Scrap Gold Value Calculator
Use this calculator to estimate the value of your scrap gold based on its weight, purity, and the current market price of gold.
Understanding Scrap Gold Value
Scrap gold refers to any gold item that is no longer wanted for its original purpose, such as broken jewelry, old dental gold, or industrial waste. Its value is primarily determined by three factors: its weight, its purity, and the current market price of pure gold.
How the Calculator Works
Our Scrap Gold Value Calculator simplifies the process of estimating your gold's worth. Here's a breakdown of the inputs:
- Weight of Scrap Gold (grams): This is the total weight of your gold items. It's crucial to use an accurate scale, preferably one that measures in grams or troy ounces (1 troy ounce = 31.1035 grams).
- Gold Purity (Karats): Gold purity is measured in karats (K). 24K gold is 100% pure. Lower karat numbers indicate a lower percentage of pure gold mixed with other metals (alloys) to increase durability or change color. Common purities include 10K, 14K, 18K, and 22K. The calculator converts the karat value into a decimal percentage of pure gold.
- Current Gold Price per Gram ($): This is the fluctuating market price of pure (24K) gold. This price changes daily, sometimes hourly, based on global economic factors. For an accurate estimate, it's best to use a very recent market price.
The Calculation Process
The calculator performs two main steps:
- Determine Pure Gold Content: It first calculates how much pure gold is actually present in your scrap. This is done by multiplying the total weight of your scrap gold by its purity percentage (e.g., 10 grams of 14K gold = 10 grams * (14/24) = 5.83 grams of pure gold).
- Estimate Value: The pure gold content is then multiplied by the current market price of pure gold per gram to give you an estimated monetary value.
Factors Affecting Your Final Payout
It's important to note that the calculator provides an estimated scrap value. When you sell to a gold buyer or refiner, the final payout might be slightly less due to:
- Refining Fees: Buyers often deduct a percentage for the cost of refining the gold to separate it from other metals.
- Dealer Margins: Gold buyers are businesses and need to make a profit, so they will offer a price below the current market value.
- Testing Accuracy: Professional buyers use precise testing methods to verify purity, which can sometimes differ slightly from your initial assessment.
Tips for Selling Scrap Gold
- Know Your Gold: Understand the karat markings on your items.
- Weigh Accurately: Use a digital scale if possible.
- Check Current Prices: Look up the current spot price of gold on reputable financial websites.
- Get Multiple Offers: Shop around to different buyers to ensure you're getting a fair price.
- Understand the Process: Ask buyers about their testing methods and any fees they might charge.
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function calculateScrapGoldValue() {
var scrapWeightInput = document.getElementById("scrapWeight");
var goldPuritySelect = document.getElementById("goldPurity");
var currentGoldPriceInput = document.getElementById("currentGoldPrice");
var resultDiv = document.getElementById("result");
var scrapWeight = parseFloat(scrapWeightInput.value);
var goldPurityKarat = parseFloat(goldPuritySelect.value);
var currentGoldPricePerGram = parseFloat(currentGoldPriceInput.value);
// Input validation
if (isNaN(scrapWeight) || scrapWeight <= 0) {
resultDiv.innerHTML = "Please enter a valid weight for scrap gold.";
return;
}
if (isNaN(currentGoldPricePerGram) || currentGoldPricePerGram <= 0) {
resultDiv.innerHTML = "Please enter a valid current gold price per gram.";
return;
}
var purityDecimal;
switch (goldPurityKarat) {
case 10:
purityDecimal = 10 / 24;
break;
case 14:
purityDecimal = 14 / 24;
break;
case 18:
purityDecimal = 18 / 24;
break;
case 22:
purityDecimal = 22 / 24;
break;
case 24:
purityDecimal = 24 / 24; // 1.00
break;
default:
resultDiv.innerHTML = "Invalid gold purity selected.";
return;
}
var pureGoldContentGrams = scrapWeight * purityDecimal;
var estimatedScrapValue = pureGoldContentGrams * currentGoldPricePerGram;
resultDiv.innerHTML =
"
Pure Gold Content: " + pureGoldContentGrams.toFixed(2) + " grams" +
"
Estimated Scrap Value: $" + estimatedScrapValue.toFixed(2) + "";
}
// Run calculation on page load with default values
document.addEventListener('DOMContentLoaded', function() {
calculateScrapGoldValue();
});