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When you want to sell your old jewellery, you may be wondering what the scrap gold prices are. It is because even when the attribute is broken and can no longer be used, as long as it is gold, you can still get money by selling it. If you are still uncertain, “scrap gold” refers to gold that is typically damaged or no longer valuable in its existing form, be it broken jewellery, dental gold, or other items. Although the piece itself may hold little aesthetic or functional value, it remains worthwhile because it can be melted down and refined. The gold content can then be reused to create new items.

What affects scrap gold prices?

Scrap gold prices are influenced by its purity (karat), weight, and the global market price of gold. Prices fluctuate in response to supply and demand dynamics. Broader economic conditions also play a significant role. Periods of instability often influence people to buy or sell gold, be it to raise quick cash or to rely on it as a safe-haven asset. In addition, a higher level of purity or karat will naturally elevate the price. The 24k one means the purest form, so it contains more gold content, which commands a higher value for your money. The total weight of the piece is also a key determinant. The heavier the item, the greater the amount you can expect to receive for it. In short, many things can affect scrap gold prices. If you want to sell it, refining costs and buyer profit can affect your final earnings. Think about how buyers must calculate the cost of melting it and refining it again. With that in mind, knowing all of these helps you manage your expectations.

Calculate your scrap gold prices at home.

Before deciding whether you need to sell it or not, or if you are afraid that your gold has no value, you can check it at home. For that reason, we are going to give you some tips and tricks on how to do that in this part. By doing all of these things, you will know your scrap gold prices. At least for the estimation, so you won’t be shocked if the price is different from your expectations. Here are the tips we can give to you:

Identify karat

The first step is to determine the karat or purity of your gold. Jewellery is rarely made from 100% pure gold, as pure gold is extremely soft; it is alloyed with other metals to provide additional strength and durability. To check the purity, look for a small stamped hallmark on your item. If you still have the certificate, the karat is usually indicated there as well. Common gold purities include:

24k – 99.9% pure
22k – 91.6% pure
18k – 75% pure
14k – 58.5% pure
10k – 41.7% pure

Weigh your gold

The next step is to weigh your items. Scrap gold prices are typically calculated per gram, so you need to make sure its accuracy. A digital kitchen scale will provide the most reliable tools. Make sure it is in grams, and weigh each piece individually, particularly if they differ in karat. People mainly use these tools for weighing themselves:

Kitchen scale
Gold price calculator
Online karat chart

Use the purity percentage to calculate the pure gold weight.

Once you know the karat and the total weight, you can then convert your gold into its pure-gold equivalent. For instance, if you have a necklace made of 14-karat gold (58.5% purity) weighing 10 grams, this means you effectively possess 5.85 grams of pure gold.

Check current scrap gold prices.

Now is the time to review the current scrap gold prices on the market. As these figures fluctuate daily, you will need to monitor them regularly. One key point to remember is that you should refer to the price per gram rather than per ounce. It is because gold is predominantly traded and assessed in grams.

Estimate the value of your scrap gold.

Finally, you can calculate the value of your scrap gold once you have gathered all the necessary details discussed above. For example, if you have determined that the pure gold content is 5.85 grams and the current spot price is £60 per gram, the calculation would be 5.85 × 60 = £351. This means your 14-carat gold necklace would be worth £351 at today’s spot price.

Conclusion

After knowing all of these, it is still important to lower your expectations when it comes to selling your jewellery to the buyers. It is because they will not pay you the full spot price, as they need to refine and process your gold. Hence, your scrap gold prices can vary based on which places you want to sell your item. Now that you know how to calculate the value of your scrap gold, it is important to choose reputable buyers. With Hatton Garden Buyers, you can secure a highly competitive price, just as you would expect. As gold prices fluctuate in line with global markets, it is essential to stay informed by regularly checking the updated rates on our website. We keep them current for your convenience.