Gold Prospect near Phoenix

How Much Is Gold Worth?

You may be willing to part with your unwanted or old gold jewelry to add some cash to your wallet. It helps to know how much gold may be worth and where to sell it for the best price.

Can I Sell Broken Gold?

Gold is gold even if its in pieces, tangled or broken, according to MoneyCrashers.com, a financial advice site. Gold scrap is resold to businesses that melt down the gold. So no matter what shape your gold is in, it retains its value, states the site.

Seller beware, however. Your scrap may be worth thousands. There's a story of a man who thought his scrap gold was worth little until it was determined it came from a commemorative collection worth $20,000, according to ABCNews.go.com.

Gold Calculators Online

Learning the approximate prices of gold and what yours may be worth is easier to find out today than ever thanks to online gold calculators. Instantly calculate your gold scrap value by first weighing it on a common kitchen scale (a digital scale is more accurate, per GoldCalc.com) and pop the numbers into the online calculator. Here are top sites:

  • GoldCalc.com
  • CashForGoldCalculator.com
  • Coinapps.com

The calculators also have real-time scrap gold prices per gram, but you can also choose milligrams, some per troy ounce or DWT, all explained in the next section.

Types of Gold Weights

Though most companies buy gold priced per gram, you'll come across the terms troy ounces and DWTs as units of measurement. Here's what it means, but for simplicity, stick to weighing your gold in grams.

  • Troy ounce: This is used to weigh silver or gold Bullion, according to CoinValues.com. A troy ounce is 2.75 grams more than a regular ounce, says the site.
  • DWT: DWT, also called pennyweight, is another measurement used for gold jewelry. You'll likely see this if you sell gold to a jewelry store. There are 20 pennyweights in one troy ounce, according to UsedJewelryBuyer.com.

The Realities of Gold Prices

Before selling gold, be realistic about the amount of money you'll receive, according to the Jewelers of America (jewelers.org). Even if you see that gold is selling high one day, you'll be paid only for the amount of gold that's in your jewelry. Even 18-karat gold is made of gold and other alloys, warns the site. A 14-karat gold jewelry price per gram will be even less than you thought.

Gold Selling Tips

The Jewelers of America offers other tips for selling your gold so you can feel confident you got the best price possible:

  • Don't sell any gold jewelry that you have emotional ties to or else you'll regret it.
  • Use a magnifier to find the gold stamps on your jewelry so you know what karat you have.
  • Find a trusted buyer. A reputable buyer has a license to buy gold in your state, they are likely a member of a jewelry trade association and has a good Better Business Bureau rating.
  • Go to a few places to shop your gold scrap so you can get the best price.

    • Do business with a local company. Avoid the transient gold buyers that set up shop in a hotel for a weekend, or else you're likely be underpaid for your gold, according to ABCNews.go.com.

    More From QuestionsAnswered.net

    Gold Prospect near Phoenix

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