There has been a surge in precious metal’s prices, with gold hitting a record breaking high in July this year. As such, it is more important than ever to find out what your gold is worth at today’s rate and get the right price for your gold.
As Australia’s largest refiner, the Gold Company is proud to be the leading provider in supplying the highest rates to our clients. The Gold Company pays 98% of the daily gold price for pure gold already refined in bullion form, and 80% of the daily gold price for the gold content of any items that require refining, such as jewellery.
The Golden Formula
We use our Golden Formula to find you the best price every time. We are transparent with our valuations and want to share our industry-based knowledge with you. We use the following process with you when finding you the best possible price:
The US Dollar Gold Price
The gold price is in constant change but is always based on the US Dollar and must be converted into Australian Dollars.
The US-Australian Dollar Foreign Exchange Rate
Since the gold price fluctuates in US Dollars, it is sensitive to the daily changes in currency exchange rates. If the gold price stays the same but the AUD weakens in relation to the USD, the value of your gold in AUD increases.
31.1 Grams in a Troy Ounce
The unit of weight in which the spot gold price is listed is the troy ounce. There are approximately 31.1 grams of gold in a troy ounce.
Gold in jewellery or any other non-bullion form needs to be refined and melted down, the non-gold components removed, and the pure gold extracted. 9K gold is 9/24 parts gold, or 37.5% gold and 62.5% other metals. 18K gold is 18/24 parts gold, or 75% gold and 25% other metals. The higher the gold content in your items the higher the value.
The Weight of the Gold
While the daily gold price is listed in troy ounces, gold prices are often quoted according to gram weight. There are approximately 31.1 grams in one troy ounce of gold.
Weight Loss from Refining
During the refining process, there is an unavoidable loss of gold weight which must be deducted from the estimate of total extractable gold. There is also a cost involved in the refining process.
Margin and Fees
There is also a cost involved in the refining process. The allowance for business costs and profit is the reason that quotes from various gold buyers may vary. Due to such a large variety in quotes from companies it is important to choose a reputable and industry experienced professional to deal with your gold.
Why not find out what your gold is really worth and come visit us at our office in Sydney City or book a free, no-obligation valuation and find out what your gold investment is really worth.