How do you calculate cash for gold prices?


Quick Answer

To determine the cash value of gold, input the weight of the gold into a gold-value calculator and select the gold purity, explains GoldCalc.com. The current price for gold appears on this website included in the computation of value provided by the website calculator.

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Full Answer

Those attempting to value gold use a gram scale, such as a digital gram scale available at most retail stores, eBay or Amazon, or a kitchen scale that measures in grams. Kits used to test and determine the karat value determine gold's purity. Individuals can find these kits on eBay or Amazon, as well. However, these kits prove difficult to find in retail stores, as advised by GoldCalc.com.

Jewelers use a different measurement to determine gold weight: a Troy ounce, which is equivalent to 31.1 grams. When selling gold to a jeweler or another gold buyer, it is important to know the karat purity of the gold, its current market value, and to fully understand the buyer's terms and conditions of the sale before completing the transaction, according to ABC News. Use businesses registered with the Better Business Bureau to help ensure a legitimate transaction. Also, federal law requires the seller to have government issued identification to prevent money laundering and the sale of stolen goods.

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