How much is scrap gold per ounce?

Answer 1

Unfortunately, the answer isn't as easy as you would think. First, it varies daily based on the gold price. Then the karat of each gold item gets factored in, that is to say, you will get one price for 10kt gold vs. 18kt gold. The only good way to get an answer is to separate the gold into the different karat groups you may have (not easy to do if its not all marked well). Jewelers have tests they use, mostly with acids, that unless your in the trade, good luck trying to get. Next you will need an accurate weight to know what to start looking into for pricing from various places. Refiners usually offer the best prices. Most people are skeptical of mailing in their gold, but that is the way it is done in the industry, unless you live near one. I am not even sure if they deal with the public, but then I don't see them turning money down either. Another factor in the price you will get is what the item is, that is if you have a ring with a stone in it, that stone needs to be removed to get an accurate weight. If you have a chain with a large fastener, there may be a spring in it that is not made of gold (they never are) that will reduce the weight. Gold watches have steel pins, movements, faces, etc. that are not made of gold, again, that watch weighs less than you may have thought. Most people get upset to find that jewelers, pawn shops, and refiners tell them the weight is less than what the customer found it to be, and those are the reasons. They will only pay you for the precious metal content, not the weight of the item with the extras still on it. So, in the end, if you have alot of scrap, you may get a decent offer from a shop or jeweler because they may buy it outright and not worry about what amount of non gold is in it. A refiner will give you an approximate price, but only pay you the amount it really weighs in the end. Most people also don't realize, it is not in a jewelers or refiners best interest to rip you off for a few extra dollars by giving you less than the real weight of your scrap. First, it won't be enough for them to get rich, second, they really do like repeat customers. But shop around for the price offered for your karat type and weight, that will vary. Gold prices fluctuate on a daily basis so you need to stay on top of the market. Gold closed around $915 per oz.

Answer 2

It depends on two things: today's price of gold (right now it ranges between $900 and $1000) and the fineness (karats) of your gold. For example, if you have an ounce of 10 karat gold and gold is $1000 an ounce today, then you'd figure it out as $1000 * 10/24 = $417. If you have 18 karat gold, you use 18/24 instead of 18/24. If you know it's pure (24 karat) gold, then you use 24/24.