If you are wondering ‘How much is my gold worth?’, this page explains the key factors.
1. Understanding Gold Purity
Before you calculate how much your gold is worth, it’s important to know your gold’s purity. The purity of your gold is measured in carats (ct) or international stamps may show ‘kt’. The gold carat represents how much pure gold your item contains, with 24 ct (999 fineness, 99.9%) commonly described as pure gold. However, because pure gold is a soft metal, it is often combined with other metals to increase its strength and hardness, resulting in gold of various purities such as 22ct, 18ct, 14ct, and 9ct, each containing a different amount of pure gold.
A UK hallmark or recognised Common Control Mark confirms tested fineness above the legal exemption weights. Examples you’ll see:
| Carat Measure | Modern Hallmark | Traditional Hallmark | Gold Purity |
|---|
| 24 Carat | 999 | 24CT | 99.9% |
| 22 Carat | 916 | 22CT | 91.6% |
| 18 Carat | 750 | 18CT | 75.0% |
| 14 Carat | 585 | 14CT | 58.5% |
| 9 Carat | 375 | 9CT | 37.5% |
If there’s no hallmark present, we verify with non-destructive XRF testing (and, where appropriate, a controlled acid spot-test).
2. How Gold Is Valued
The price of gold is determined by the global market rate (spot price), as well as individual item’s weight and purity. We advertise the current gold spot price in our website header and mobile menu (click the chart icon). The gold spot price is quoted for one troy ounce (31.1035 grams) of pure gold. The widely used price benchmark in the UK is LBMA Gold Price, which is administered independently by ICE Benchmark Administration (IBA).
Individual gold buying businesses will usually pay a set percentage of the spot price, allowing for a profit margin.
How Much Is 1 Gram Of Gold Worth?
To establish how much your gold is worth, you will need to convert the spot price to price per gram by dividing it by 31.1035 (grams) and then adjust for purity. So, if you have 10 grams of 18ct gold and the spot price per gram for pure gold is £40, your gold’s raw material worth would be calculated as follows:
Raw material worth = (gold weight in grams) x (gold purity in carats / 24) x (current spot per gram of pure gold)
In this case, raw material worth = 10 x (18/24) x £40 = £300
Note: this is the intrinsic market value of the gold, not the scrap price. You can see our current pricing on the ‘Gold Calculator’ or our live pricing table above.
It is also important to consider when weighing your gold that you deduct any other weight of gemstones, diamonds, and other metals.
If you are looking to sell gold coins, or sell gold bullion bars we can offer a higher buy price on these items, as they require no processing to be resold.
3. What Is The Meaning Of Gold Spot Price?
The gold spot price is the current market price for one troy ounce (3.1035 g) of 24ct pure gold. Like stocks and shares, gold is a globally traded commodity so the price is constantly moving during market opening hours. The gold spot price is dependant upon supply and demand, currency value, and economic conditions. The gold spot price is used to price gold in various forms, including, jewellery, scrap gold, coins and bars. Buyers convert to per-gram and adjust for purity to provide quotes.
4. Understanding Scrap Gold Value
Gold buyers value scrap items by purity and weight. Quotes reflect handling, testing and refining costs as well as the live benchmark, so they may be below the market value to allow for a profit margin. Always compare written per-gram rates for your carat as buyers will have varying margins.
It’s important to choose a gold buyer you can trust, and who displays transparent pricing. So you can carefully consider and compare quotes from other buyers. Looking through reviews and customer references is key. We are proud to maintain a Google 5 star rating from our customers, and always display transparent pricing online or in-store.
5. Getting Your Gold Valued By A Professional
Choose a buyer who explains their testing (e.g., XRF), weighs items on trading-standards-approved scales, and provides a written, itemised quote. We can do this in-store or via insured post.
6. What Affects How Much My Gold Is Worth?
When looking to value your gold there can be numerous conditions that may influence the price you achieve.
- Purity and weight: higher fineness and verified weight increase the intrinsic metal value.
- Market levels: benchmark price at the time of quote.
- Item type and condition: bullion coins/bars may be quoted differently to scrap jewellery due to resale routes.
- Local factors: buyer inventory and margins can vary, obtain like-for-like written quotes and compare.
Conclusion
To estimate “How Much Is My Gold Worth”. You need to confirm carat, weight and check today’s per-gram rate. You can then begin to obtain valuations from gold dealers, and other precious metal buyers.
Whether you are looking to sell an inherited gold item, a forgotten piece of jewellery, or you are interested in selling scrap gold, knowing how it’s valued will help you get a fair price.
If you are looking to get your gold valued, tested, or are looking to sell your gold today. Please get in touch, you can also use our instant valuation tools on this page.
