What a gold calculator does
A gold calculator turns three pieces of information (weight, purity and the current spot price) into a dollar figure. That figure is the melt value, sometimes called intrinsic or scrap value: what the gold content of an item is worth as raw metal, ignoring craftsmanship, brand, gemstones and collectibility.
It matters because almost every gold transaction in the United States is settled from that number. A pawn shop starts at melt and works down to its offer. A refiner starts at melt and deducts a treatment charge. A coin dealer starts at melt and adds a premium. If you know the melt value before you walk in, you know whether the offer in front of you is reasonable.
The one thing a calculator cannot do is value the item as jewelry. A signed Cartier bracelet is worth far more than its gold, and a mass-produced chain is worth its gold and little else. If a piece has a maker's mark, an antique hallmark or significant stones, get it appraised before you sell it for scrap, because melting is irreversible.
See also: how melt value is worked out step by step, how much your gold is worth and the scrap gold calculator.
What this calculator handles
- Every US weight unit. Grams, pennyweights, troy ounces, grains, standard ounces, pounds, troy pounds, kilograms and milligrams, plus tola, tael, baht, mithqal and chi for pieces bought abroad.
- Every common karat. Presets from 8K to 24K, plus a custom field for any fineness or percentage, useful for dental gold, foreign hallmarks and assay reports.
- Spot pricing with manual override. Type your own price to compare against a dealer quote or a historic date.
- Stone and non-gold deduction. Subtract gemstones in carats or grams so the melt value reflects metal only.
- Mixed karat lot builder. Price a whole jewelry box line by line and get a grand total.
- Buyer payout estimates. Presets for pawn shops, jewelers, mail-in buyers and refiners, a free slider, and fields for fees and shipping.
- Coin melt value. Pick a coin such as an American Gold Eagle, Krugerrand, Maple Leaf, $20 Double Eagle or British Sovereign and see its gold content, melt value and how a dealer's offer compares.
- Bullion premium pricing. Coins and bars from one gram to one kilo, with premium, tax and shipping.
- Reverse premium check. Enter a price you have been quoted and see the premium it implies over spot.
- Karat rate table. Current value per gram, pennyweight, troy ounce and kilo for every common karat.
- Trend chart. Seven day, one month, six month, one year and five year price charts.
- Wrong-ounce warning. Pick a household ounce instead of a troy ounce and the calculator says so, because that single mistake inflates estimates by about 10%.
Prefer a calculator for one karat? Try the 10K, 14K, 18K, 22K or 24K gold calculator.
How to use it
- Weigh the item accurately. A jeweler's scale reading to 0.01 g is ideal; a kitchen scale is too coarse for a ring. Weigh pieces separately if they are different karats.
- Pick the right unit. If your scale says "oz", that is a standard ounce, not a troy ounce. Grams are safest.
- Find the karat stamp. Look inside the ring shank, on the clasp or on the back of a pendant: 10K, 14K, 585, 750, 916. European pieces use fineness rather than karats.
- Deduct stones and non-gold parts. One carat equals 0.2 grams. Watch movements, spring bars and steel clasps come out too.
- Check the spot price. Override it if you are pricing against a specific quote.
- Read the melt value. This is the 100% figure: the metal value, before anyone's margin.
- Check the cash offer. Choose the type of buyer you are dealing with to see a realistic cash offer, then use that number as your floor when you negotiate.
US gold weight units
The US gold trade runs on four main units, and mixing them up is the most expensive mistake a first-time seller makes. Spot prices are quoted per troy ounce, jewelers and pawn shops work in pennyweights, consumers weigh in grams, and bench jewelers still use grains for tiny quantities.
| Unit | Symbol | Where it is used | In grams | In troy oz |
|---|---|---|---|---|
| Troy ounce | ozt | Spot price, bullion coins and bars | 31.1034768 | 1.0 |
| Pennyweight | dwt | Pawn shops, refiners, local jewelers | 1.55517384 | 0.05 |
| Gram | g | Retail scales, small scrap | 1.0 | 0.0321507 |
| Grain | gr | Gold dust, bench work, micro-scrap | 0.06479891 | 0.0020833 |
| Standard ounce | oz | Kitchen and postal scales; not a gold unit | 28.349523125 | 0.911458 |
| Pound | lb | Bulk scrap and ore lots | 453.59237 | 14.5833 |
| Troy pound | lb t | Historic bank storage (12 ozt) | 373.24172 | 12.0 |
| Kilogram | kg | Institutional bars | 1000.0 | 32.1507466 |
| Milligram | mg | Micro-scale readings | 0.001 | 0.0000321507 |
| Tola | tola | South Asian jewelry sold in the US | 11.6638038 | 0.375 |
| Tael | tael | Chinese-American gold merchants (HK standard) | 37.429 | 1.20337 |
| Baht | baht | Thai gold shops | 15.244 | 0.4901 |
| Mithqal | mithqal | Middle Eastern and Persian jewelers | 4.25 | 0.1366 |
| Chi / mace | chi | Vietnamese gold buyers | 3.75 | 0.12056 |
Need to convert between units? Use the gold weight converter, the gold weight chart or the pennyweight calculator.
