Gold Value Calculator
Use this calculator to determine the approximate market value of your gold based on its weight, purity, and the current market price. Understanding these factors is crucial for both buyers and sellers of gold jewelry, coins, or bullion.
Understanding Gold Value
The value of gold is primarily determined by three key factors: its weight, its purity, and the current market price. This calculator helps you combine these elements to get an estimated value.
1. Gold Weight
Gold is typically measured in grams (g), troy ounces (ozt), or sometimes standard ounces (oz). It's important to distinguish between a troy ounce and a standard (avoirdupois) ounce, as a troy ounce is slightly heavier (approximately 31.1035 grams vs. 28.3495 grams). Bullion and investment gold are almost always weighed in troy ounces, while jewelry might be weighed in grams.
- Grams: A common unit for smaller items or jewelry.
- Troy Ounces: The standard international unit for precious metals.
- Ounces (Avoirdupois): Less common for gold, but sometimes used in general weighing.
2. Gold Purity (Karats or Percentage)
Gold purity indicates the proportion of pure gold in an item. It's expressed either in karats (K) or as a percentage/fineness.
- Karats: A system where 24 karats represent 100% pure gold. Common purities include:
- 24K = 100% pure gold
- 22K = 91.67% pure gold (22/24)
- 18K = 75% pure gold (18/24)
- 14K = 58.33% pure gold (14/24)
- 10K = 41.67% pure gold (10/24)
Lower karat gold is mixed with other metals (like copper, silver, zinc) to increase its hardness and durability, or to change its color.
- Percentage/Fineness: Often used for bullion, this directly states the percentage of pure gold (e.g., 99.9% pure) or fineness (e.g., 999 fine).
3. Current Market Price
The market price of gold fluctuates constantly based on global economic conditions, supply and demand, geopolitical events, and currency strength. Prices are typically quoted per troy ounce or per gram in various currencies. It's essential to use a current and reliable market price for an accurate calculation.
How the Calculator Works
The calculator first converts all inputs to a standard unit (grams for weight, decimal for purity) and then multiplies these values by the market price per gram to arrive at the total estimated value of the pure gold content.
Formula: Total Value = (Weight in Grams) × (Purity as Decimal) × (Market Price per Gram)
Examples:
Example 1: Calculating the value of a 22K gold chain
- Weight: 15 grams
- Purity: 22 Karats
- Market Price: $68 per gram
- Calculation: 15 g × (22/24) × $68/g = 15 × 0.91666… × $68 ≈ $935.00
Example 2: Valuing a 1 troy ounce gold coin
- Weight: 1 troy ounce
- Purity: 99.9% (or 0.999)
- Market Price: $2,050 per troy ounce
- Calculation: 1 ozt × 0.999 × $2050/ozt = $2047.95
Remember, this calculator provides an estimated melt value. The actual price you might buy or sell gold for can vary due to dealer premiums, fabrication costs, and other market factors.
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function calculateGoldValue() {
var goldWeightInput = document.getElementById("goldWeight");
var weightUnit = document.getElementById("weightUnit").value;
var goldPurityInput = document.getElementById("goldPurity");
var purityType = document.getElementById("purityType").value;
var marketPriceInput = document.getElementById("marketPrice");
var priceUnit = document.getElementById("priceUnit").value;
var currencySymbol = document.getElementById("currencySymbol").value;
var resultDiv = document.getElementById("result");
resultDiv.classList.remove('error'); // Clear previous error state
var goldWeight = parseFloat(goldWeightInput.value);
var goldPurity = parseFloat(goldPurityInput.value);
var marketPrice = parseFloat(marketPriceInput.value);
if (isNaN(goldWeight) || goldWeight <= 0) {
resultDiv.innerHTML = "Please enter a valid positive gold weight.";
resultDiv.classList.add('error');
return;
}
if (isNaN(goldPurity) || goldPurity <= 0) {
resultDiv.innerHTML = "Please enter a valid positive gold purity.";
resultDiv.classList.add('error');
return;
}
if (isNaN(marketPrice) || marketPrice 24) {
resultDiv.innerHTML = "Karats cannot exceed 24.";
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return;
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purityAsDecimal = goldPurity / 24;
} else { // percentage
if (goldPurity > 100) {
resultDiv.innerHTML = "Percentage purity cannot exceed 100%.";
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return;
}
purityAsDecimal = goldPurity / 100;
}
// Step 3: Get the market price per gram
var pricePerGram;
if (priceUnit === "perTroyOunce") {
pricePerGram = marketPrice / 31.1035;
} else { // perGram
pricePerGram = marketPrice;
}
// Step 4: Calculate the total value
var totalValue = weightInGrams * purityAsDecimal * pricePerGram;
resultDiv.innerHTML = "Estimated Gold Value: " + currencySymbol + " " + totalValue.toFixed(2);
resultDiv.classList.remove('error'); // Ensure success styling
}