Gold Calculator - 3 Calculators Based on Price, Weight, Melt Value | Gold IRA Guide
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Gold IRA GuideGold Calculator – 3 Calculators Based on Price, Weight, Melt Value

Gold Calculator – 3 Calculators Based on Price, Weight, Melt Value


The gold calculator helps you determine the market value or gold price of the coins or bars you own. We have 3 different calculators that will help you determine the value of your gold based on weight, purity and given melt value. Please feel free to reach out to us if you have any question about the calculators on this page.

Calculation 1: Price of Gold Calculator

This calculator determines the value or market price of gold based on the weight, purity, and bid price.


99.999% pure gold
 
 


Calculation 2: Gold Price based on a given melt value %

This calculator determines the gold price relative to the value from calculator 1.

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Calculation 3: Melt value % based on a given gold price

This calculator determines how the gold price compares relative to the value of gold metal from calculator 1.

 
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Gold Calculator FAQ

How does this gold calculator work?

This gold calculator imports the latest gold price, and helps you determine the value of your gold. First you must know the weight of your gold coins or bars. A conventional digital scale can easily determine the weight of your gold products. 

Next, input the weight of your gold products into the calculator. For your convenience, weight for this gold calculator can be measured in Grams (g), Kilograms (kg), Pounds (lbs), or Ounces (oz).

If you know the purity level of your gold, then select the respective purity level. This gold calculator can determine the price of of gold ranging from 24K (99.999% pure gold) down to 6K (250), meaning products that contain 25% pure gold.

Since September 12, 1919, the benchmark price of gold has been determined by members of the London bullion market, twice daily at 10:30AM and 3PM (GMT) via teleconference. This process is known as the Gold Fix, so a fixed price for the precious metal can be used for settling contracts between members of the London Bullion Market Association (LBMA). 

In addition, the Gold Fix provides the daily benchmark gold price for the majority of gold products throughout global markets, and is determined in US dollars (USD), the Euro (EUR), the Pound Sterling (GBP).

What does melt value mean?

Melt value, or “intrinsic value” is the value of your coins or bars as determined by the amount of gold they contain. Melt value in coins and bars can be determined by multiplying the standard weight of the gold object, by the gold spot price. 

For example, if you have 0.8 ounces (oz.) of gold and the gold spot price is $1,600, then the melt value is $1,280.

Melt value in jewelry can be calculated by multiplying together the weight of your gold product measured in grams, its purity percentage, and the current gold price in grams.

What does purity mean and how do I determine the purity of my gold?

Purity simply refers to the percentage of gold found within a coin, bar, or piece of jewelry. This purity percentage (known as millesimal fineness) is denoted in karats. 

The millesimal fineness of gold for this gold calculator ranges from 999.999 (or 99.999% pure gold) to 25% pure gold (or 6 Karats). 

There are several ways to determine the purity of your gold. If you purchase a minted coin the karats and composition of the coin are provided. For instance, an American Eagle 2020 One Ounce Gold Proof coin is 22 karats and composed of 91.67% gold. 

When it comes to gold jewelry, pieces containing a percentage of the precious metal within their composition will have a purity stamp denoting the karats. These stamps can range from 6K (karats) to 24K which refers to almost 100% pure gold. If you have a gold ring stamped with 18K, to determine the purity percentage simply divide 18 by 24, resulting in 0.75, multiplied by 100 or 75% pure gold. A gold necklace which contains a 14K stamp, would be 14 divided by 24, resulting in 0.583, multiplied by 100 or 58.3% pure gold, and so on.

Sometimes the purity of a gold object is not denoted in a karat stamp, but rather a three-digit number stamp meaning gold units in parts per thousand. You may have a piece of jewelry with a “583” stamped on it, for example. Simply divide the value of the number stamp by 10, and that will determine the purity of the gold - in this case, 58.3% gold is present.

Alternatively, you can also purchase a gold testing kit. This method will enable you to determine the purity of your gold in the comfort of your home. These kits contain bottles with various concentrations of nitric acid marked with karat stamps (10K, 14K, 18K, etc.). If you choose this route, it is recommended that you thoroughly read the instructions prior to commencing the testing process.

What does karat mean?

The percentage of gold found within a coin, bar, or jewelry is often expressed in karats in parts per 24. Something that is stamped 24K (karats) is generally considered to contain 99.95% gold purity, or higher. This gold calculator can measure karat purity ranging from 24 karats to 6 karats.

Some of the most common karat stamps include:

  • 6K - 25% pure gold
  • 8K - 33.3% pure gold
  • 9K - 37.5% pure gold
  • 10K - 41.6% pure gold
  • 12K - 50% pure gold
  • 14K - 58.8% pure gold
  • 18K - 75% pure gold
  • 22K - 91.6% pure gold
  • 24K - 99% pure gold

Under US federal law, gold jewelry being sold must denote the karat system to signify the purity level.

What does "scrap value" mean?

Scrap value is the estimated worth of an asset (in this case gold) from either selling or salvaging when it can no longer be useful. In this case, if you have unused old gold jewelry that’s simply collecting dust, you may consider selling it, for the scrap value. Essentially, this means that your jewelry will be melted down and turned into bullion. 

However, it’s important to know what sort of gold jewelry you have, before deciding to sell. Consult a reputable professional jewelry appraiser who will give you an idea of the value of your pieces.

It is important to keep in mind when selling old gold jewelry, you will likely receive only a percentage of the actual metal value. This lower percentage represents a cut taken by the dealer purchasing your pieces, in addition to the cost of melting down the gold and turning it into bullion.