How to Calculate the Value of Your Gold Before You Sell It

Places that buy gold

You probably hear about it every day, whether you’re listening to a TV commercial or reading a newspaper article — with gold prices staying afloat at all-time highs, selling gold is still one of the best ways to earn extra money.

And before you go to sell your gold to any of the places that buy gold in your area, one of the most important steps you need to take is calculating the worth of your gold. When you know how much your gold is worth, you will have a better idea of how much money you should be asking for when you sell gold coins or jewelry.

Best of all, it’s easier than you may think! Here are four simple, easy steps to help you determine how much your gold is worth before you sell your gold.

1. Separate gold by its karat amount: The purity of most gold jewelry is measured in karats. Pure gold is 24 karats, which is rare to find as pure gold is often too malleable to make for good jewelry. The lower the karat amount, the less actual gold is part of the alloy, and the less it will be worth. Before you sell gold jewelry, be sure to separate each piece according to karats.

2. Weigh your gold: You should measure your gold in grams, as the value of gold is based on both its purity and its weight. If you don’t have a weighing scale at home, there are many good-quality scales available online that are specifically created to weigh gold.

3. Be sure to keep jewelry separate from coins: Never sell your gold jewelry alongside your gold coins! Their value is determined differently — for example, older gold coins might have tremendously higher value if sold as historical artifacts or antiques rather than as scrap gold.

4. Multiply the gold’s weight by its purity: To finally figure out just how much your gold items are worth, take the purity of your gold and multiply it by its weight. Then, multiply this figure by the current market value of gold today — and then you will finally know how much to ask for when you sell your gold. Helpful info also found here.

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