Determining the current value of gold is an essential step for selling your cherished pieces. Market prices tend to fluctuate, so undertaking thorough research is imperative for getting the best value for your items.

Determine the Worth of Your Gold

Before getting started, it helps determine the karat rating of the gold in question. In most cases, an experienced jeweler can establish the karat rating simply by looking at a piece, but there are other methods those less experienced can utilize.

Pure gold tends to be a deep yellow/orange color, which can become altered as more alloys are introduced. Additionally, pure gold will most likely have been tested at some point, which can be identified by the jeweler leaving what is called a hallmark somewhere on the piece.

Look Online for Current Market Price

The best place to start your search is online, thanks to the numerous sites devoted to calculating the most up-to-date gold prices. This will also ensure that you are privy to the latest information, unlike print resources, which may be outdated in a short period of time. This is important, as the value of gold can change on an hourly basis.

Get Acquainted with the Formula

Once you've determined the current market price for gold, you can then begin calculating just how much your pieces are worth. In this instance, it helps to know that gold is currently valued by troy ounce, with one troy ounce equaling 31.1 grams. Therefore, if gold is currently valued at $1,200 per ounce, the formula would be as follows:

$1,200 per ounce

1200 divided by 31.1

=$38.58 per gram

This formula is far more useful for those selling personal gold pieces, as you are more likely to be dealing in terms of grams instead of ounces.

Knowledge Is Key to a Successful Sale

When it comes to selling gold, the right information is key to getting the most value for your money. By keeping the above information in mind, even the most inexperienced sellers are sure to walk away from all transactions satisfied. For more information on getting the highest value