In today’s rough economy many people are selling their gold for money.
Additionally, gold prices have set new records lately selling for $1,143 an ounce last December.
There are many companies capitalizing off people selling their gold jewelry which includes gold-party companies, jewelry stores and mail-in companies. So how do you know what your gold jewelry is really worth?
Below are the steps you can use to determine how much your gold jewelry is worth:
- Weigh your gold on a scale in grams.
- Multiply the weight by the current price of gold to determine $/ounce. Find price of gold at cnnmoney.com/data/commodities
- Divide by one of the following
- If gold is 10k divide by 74.8
- If gold is 14k divide by 73.2
- If gold is 18k divide by 41.5
- If gold is 24k divide by 31.1
- Multiply the above result by 0.50 and 0.80 to determine the fair price range
So let’s say you have several 14k pieces of gold jewelry weighing 50 grams. The value can be calculated as follows:
50 grams X $1,119.50 per ounce / 53.2 X 0.5 = $526
50 grams X $1,119.50 per ounce / 53.2 X 0.8 = $842
Per the above calculation your gold jewelry is worth between $526 and $842.
However, keep in mind that if your jewelry as an antique it may have more value than just its gold content.
If you are interested in selling your gold, check out Cash 4 Gold.