Value of Gold
Your outdated or unwanted gold jewelry and even scrap gold can be sold for cash, and knowing how much the gold is worth is important information for you to have as you begin the process of selling it. There are several factors that come into play when evaluating the value of gold. Ralph Mueller & Associates, a jewelry buyer in Scottsdale, Arizona, offers the following advice about how your gold jewelry is valued.
The first measure to address is the gold’s purity. Somewhere on the piece, a marking indicating the purity of the gold, will appear. An inscription of 24k, (meaning 24-karat) would indicate the piece is pure gold, which, on a side note, would be an unlikely marking if the piece was jewelry, as 24-karat gold is too soft for jewelry. You would find inscriptions such as 12k, meaning 50% pure gold, 14k indicating the piece is about 60% pure gold, or 18k which is equal to 75% pure gold, etc. If your gold pieces or scraps show no karat markings, an experienced gold buyer would perform a scratch test to establish the gold’s purity.
Weight and Market Price
A reputable gold buyer will also use a specific formula for calculating the value of gold per gram as they weigh the gold on a jeweler’s scale. The gold buyer will then also take into consideration the current market price and value of gold. Gold is valued per 'troy ounce,' which equals 31.1 grams. The price of gold fluctuates according to supply and demand around the world, so the price of gold could potentially change hourly. The current price of gold is always published publicly online and in newspapers. All of these variables are necessary to determine the fairest price to be awarded to the client.
For a fair estimate of the value of your gold jewelry, contact Ralph Mueller & Associates at (480) 949-9299 today. We have over 28 years' experience in the jewelry buying business, and we are prepared to offer you the best price for your gold.