It’s good to sell your gold to earn some dollars, but how are you sure that you are being paid the appropriate price for your gold? It is essential to know its value in order not to lose potential revenue by not selling it for the correct price.
Gold value may be affected by market prices, purity, weight, among other factors. Through the following steps, you will be in a position to evaluate the value and make a decision about selling it. Here is how you can evaluate your gold to ensure that you are offered a fair price for the commodity.
1. Check the Current Market Price of Gold
The initial procedure for the evaluation of gold is to see the existing market value, which is also known as the spot price. Gold is a type of commodity that faces a daily change in prices depending on certain world economic factors. This information can be obtained from such sources as financial news websites, or websites that cover changes of precious metals’ prices. When you seek to sell gold, looking at the current rate per ounce or gram will provide you with the current value of the gold.
2. Determine the Karat of Your Gold
Gold is measured in karats where one karat is equivalent to one part in 24 parts—indicating the purity of gold. Other karat values include 10 karat, 14 karat, 18 karat, and 22 karat; the higher the karat, the higher the percentage of gold.
The karat on an article of gold is also often indicated by a stamp or a marking. For example, a 14K stamp means that 58 percent of the material being used in that item is pure gold. In case you have doubts on the authenticity or the karat, before you sell gold, then it is advisable to take the item to an expert jeweler for evaluation.
3. Weigh Your Gold Accurately
Following the determination of the karat of gold, the next process before you sell gold is to weigh it. Gold is usually expressed in grams or ounces and this measure is very important when it comes to determining the value of the gold. In weighing the gold, you should employ an accurate digital scale. Remember that an item containing gemstones or other materials will have to be weighed individually from the gold—to obtain an accurate measurement.
4. Calculate the Gold Value
Next, with the current gold price, the karat, and the weight of the item, it is possible to come up with the approximate value. But be aware that buyers usually pay a little less than the market price for the gold due to processing charges and other business profits that they have to make.
5. Consider Additional Factors
The worth of gold depends of course on the amount of gold contained in the coin or in the bar and the purity of the gold, however there are other parameters as well. For instance, some pieces of jewelry such as antique or designer items may have an extra value over the regular gold price because of the workmanship or even the logo. On the flip side, broken or damaged items are likely to fetch less than the amount of gold they have.
