Q:

How do you find the current price of gold scrap?

A:

Quick Answer

The daily price for gold can be found using any website that tracks commodity exchange rates. Also known as the spot price, the cash value of gold changes based on a wide array of factors. Anyone dealing in gold transactions of any kind should stay informed of the current spot value.

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Full Answer

Typically, gold buyers use the spot price found on the commodity exchange as a guideline for their own price structure. The price offered by gold buyers varies from one business to the next, but all buyers offset the spot price by between 10 and 30 percent in order to cover their costs and ensure they turn a profit on the transaction.

In addition to the spot price, karat value can also play a role, with lower karat gold valued at a lower price per gram. Sellers should identify their gold before seeking a buyer or asking for a quote, so that a clear expectation can be established in advance. They should also know the weight measurement being used by the buyer during a transaction. Gram measurements offer the most accurate and foolproof solution, as there can be confusion between the value of a troy ounce versus a standard ounce.

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