Gold Prices (Part 4) – How Much Is My Gold

Worth? Thus far, you have learned how to determine

a gold’s purity and weight. Now,

you’re ready to put that information together so you can determine how many

grams of pure gold you have. Additionally, I’m going to explain how you

can find out how much that gold is worth. In order to accomplish this, you need to:

find the spot price of gold, calculate the price per gram, determine how many grams of

pure gold your customer has, and calculate how much your customer’s gold is worth. Let’s take a closer look at each of these

steps. Step 1 – Find The Spot Price of Gold

As you should know by now, the spot price refers to the price of gold per troy ounce. The spot price can fluctuate throughout the

day, so you should check it each time you make a transaction. You can find the spot price of gold online

or on your smartphone. If you want to use

your computer, just Google “spot price of gold.” A list of websites will come up. Go

through the sites and find your favorite. Then, bookmark it so you can refer to it

often. If you want to find the spot price on your

smartphone, just go to the app store and search for an app that gives the spot price. Install the application. Then, you can

open the app whenever you need the spot price. Step 2 – Calculate the Price Per Gram

Most of your customers will bring you grams instead of ounces of gold. Because of

that, you will need to calculate the price per gram. As I mentioned earlier, there are 31.1 grams

in a troy ounce. Thus, you will take the

spot price and divide it by 31.1 to find out how much each gram of gold is worth. For instance, let’s say the spot price of

gold is $1600. You would divide $1600 by

31.1. You would come up with $51.45. Thus, gold would be worth $51.45 per gram. Step 3 – Determine How Many Grams of Pure

Gold Your Customer Has Next, you have to determine how many grams

of pure gold your customer has. First,

you will need to test and weigh the gold. Then, you will need to determine the

percentage of pure gold that you have. At that point, you will take the weight and

multiply it by the karat’s percentage. That will tell you how many grams of pure

gold you have. For instance, if you have a 12k necklace that

weighs five grams, you will need to take .5 x 5, which will give you 2.5 grams. The reason you multiple the five grams

by .5 is 12 karats is 50% gold. Step 4 – Calculate How Much Your Customer’s

Gold Is Worth Then, you will need to multiply the number

of grams of pure gold by the price per gram. In this example, let’s say you have 2.5 grams

of gold, and gold is $51.45 per gram. You will multiply 2.5 by $51.45, which will

give you $128.63. Thus, your customer’s gold will be worth $128.63.

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