When determining gold price per ounce, there are methods you can use to perform the calculations yourself.

If you have available a calculator that will perform these calculations–which you do, on this site–you have a very good idea of how much cash your gold will bring you, if you were to sell it in the marketplace today.

Click here to use our free gold price calculator.

It’s important to remember that the buyer takes a percentage of the money, as profit. Each business can vary, as far as how much of the marketplace value you’ll actually be given, in exchange for your gold. In other words, you have to ask the buyer how much cash you’re going to get for your gold, after the buyer takes a cut. Our calculator takes that into account.

Because 24k gold prices vary greatly in the marketplace, we don’t provide an estimate with our calculator.

So we’ll use 24k jewelery as an example of how to calculate the value in troy ounces manually. Remember–this is the market value. The amount of cash you’re paid in the marketplace will be less, and it depends on who you’re selling it to.

Step One: Estimate the Amount of Actual Gold in Your Jewelery.

24 karat is the greatest degree of “fineness” of the gold. To calculate the finess of gold, we divide the karat by 24.

For example, we calculate the fineness of 16 karat gold as follows:

16 divided by 24 = 0.6666.  The fineness of 16 karat gold is 0.6666, which we’ll round off to 0.667.

For simplicity, you can use the chart below to estimate the percentage of gold in your item(s), based upon the karat that’s marked on the jewelery.

* 10 Karat Gold: .417
* 12 Karat Gold: .500
* 14 Karat Gold: .583
* 16 Karat Gold: .667
* 18 Karat Gold: .750
* 22 Karat Gold: .917
* 24 Karat Gold: 1

In our example of 24k, the chart shows the percentage to be “1.”

So, our final value from step one is simple–it’s 1.

Step Two: Multiply the value you got in step one by the current price of gold in troy ounce.

For example, if today’s current gold price per ounce is $1348.60…..

We multiply 1 x 1348.60
and our final value for step two is 1348.60.

Step Three: Weigh Your Gold in Ounces

This part is a bit tricky. A troy ounce is heavier than the standard grocery store (avoirdupois) ounce commonly used in the United States.

A troy ounce weighs less than an avoirdupois ounce.

One avoirdupois ounce is equal to about 0.91 troy ounce.

So, for our example, let’s say we weigh our gold on the food scale in our kitchen at home, and we come up with 0.65 avoirdupois ounce.

We’ll convert that number to troy ounce, by multiplying it times 0.91.

0.65 (our weight in avoirdupois ounces) x 0.91 = 0.5915 troy ounce

So, the weight of our gold in troy ounce is 0.5915, which we’ll round off to 0.59.

Our final value for step three is 0.59 troy ounces.

Step Four: Multiply the Weight of Your Gold by the Current Gold Price Per Ounce

0.59 troy ounce x 1348.60 (example of today’s price per ounce)
= 797.6969.

So, there’s our final value–the market price for your gold in this example is $797.69.