What is your Gold worth?
Three simple factors are used
to determine how gold is valued
Gold price (AUD)
The live gold price changes constantly. Since gold is priced internationally in US dollars, your value is determined by the gold price as well as the AUD USD exchange rate. The higher the gold price and the lower the AUD, the more you get for your gold.
As the spot gold price is measured in ounces, the weight of your gold will need to be converted to ounces. The universal unit weight for spot gold is the troy ounce. A troy ounce is a measurement used purely for precious metals, and is equivalent to 31.10347 grams.
The spot gold price assumes that all gold is pure (99.9% or 24kt). However, most gold jewellery is an alloy of metals with gold being only one of the metals present. For example, gold has high copper content and white gold has high silver content. The higher the karat, the higher the percentage of gold and the more worth it has
As a general guide to karats:
- 24K gold is know as 999.9 or pure gold
- 9K gold is 9/24 parts gold, or 37.5% pure gold - normally stamped 9ct or 375
- 18K gold is 18/24 parts gold, or 75% pure gold - normally stamped 18ct or 750
- 22K gold is 22/24 parts gold, or 91.7 % pure gold - normally stamped 22ct or 917
Once you know the gold price, the quality, and weight of your gold, it is simple to work out the full and unrefined gold value for your items.
The value offered for your gold will vary from dealer to dealer, and this is dependent upon individual allowance for business profit and costs. Understanding how gold is valued allows you to question if you are getting fair value for your gold.