Karat, fineness and purity
Karat measures how much of an alloy is gold, in twenty-fourths. Pure gold is 24 karat; 18K is eighteen parts gold to six parts other metal, or 75%. Fineness expresses the same thing in parts per thousand, so 18K is stamped 750. US law sets 10K as the minimum that can legally be called gold, which is why so much American jewelry stops there.
| Karat | Fineness | Gold content | Multiplier | Typically found in |
|---|---|---|---|---|
| 24K | 999 | 99.9–100% | 1.0000 | Buffalo coins, bars, investment gold |
| 22K | 916 | 91.67% | 0.9167 | Gold Eagles, Krugerrands, South Asian jewelry |
| 18K | 750 | 75.00% | 0.7500 | Fine jewelry, luxury watch cases |
| 14K | 585 | 58.33% | 0.5833 | The default US jewelry standard |
| 10K | 417 | 41.67% | 0.4167 | Class rings, budget chains, legal minimum |
| 9K | 375 | 37.50% | 0.3750 | British and Commonwealth imports |
This calculator treats 24K as 100% pure (multiplier 1.0000). For 999-fine bullion, choose Custom purity and enter 999. Two cautions. Gold-plated and gold-filled items are stamped differently ("GP", "GF", "1/20 12K GF", "HGE") and contain almost no recoverable gold. And a stamp is a claim, not proof: underkarating exists, so anything of real size should be acid- or XRF-tested before a large sale.
Learn more in the gold karat chart, how to read hallmarks and stamps, and the difference between solid gold and gold-filled, plated and vermeil pieces. Coloured gold is covered in white gold and rose gold value.
The melt value formula
Every gold calculation is the same three-step multiplication:
Worked example: a 14K chain weighing 20 grams, with spot at per ounce (the price entered in the calculator):
- Convert weight: 20 ÷ 31.1035 = 0.6430 troy ounces
- Purity factor: 14 ÷ 24 = 0.5833
- Fine gold content: 0.6430 × 0.5833 ≈ 0.3751 troy ounces
- Melt value: 0.3751 × ≈
To get a per-gram rate instead, divide the spot price by 31.1035 and multiply by the karat fraction. For a per-pennyweight rate, divide the spot price by 20 and do the same. At spot, 24K works out to per gram and per pennyweight; 14K to per gram and per pennyweight.
Want the live numbers? See gold price today, gold price per ounce and gold price per gram, or look back at the gold price history.
What buyers actually pay
Nobody pays 100% of melt for scrap. The buyer has to refine the metal, absorb assay costs, cover the spread and carry price risk between buying your chain and selling refined bullion. The difference between buyer types is not honesty. It is volume, overhead and how far up the chain they sit.
| Buyer | Typical payout | Why |
|---|---|---|
| Pawn shop | 40–60% | Instant cash, high overhead, expects to resell rather than refine |
| Local jeweler / coin shop | 65–80% | Knows the metal, has a refiner relationship, still needs a margin |
| Mail-in / online buyer | 75–85% | Low overhead and volume, but you wait and you ship |
| Refinery direct | 90–98% | Best rate, but minimum lot sizes and treatment fees apply |
These bands are illustrative assumptions, not survey data or guarantees. Real offers vary by buyer, karat, lot size and fees.
Practical advice: get at least three quotes, ask for the price per pennyweight or per gram at your karat rather than a lump sum, and insist on watching the scale. If a buyer will not separate karats before weighing, they are pricing your 18K as 10K. Walking away costs nothing.
Ready to sell? Read where to sell gold, how to sell scrap gold and how to check that your gold is real first.
Bullion premiums explained
Bullion moves in the opposite direction from scrap: you pay more than spot rather than less. The premium covers minting, distribution, dealer margin and the coin's liquidity, and it is quoted as a percentage over the metal value.
