For lack of a better place to post this, I am putting it here for the exposure.

Does anyone have a formula for estimating the value of gold at different karats?

Gold closed at just under $555.00 an ounce yesterday. Am I correct in assuming that is for 1 ounce of 24K gold? What I am trying to figure is how do I determine the gold value for 14K, 10K, 9K, etc.

An example: Say I have a 9K necklace that weighs 122grams total. What would the gold value of the necklace be? I know there may be some components that are not gold. I am not worried about that. Lets just keep it simple for now.

Any help is greatly appreciated!

Today's quote from usgoldbuyers.com:

10KT 10.66
14KT 15.08
18KT 19.55
22KT 23.61
24KT 26.29
DENTAL 17.01
Prices in Pennyweight (DWT)

1 pennyweight is equal to:
1.555174 gram
0.05485714 ounce
0.05 troy ounce

Price is slightly higher if you are scrapping more than 50 oz.

- Greg

Incidentally, unit conversions provided by convert-me.com. (Giving credit where it is due...)

Notice that there is no 9K number, so if we use the 10K reference number, it works out like this:

122g / 1.555174 = 78.45 dwt
78.45dwt * $10.66 = $836.25 for a 10K necklace.

Personally, I would assume $9.75/dwt for 9K, which would come to $764.87

- Greg

Just another option; Kitco lists their buy prices, on a per gram basis, here:

https://online.kitco.com/selling/

Your 9k 122g piece is worth $758.33 right now.

Good stuff guys.
Where can I go on the net to acquire an instrument which will weigh gold chains,etc.?

Tony, actually a digital kitchen scale (which you can get at Bed Bath & Beyond or similar store) might be accurate enough for this purpose. They're relatively cheap these days. Alternatively, you could buy one of the old balance scales intended for weighing gold, if you like playing with antiques (like I do). These tend to come with a few variously sized weghts that allow you to check any number up to about 100 dwt, if memory serves. Been a while since I weighed any gold.

- Greg

For those who might wonder where the ratios come from... Pure gold is 24 karat. The spot prices quoted are in Troy ounces. The smelter usually charges a couple of percent.

18/24 = .75
15/24 = .625
14/24 = .5833
12/24 = .5
10/24 = .4167
9/24 = .375

That is the full set of karat marks I have seen in my ramblings.

There are 20 dwt (pennyweight) to a Troy ounce and there are 12 Troy ounces to a Troy pound. There are 14+14/24 Troy ounces to an Avoirdupois pound.

If you are trying to find the dwt weight of something on a kitchen scale you need to use the Troy conversion.

If you are weighing a watch case, the non-gold material will weigh approximately 4 dwt with the crystal, lift springs and stem intact. In an open face case, the crystal and stem are about 1.5 dwt.

On further study one finds that the common unit in non-metric systems is the grain.

1 avoirdupois pound = 7000 grains
1 troy pound = 5760 grains
1 dram (apothecary) = 60 grains
1 carat (UK) = 4 grains

Those 4 conversions are all exact. Essentially all other non-metric conversions are derived from them.

Tony go to ebay and type in digital scales there is several listed at good prices,,the one i use will fit in your shirt pocket and weight up to 5 oz.,,,it has the gram ,ounce and dwt.scales..and under 20.00.

Everyone,

Thanks so much for the helpful information! This is exactly what I was looking for. Thats why I turned here for help! Thanks again.