How To Calculate 14K Gold Price
If you’re looking to sell jewelry made from 14-karat gold for scrap, this article is for you. In it, we explain how to evaluate your 14k gold jewelry pieces, as well as the factors that influence gold prices, so you can make informed decisions regarding when to sell your gold accessories.
What Is 14-Karat Gold Made Of?
Like most precious metals used in making fine jewelry, 14k gold is an alloy. This means it is composed of more than one metal besides gold, including copper, silver, nickel, and zinc. The reason why an alloy like 14k gold is a popular choice for jewelry, especially engagement rings, is because it is more affordable and durable than pure gold.
What Determines Gold Value?
The value of a gold piece is determined by its purity or the quantity of gold it contains. Gold purity is evaluated according to the karat system. A karat is the unit of measurement that jewelry experts use to measure the ratio of gold to other metals in a jewelry piece. For example, pure gold consists of 24 out of 24 units, or 100%, gold, while 18-karat gold comprises 18 parts gold and six parts other metals.
This means that the higher the karat, the higher the price. Thus, a 14k gold item will always cost less than the same item in 18k gold because 18k gold consists of 75% gold, whereas 14k gold only comprises 58.3% gold.
Of course, the weight of your 14k gold item also plays a role in determining its price, so the first thing you need to do is establish how much it weighs before you can figure out its worth. Once you know how much gold you have, you can calculate its approximate value using the current gold rates.
A Guide to Estimating Gold Price
Using current gold prices in the United States dollar is one way of calculating how much your 14k gold jewelry is worth. Here is a step-by-step guide on how to do this at home.
Step 1: Weigh Your Gold
To weigh your 14k gold item at home, you’ll need a set of digital scales that measures in ounces or grams. You’ll also need to remove any pieces that are not made of gold because including their weight in your calculation will result in an inaccurate answer.
Lay your 14k gold item on the scale and note how much it reads. It is a good idea to repeat the process once or twice to ensure you get the most accurate reading.
Step 2: Calculate The Quantity of Pure Gold
After weighing your 14k gold piece, use the reading you obtained from the scale to calculate the amount of pure gold it contains. You can do this by multiplying the weight of the item by 0.583, which is the percentage of pure gold in 14k gold.
So, for example, if your 14k gold item weighs 5 grams, this equates to roughly 2.91 grams of pure gold (5 x 0.583).
Step 3: Calculate The Price
Now that you know how much gold you have, you can determine how much it is worth according to the gold price per gram. The current gold price per gram in various currencies can be found on several websites, but note that the official unit of measurement jewelers use for pricing gold, silver, and platinum is the troy ounce. A troy ounce is not the same as a regular ounce or gram, so you will need to convert the current gold price per gram to troy ounces before you can work out the price of your 14k gold item.
To do this, you first need to be aware that one troy ounce equals approximately 31 grams. You then multiply the current price for gold in grams by 31 to get the price of gold per troy ounce, for example:
62.73 USD per gram x 31 grams per troy ounce = 1,944.63 USD per troy ounce
Next, you should convert the weight of the gold you own into troy ounce:
2.91 grams / 31 grams per troy ounce = 0.094 troy ounce
You then multiply your answer with the gold price per troy ounce to get the price of your 14k gold piece to the nearest United States dollar:
0.094 troy ounce x 1,944.63 USD per troy ounce = 182.80 USD
Thus, a 14k gold piece weighing 5 grams (which translates to roughly 2.91 grams of pure gold) is worth approximately 182.80 USD. However, bear in mind that gold prices vary from day to day, so these calculations will only give you a rough estimate of the 14k gold price.
Verdict: Is 14K Gold Valuable?
14k gold is generally worth very little when it is sold as scrap gold, which is what we have focused on in this article. However, antique pieces, collectibles, and items with intricate details or unique designs can be quite valuable, depending on how much buyers are willing to pay for them. For example, you might get more for your 14k gold piece at an online auction than you would at a gold dealer since they typically offer 20%-30% less per gram or ounce of gold than the market price. Also, keep in mind that gold prices fluctuate every day, so it is possible to get more or less for your 14k gold jewelry depending on the gold price on a particular date.
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