One-ounce sovereign coins such as the American Gold Eagle and Buffalo usually carry 3–8%. Fractional coins carry considerably more because the same fixed minting cost is spread across a tenth as much gold. Large bars carry the least. Premiums also widen when retail demand spikes, which is why the same coin can cost 4% over spot one month and 9% the next.
Note that the Gold Eagle is a 22K coin but contains a full troy ounce of fine gold. The alloy makes it heavier overall, not less valuable. The calculator prices by fine gold content, so Eagles and Buffalos show the same metal value.
When you sell bullion back, you get bid, not ask. Budget for a round-trip spread of several percent, and treat gold as a long hold rather than a trade.
For coins, see gold coin value and American Gold Eagle value.
Gold terms glossary
- Spot price
- The price for immediate delivery of one troy ounce of pure gold, quoted continuously while markets are open.
- Melt value
- The value of the gold content of an item at spot, ignoring workmanship and stones.
- Bid and ask
- The price a dealer will buy at and the price they will sell at. The gap between them is the spread.
- Premium
- The amount charged above metal value on a coin or bar.
- Karat
- Gold content in twenty-fourths. 24K is pure.
- Fineness
- Gold content in parts per thousand. 750 equals 18K.
- Troy ounce
- The precious metals ounce: 31.1035 grams.
- Pennyweight
- One twentieth of a troy ounce, 1.55517 grams. The US jeweler's unit.
- Assay
- A test that establishes actual purity, by acid, XRF or fire assay.
- Gold filled
- A thick bonded gold layer over base metal. Marked GF. Minimal scrap value.
- XAU/USD
- The market ticker for gold priced in US dollars.
- COMEX
- The New York futures exchange whose contracts anchor US gold pricing.
- LBMA
- The London body that runs the twice-daily benchmark price auction.
- Refining loss
- The small share of metal lost during refining, reflected in the payout percentage.
How we calculate and where the prices come from
Every figure on this page comes from one formula: the weight converted to troy ounces, multiplied by the karat purity fraction, multiplied by the spot price per troy ounce. The constants are the standard definitions: 1 troy ounce is 31.1034768 grams, 1 pennyweight is 1.55517384 grams, and karat purity is the karat divided by 24. Nothing is rounded until it reaches the screen.
The spot price is an indicative, delayed reference price for XAU/USD from our data provider. It is cached on our server, refreshed every few minutes and shown in your own device time. It is a reference figure and not a dealing quote, so a dealer's actual bid and ask will differ. When the COMEX gold session is closed, the last traded price is held on screen.
The buyer payout ranges for pawn shops, jewelers, mail-in buyers and refiners are illustrative assumptions, not survey data or guarantees. Gold Calculator USA does not buy or sell gold, takes no commission and does not recommend individual dealers. The calculator was built by Kaisar Ahmad Tantary; read about us for the full method, the editorial standards and how the site is funded, or the disclaimer for the limits of the figures.
Points worth knowing
- Separate karats before weighing. A mixed pile gets priced at the lowest karat in it.
- Melting is permanent. Antique, signed or designer pieces are often worth multiples of scrap. Get an appraisal first.
- Bring identification. Most states require ID and a hold period for secondhand precious metal transactions.
- Watch the scale. Ask for the weight in the unit the price was quoted in, and check the reading yourself.
- The rate moves all day. A quote from this morning is not a quote from this afternoon; some buyers lock a price for a short window.
- Profits can be taxable. In the US, physical gold sold at a gain is generally treated as a collectible. Keep purchase records.
- Dental gold counts. Crowns and bridges are usually 10K–18K equivalent; use the custom purity field and expect an assay.
- Avoid mailing without insurance. If you use a mail-in buyer, photograph and weigh everything first and insure the parcel for melt value.
Frequently asked questions
How do I calculate the value of my gold?
Multiply three numbers: the weight of the item, its purity as a fraction of 24 karat, and the current spot price for one troy ounce of pure gold. Weigh the piece in grams, divide by 31.1035 to get troy ounces, multiply by the karat fraction (14K is 14 ÷ 24 = 0.5833), then multiply by the spot price. The calculator on this page does all three steps and also converts between every weight unit used in the US trade.
What is the difference between a troy ounce and a regular ounce?
