How Gold Price Is Calculated When You Sell

Step by Step

1. Gross weight — the whole piece on a digital scale.
2. Net gold weight — minus stones, beads, lac or wax.
3. Purity — from XRF, e.g. 91.6% for 22K.
4. Rate — the day’s rate for pure gold.

Worked Example

A chain weighs 10 g, has no stones, and tests at 91.6%. Pure gold content = 10 × 0.916 = 9.16 g. Multiply by the day’s 24K rate to get the gold value.

Questions to Ask Any Buyer

• What rate are you using today?
• What purity did the test show?
• How much weight was deducted, and why?