A Guide to Using a Gold Calculator for Informed Choices

Date of Published: February 26, 2024

Rule 101 is to know the right price when it comes to selling gold. Gold is a great investment and a quick source of income. The price, however, fluctuates from time to time. Even though the general trend is bullish most of the time, occasional drops are not a surprise. Major events such as political turmoil, war, or incidents like the COVID-19 pandemic often influence this. A better approach would be to wait out such occurrences for the right time when prices start rising. At Value Gold, they provide an advanced gold calculator for old gold or pledged gold. This lets you easily know the current value of your gold.

Gold Calculator and how it works

A gold calculator is an online feature on a website that lets you approximate the price of your gold right from the comfort of your home. All you need to know is how much your gold weighs and how pure it is. It estimates your jewelry’s price based on the market’s present gold valuation. Since it uses the live price value, it requires an active internet connection. 

But before getting ahead, how do you estimate the purity of gold?

The number of karats easily determines the purity of gold, with 24-karat gold having the highest possible purity (99 percent). However, jewelry rarely uses 24-karat gold. Most jewelry uses the standard 22-karat gold. If you are pondering its purity, don’t worry, for there is a formula. It is the number of karats divided by 24 and multiplied by 100 (i.e., karat/24 x 100%). So, for 22-karat gold, the purity could be (22/24) x 100%, which is equal to 91.66 percent.

How do I use Value Gold’s gold calculator?

At Value Gold, our advanced algorithm is one step ahead of others! It allows you to calculate not only the price value of old gold but also pledged gold. For old gold, all you need to do is input the weight in grams and the value of the karat. It will tabulate the value and return it to you. For pledged gold, you need to enter the name of your loan provider, the gross and net weights of the gold (in grams), and the loan amount. The tool would quickly return the approximate value. In both cases, you need to provide simple details like a contact number and email address. The authorities require this information to reach out to you, guiding you through the subsequent steps of selling gold and releasing the pledged gold.

Benefits of Using a Gold Calculator

There are several advantages to using a gold calculator:

It is easy to determine the value of gold

With minimum information like the weight of your jewelry and the number of karats of gold, you can find out the price of your gold in real-time. You don’t even need to leave your home.

Transparent Transactions

The tool’s purpose is to keep the buyer and seller informed of the current market value of the gold piece. This ensures better understanding and transparency in the business. We would quickly work out a deal without the seller or the buyer harboring the impression that the business could have been better!

Easy Investment

With the gold calculator at your disposal, investing is easier than ever! It ensures that you are aware of current market conditions and fluctuations and, as a result, can make an informed decision.

Easy Comparison

You should not treat the results of the gold calculator as absolutes, as it only provides an estimation. If the jewelry contains more impurities, particularly blended ones, physical testing is the only method for accurate valuation. However, the tool helps you compare the market value with the calculated price and decide whether you are going to gain or lose in the deal. Thus, it is an unavoidable tool for any gold-related transactions.

Conclusion

Whether you are planning to sell gold or release pledged precious metals, having prior knowledge of the gold valuation is extremely helpful. A gold calculator tool from establishments like Value Gold can come in handy. By simply putting the weight and the karat together, you can estimate its worth in the current market scenario. This will always help you cut a better deal and have better returns.