How To Calculate the Value of Scrap Gold

updated March 27, 2026

Calculating the Value of Scrap Gold

The price of scrap gold – or most gold, really – is calculated with three primary metrics: the current price of gold, the weight of your gold, and the purity of your gold. By combining these three factors, you can estimate the value of your gold by determining how much pure gold would remain after melting and then applying the current market price.

At Express Gold Cash, we use this same basic approach when evaluating gold items. We’ll start by explaining the three main factors in gold pricing, then go over a few example calculations to show how to estimate what your gold may be worth. We’ll also touch on silver, since many people have sterling silver jewelry, silverware, or bullion they may want to sell as well.

Factor #1: Current Price

The current market price of gold is one of the biggest factors in determining what your gold is worth. Gold trades globally around the clock, and its value can rise or fall based on market conditions, economic uncertainty, inflation, interest rates, and investor demand.

As of March 26, 2026, gold is priced at $4,500 per troy ounce. Silver is priced at $68.84 per troy ounce.

That means the intrinsic value of most gold jewelry today is driven much more by the amount of pure gold it contains than by style or design. The same is often true for silver items. While there are exceptions for rare coins, collectible pieces, or designer jewelry, the starting point for almost every offer is the value of the precious metal itself.

If you send your items to Express Gold Cash, we do not just look at scrap value alone. We also check for rare coins, collectible pieces, and certain items that may be worth more than melt value. For more information, read our blog about what scrap gold is and what it’s worth.

Ounces vs. Troy Ounces

Gold and silver are priced in troy ounces, not standard ounces. A troy ounce is approximately 10% heavier than the standard ounce measurement most people are familiar with in the United States.

This matters because if you use a standard ounce instead of a troy ounce, your estimate will be off. If you’re weighing precious metals at home, make sure you convert correctly before calculating value.

In the weight section below, we’ll show the conversion formulas you need.

Factor #2: Gold Purity / Fineness

The purity of gold refers to how much of a piece is actually pure gold. Since the market price of gold is based on pure gold, you have to adjust for purity to determine the value of your item. A 24k gold item is worth much more than a 14k gold item of the same weight because it contains more pure gold.

This purity percentage is also called fineness. It can be shown as a percentage, parts per thousand, or in karats.

Gold is produced at different purity levels, with many investment-grade coins produced at very high fineness. For example, some bullion coins are 99.99% pure gold, while popular jewelry items are often 10k, 14k, or 18k.

What About Silver Purity?

Silver works the same way. The most common silver purity you’ll see is sterling silver, which is marked 925. That means the item is 92.5% pure silver. Some silver bullion items are marked .999, meaning they are 99.9% pure silver.

As with gold, higher purity means more precious metal content and more value.

Karats: A Scale of 24

A karat is the unit used specifically for gold alloys. It makes it easier to talk about how much gold is in a piece. The formula is simple:

Purity = Karats / 24

So if you have a 14k item, the purity is 14/24, or 58.3% pure gold. If you have the karat value and the weight, you can estimate the amount of pure gold in the item.

Finding the Gold Purity Marking

The purity of gold jewelry is often stamped somewhere on the piece. Check the inside of a ring, the clasp of a chain, or the back of a pendant for a small marking such as 10k, 14k, 18k, 585, 750, or 999.

Silver items may be marked 925 or .999. If your item is unmarked, that does not necessarily mean it has no value, but it does mean it may need to be professionally tested.

Gold Pricing & Purity

The higher the purity of your gold pieces, the more they are worth. A 24k item contains significantly more gold than a 10k or 14k item of the same weight, so purity has a direct multiplier effect on value.

Factor #3: Weight

As discussed above, gold and silver are priced in troy ounces, not regular ounces. This is one of the most common areas of confusion when people try to estimate the value of jewelry, coins, or flatware.

If you’re weighing your items at home, here are a few common conversions:

Troy Ounces = Ounces * 0.9114

Troy Ounces = Grams * 0.0321

Troy Ounces = Kilograms * 32.151

Troy Ounces = Pennyweights (DWT) * 0.05

Troy Ounces = Pounds * 14.583

If your piece includes stones, gems, or non-metal components, the total weight of the item may not equal the weight of the precious metal. In those cases, professional testing and evaluation can provide a more accurate estimate.

