1. What is Gold Scrap Value?

The gold scrap value represents the intrinsic value of gold items based on their weight, purity (karat), current market price (Kitco spot), and a refining factor. It's used to determine the melt value of gold jewelry, coins, or other items.

2. How Does the Calculator Work?

The calculator uses the gold scrap value formula:

Where:

• \( Weight \) — Weight of the gold item in grams
• \( Karat \) — Purity of the gold (24k = pure gold)
• \( Kitco\ Spot \) — Current gold price per gram from Kitco
• \( Factor \) — Refining factor (typically 0.9-1.0)

Explanation: The equation converts karat to purity percentage, then calculates the actual gold content value at current market prices, adjusted by the refining factor.

3. Importance of Scrap Value Calculation

Details: Knowing the scrap value helps when selling gold items, comparing offers from buyers, or understanding the intrinsic value of gold possessions.

4. Using the Calculator

Tips: Enter weight in grams, karat value (typically 10k, 14k, 18k, 22k, or 24k), current Kitco spot price per gram, and refining factor (usually between 0.9-1.0).

5. Frequently Asked Questions (FAQ)

Q1: Where can I find the Kitco spot price?
A: Visit kitco.com for current gold prices. Make sure to use the price per gram in your preferred currency.

Q2: What's a typical refining factor?
A: Professional refiners typically offer 90-98% of melt value (factor 0.9-0.98). Retail buyers may offer less.

Q3: How do I weigh my gold accurately?
A: Use a digital scale that measures in grams with at least 0.01g precision for small items.

Q4: Does this work for gold-plated items?
A: No, this calculator is for solid gold items only. Gold-plated items have negligible gold content.

Q5: How does karat affect the value?
A: Higher karat means higher gold content. 24k is pure gold, 18k is 75% gold, 14k is 58.3% gold, etc.