A troy ounce weighs 31.1035 grams. The standard (avoirdupois) ounce on a kitchen or postal scale weighs 28.3495 grams, about 9.7% less. Gold is always quoted per troy ounce, so weighing gold on a household scale set to ounces and multiplying by the spot price overstates the value by roughly a tenth. The calculator warns you when you pick the wrong ounce.
What is a pennyweight and why do jewelers use it?
A pennyweight (dwt) is one twentieth of a troy ounce, or 1.55517 grams. It is the working unit of US pawn shops, refiners and bench jewelers because scrap lots divide neatly into twentieths of an ounce. If a buyer quotes you a price per pennyweight, multiply by 20 to compare it against the per-ounce spot price.
Does the spot price apply to 14K and 18K gold?
The spot price is for pure 24K gold, so no, you scale it down. 18K gold is 75% gold, so its intrinsic value per ounce is 75% of spot. 14K is 58.33% and 10K is 41.67%. The karat price table on this page shows the per-gram and per-pennyweight value for each karat automatically.
Will a pawn shop pay me the full melt value?
Almost never. Melt value is what the metal is worth; a buyer needs a margin to cover refining, assay, shipping and the risk of holding metal while prices move. Pawn shops commonly pay 40–60% of melt, local jewelers and coin shops 65–80%, established mail-in buyers 75–85%, and refiners 90–98% before lot fees. Use the payout estimator to see the cash offer at any percentage.
How much is 14K gold worth per gram today?
It depends on the current spot price. Divide the spot price by 31.1035 to get the 24K per-gram rate, then multiply by 0.5833. At a spot price of an ounce that works out to about per gram of 14K.
Do gemstones count toward the weight?
No. Stones, clasp springs, watch movements and any non-gold parts have no melt value, and a refiner will not pay for them. Weigh the piece, then use the stones and non-gold weight field under More options to subtract an estimate of that weight before the melt value is calculated. One carat of diamond weighs 0.2 grams.
Why do bullion coins cost more than the spot price?
You are paying a premium over the metal value that covers minting, distribution, dealer margin and the coin's liquidity. Premiums are typically 3–8% on one-ounce sovereign coins and higher on fractional sizes, where the same fixed costs are spread over less metal. The Bullion price tab lets you enter the premium and any local sales tax to see the all-in price.
Is gold sold by weight taxed in the US?
Sales tax treatment of investment bullion varies from state to state, and several states exempt it entirely above a purchase threshold. Any profit when you sell is a separate matter and is generally reportable. Enter your own rate in the Bullion price tab and confirm the current rules with your state revenue department or a tax professional.
How accurate are the prices on this site?
Prices shown are indicative and delayed, not a live dealing quote. Actual buy and sell prices from a dealer include a spread and will differ. Treat every figure here as an estimate for planning, and confirm with the dealer before you trade.
Is 14K or 18K gold worth more per gram?
18K gold is worth more. It is 75% pure gold against 58.33% for 14K, so a gram of 18K contains about 28.6% more gold than a gram of 14K and its melt value is higher by the same proportion. Compare the two rates in the karat table above, or see the gold karat chart for every purity side by side.
How can I tell if my gold is real?
Start with the hallmark: a stamp such as 10K, 14K, 18K, 417, 585 or 750 is the maker's claim of purity. Real gold is not magnetic, but that test only rules out some fakes. A jeweler's acid test or an XRF scan is the reliable check, and anything of real value should be tested before you sell it. Our guides to hallmarks and stamps and checking if your gold is real cover the details.
What is the difference between karat and carat?
Karat (K) measures the purity of gold on a scale of 24, so 18K is 18 parts gold out of 24, or 75%. Carat (ct) measures the weight of a gemstone, where one carat is 200 milligrams. The two words sound alike but are unrelated. This calculator uses karat only, and gemstone weight is entered separately as a deduction.
Is white gold or rose gold worth less than yellow gold?
No. White, rose and yellow gold of the same karat contain the same amount of gold, so their melt value is the same. The colour comes from the other metals in the alloy, such as palladium, nickel, silver or copper. Enter the karat from the stamp and the calculator treats all colours alike. Read more in white gold and rose gold value.
Where is the best place to sell gold?
There is no single best buyer. Pawn shops pay the least, local jewelers and coin shops pay more, and mail-in buyers and refiners usually pay the most, though they ask for larger lots and charge fees. Get at least two or three quotes, know your melt value first, and compare each offer as a percentage of it. Our guide to where to sell gold compares each type of buyer.
Prices shown are indicative and delayed. This site provides information and estimates only, not financial advice.