Calculating the Intrinsic Value of Gold

Now that we’ve gone over the three major factors involved with pricing gold, we can look at the formula itself. If you have multiple items with different purities and weights, the process can take a little longer, but the math is still straightforward.

Value = (Price of Gold) * (Fineness %) * (# of Troy Ounces)

Part 1: Price of Gold = Current market price of gold in troy ounces

As of March 26, 2026, gold is $4,500 per troy ounce.

Part 2: Fineness % = Proportion of your gold that is pure gold

Fineness % = Karats / 24 = (Parts Per 1000) / 1000 = (% Gold) / 100

Part 3: # of Troy Ounces = Weight of your item in troy ounces

Troy Ounces = Ounces * 0.9114 = Grams * 0.0321 = Pennyweights * 0.05 = Kilograms * 32.151 = Pounds * 14.583

Calculating the Intrinsic Value of Silver

The same formula can be used for silver:

Value = (Price of Silver) * (Purity) * (# of Troy Ounces)

As of March 26, 2026, silver is $68.84 per troy ounce.

For sterling silver, you would typically use 0.925 as the purity. For fine silver bullion, you would use 0.999.

Pricing Examples

They always say the best way to learn is by doing. Here are a few common examples that show how to calculate the approximate value of gold and silver based on current market prices.

Example 1: 14k Gold Ring

Suppose you have a 14k gold wedding band that weighs 4 grams.

Step 1: Convert the purity
14k / 24 = 0.5833

Step 2: Convert grams to troy ounces
4 grams * 0.0321 = 0.1284 troy ounces

Step 3: Multiply by the current price of gold
$4,500 * 0.5833 * 0.1284 = $336.95

So, based purely on intrinsic gold value, a 4 gram 14k gold ring would contain about $337 worth of gold at a gold price of $4,500 per troy ounce.

Example 2: 10k Gold Chain

Now let’s say you have a 10k gold chain that weighs 12 grams.

Step 1: Convert the purity
10k / 24 = 0.4167

Step 2: Convert grams to troy ounces
12 grams * 0.0321 = 0.3852 troy ounces

Step 3: Multiply by the current price of gold
$4,500 * 0.4167 * 0.3852 = $722.63

So a 12 gram 10k gold chain contains about $723 worth of gold at current market prices.

Example 3: Sterling Silver Chain

Now let’s look at silver. Suppose you have a sterling silver chain weighing 20 grams.

Step 1: Convert the purity
Sterling silver = 0.925

Step 2: Convert grams to troy ounces
20 grams * 0.0321 = 0.642 troy ounces

Step 3: Multiply by the current price of silver
$68.84 * 0.925 * 0.642 = $40.91

So a 20 gram sterling silver chain contains about $40.91 worth of silver at a silver price of $68.84 per troy ounce.

Keep in Mind: Intrinsic Value Is a Starting Point

These examples calculate the intrinsic precious metal value of an item. Actual offers may differ depending on refining costs, market conditions, and whether the item has additional value as jewelry, bullion, or a collectible.

At Express Gold Cash, we evaluate more than just melt value when appropriate. If you have gold coins, silver bullion, fine jewelry, or pieces with diamonds or gemstones, those may deserve additional review.

Why Sell to Express Gold Cash?

If you’re ready to sell gold or silver, Express Gold Cash makes the process simple, secure, and transparent.

• Free Appraisal Kit
• FREE FedEx Overnight Shipping
• Fully insured shipments
• Transparent pricing based on current market rates
• Fast payment after you accept the offer
• Risk-Free Guarantee with free returns if you decline

Whether you’re selling old gold jewelry, broken chains, unused silverware, bullion, or other precious metal items, understanding the relationship between price, purity, and weight can help you make a more informed decision.

Final Thoughts

The value of your gold or silver comes down to three simple things: current market price, purity, and weight. Once you know those three factors, you can get a solid estimate of what your items may be worth.

And if you’d rather skip the math, Express Gold Cash can do the testing and evaluation for you. Request your free appraisal kit and find out what your gold and silver are worth today.