1. What is Scrap Gold Value?

The scrap value of gold represents the intrinsic metal value based on weight, purity, and current market price. It's what refiners and dealers typically pay for gold items when melted down.

2. How Does the Calculator Work?

The calculator uses the gold value formula:

Where:

• \( Weight \) — Gold weight in grams
• \( Purity \) — Gold purity as decimal (e.g. 0.585 for 14K gold)
• \( Spot \) — Current gold price per gram in USD

Explanation: The formula calculates the actual gold content value by multiplying the total weight by the percentage of pure gold and the current market price.

3. Importance of Gold Valuation

Details: Accurate gold valuation helps sellers understand fair market value, prevents being underpaid, and assists in insurance appraisals.

4. Using the Calculator

Tips: Enter weight in grams, purity as decimal (e.g. 0.750 for 18K gold), and current spot price per gram. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: How do I find my gold's purity?
A: Look for hallmark stamps (e.g., 24K, 18K, 14K, 10K) or 3-digit numbers (e.g., 750 for 18K). When in doubt, have it tested by a professional.

Q2: Where can I find current gold spot price?
A: Check financial news websites, commodity exchanges, or bullion dealer websites for live gold prices.

Q3: Why is scrap value different from retail price?
A: Retail jewelry prices include craftsmanship, brand value, and retailer markup, while scrap value reflects only the metal content.

Q4: How accurate is this calculator?
A: It provides theoretical melt value. Actual offers may be lower due to refining costs and dealer margins.

Q5: Does this work for gold-plated items?
A: No, this calculator is for solid gold items only. Gold-plated items have negligible gold content by weight.