt value. To determine the melt value of your gold piece, take its weight in grams, the purity percentage of your piece, and then the current price of gold per gram. For example, if you have a 22-gram piece that is 14 karats and is priced at \$1,600 per ounce, then you would multiply the weight, the purity percentage, and price of gold per gram to find that \$659.86 is its melt value.

Market value has to do with places such as pawn shops or jewelry stores.  When selling you gold to places such as these, they will t buy the gold at less than the market rate. If they don’t, they won’t be making any profit once it’ sold to consumers. You also have to factor in that the price of gold can change from day to day. To get the best price for your gold piece when selling to a jeweler or pawn shop, it’s important to keep an eye on the gold market and shop around as much as possible.