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Know how your gold value is determined before you decided to sell your gold

27/10/2014

Three variables affect the amount a seller might get for scrap gold:

  • The item’s gold purity
  • Its weight
  • Gold’s daily spot price on the stock market.

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The item’s gold purity
*Carat : the unit of measurement for the proportion of gold in an alloy; 18-karat gold is 75% gold; 24-karat gold is pure gold

Pure gold (24K) is bright yellow and very soft. Often, other metals are blended in to give it hardness and color variation. This accounts for the different karat stamps (such as 10K or 14K) found on some Jewry.

A piece of jewellery purity is determined by testing processes such as an acid/scratch test, electronic tester, or X-ray fluorescence (XRF machine) scan. It’s not enough to go by the carat stamp, as fraud has become more common in the current gold rush.

Usually good dealer uses XRF machine that analyses the spectrum of light reflected from your item to calculate the purity of the metal. It is more accurate.

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Weight of you Unwanted Gold
Gold is sold in troy ounces**, also measured in grams or pennyweights
**Troy ounce : a unit of apothecary weight equal to 480 grains or one twelfth of a pound

Once purity has been established, or carat of your piece, a jeweler weigh it to find out the exact amount of pure precious metal in your piece. Combining this amount with the current spot price, we provide you with an appraisal of what your piece is worth. If your item contains stones, you can decide whether or not you wish to sell these along with your metal or not. Some gold dealer will remove your stones for you free of charge.

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Spot Price of Gold
There are lots of websites that show spot gold price. You can Google it or you can go to Sydney Gold Traders to find out details of spot live gold or silver price.

For example, you have a gold chain that is 14K gold. That means, 58.3 percent of the chain is pure gold. It weighs 90 grams. 58 percent of 90 grams is 52.2 grams of pure gold in the chain. There are 31.1 grams in an ounce of pure gold. Therefore, this chain is 1.68 ounces (52.2 divided by 31.1).