How do you determine value of gold using karat weight?

RickMilauskas

If I have a 12 k gold widget that weighs 2 oz is it's value the same as an ounce of gold?

(Is 12 k gold 50% gold/50%other metal?)

Stuart

Yes Rick: 12 Karat Gold is 50% Pure (Fine) gold. The gold karatage is the pureness, not the weight as gems are measures in Carats. I believe that there are 5 carats per gram.

Gold is typically weighed in Troy Ounces -- 31.1 grams per Troy Ounce.

14.6 Troy Ounces (454 grams) per pound.

cointagious

<< <i>

14.6 Troy Ounces (454 grams) per pound. >>




Um, no.

coindeuce

Rick, if I were to be purchasing scrap gold jewelry from you, this would be my buy formula:
12K: Real time spot price per troy ounce / 31.103(grams per troy ounce) X .500(12K/24K) X .8(or whatever percentage of spot price you're willing to pay) X actual weight of sample.

edited to add "actual weight of sample in grams".

cladking

Stated more simply divide the carat number by 24 which gives you the finess and multiply by the weight.

This will give you the amount of actual gold in whatever units of weight you're using.

xphobe

To clarify Stuart's post:

Yes there are 31.103 grams per Troy Ounce. But there are 12 Troy Ounces, or 373.24 grams, in a Troy Pound.

It's true there are 14.6 Troy Ounces in an Avoirdupois Pound, but nobody measures that way because it's mixing two different systems. Troy pounds are lighter than Avoirdupois pounds. Therefore a pound of feathers is indeed heavier than a pound of gold!

Conder101

<< <i>If I have a 12 k gold widget that weighs 2 oz is it's value the same as an ounce of gold? >>


It would have the same amount of gold, but not the same value. It would be less because of the refining expenses required. You would not pay the same money for 2 oz of 12 Kt gold as 1 oz of .999 fine gold.