Scrap Gold Prices
These are the Gold Price Calculations and Conversions that determine scrap gold prices and how much you will receive for your gold.
Every calculation I use on this site is listed below.
They are all very simple mathematical equations.
Understanding why they work is the key to knowing the process we are discussing.
Using the Calculator page to determine scrap gold prices is not a substitute for knowing how these calculations work, it just makes it faster.
Need a little more help, do not forget the Glossary.
Spend a few minutes understanding this page, it's like riding a bike, once you know it, you will never forget it.
Convert Troy ounces to Pennyweights to Grams
In the gold buying industry, gold is usually bought and sold by troy ounces and pennyweights. The only reason the industry clings to the Troy ounce system instead of the standard metric system of weights, is to make it a little more confusing for the general public to understand. The standard unit of measure they share is the gram.
1 Troy ounce = 20 pennyweights or 20 DWT
1 Troy ounce = 31.1 grams
1 pennyweight is 1.555 grams = (31.1 / 20)
1 gram = .643 pennyweights
Convert pennyweights to grams
1 pennyweight (dwt) = 1.555 grams
multiply #(dwt) x 1.555
example 3 dwt x 1.555= 4.7 grams
Convert grams to pennyweightsDivide number of grams by 1.55
25 grams = "x" pennyweights(dwt)
25 / 1.555 = 16.1 pennyweights (dwt)
Convert karats to percentage of purity
divide number of karats by 24
example 14 / 24 = .583 percentage
Gold Price per gram-of pure 24 K gold
divide world market price (quotes in Troy ounces) / by 31.1(grams)
Gold Price per pennyweight
divide world market price / by 20
Convert world price per gram or pennyweight to X Karat of purity (1-24)
multiply world price per gram (X) by percentage of gold purity(Y)
Example Gold price = 1000 per toz (troy ounce)
convert to 14K
$1000(X) x .583(Y) = $583.00
Convert world gold price to price per gram of different purities
Figure out world gold price per oz of purity you have(see above)
Divide by 31.1 for price per gram
Divide by 20 for price per pennyweight
Gold price = $1000
1 oz 14K = $583.00
1 gram = $583.00 / 31.1 = $18.74 a gram
gold price = $1000
1 oz 14K = $583
1 pennyweight =$583 / 20 = $29.15 a (dwt)
Gram = .64 pennyweights (dwt)
Gram = .032 Troy ounce
Gram = .035 Avoirdupois Ounce
Pennyweight(dwt)= 1.55 grams
Pennyweight(dwt)= .050 Troy ounce
Pennyweight(dwt)= .054 Avoirdupois ounce
Troy ounce = 31.10 grams
Troy ounce = 20 pennyweights
Troy ounce = 1.1 Avoirdupois ounce
Avoirdupois Ounce = 28.34 grams
Avoirdupois Ounce = 18.23 pennyweights
Avoirdupois Ounce = .911 troy ounces
(THE MAGIC QUESTION)
Offer percentage calculation in grams
Determine scrap gold prices per gram of purity being sold
Divide "offer price" by actual gram price X 100
Gold = $1000
1 gram(g)14K = $18.74
Offer price is $12.00 (g)
$12.00 / $18.74 x 100= 64%
Offer percentage calculation in pennyweights
Determine price per pennyweight of purity being sold
Divide "offer price" by actual pennyweight price X 100
Gold = $1000
1 pennyweight (dwt) of 14K = $29.15
Offer price is $17.00(dwt)
$17.00 / $29.15 x 100=58.3%
These calculations will help you determine scrap gold prices and you can use those prices when you go to sell your gold. If you have any questions, please use our convenient Contact Us form and I will answer just as quickly as possible.
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