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

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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