If the price of gold is tempting you to sell unused jewelry, countless companies are looking for ways to get their hands on that unwanted gold.
Companies like U.S. Gold Buyers and others ask you to send your scrap gold pieces to them for analysis. Once they determine value, they send payment.1 Before you mail your gold away, you may want to determine for yourself what the melt value—the market value of the gold contained within the piece—should be.
To calculate the melt value of a gold piece, it’s important to understand how gold is rated for its purity, how it is measured, and how it is priced.
The quality of gold is indicated in karats, which measures the gold’s purity on a scale of 1 to 24 and normally is recorded directly on a piece with a stamp indicating, for example, 10k, 14k, or 22k.
A piece also may be stamped with a number, such as “375,” meaning 37.5% gold content, or 9k.
Once you’ve determined the purity of your gold, you need to measure it on a scale. Gold prices usually are quoted per troy ounce, which is equal to 31.1 grams, so you can easily divide the current gold price by 31.1 to get the price per gram.
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