Gold has been a valuable resource for centuries, and its worth is still evident today. It is often traded as currency, and it is also used in jewellery and other decorative items. Historically, gold was used to make money, but now many countries have paper currencies as well as used electronic means of sale. This is because the demand for gold has grown steadily over time. Not just that – people are looking into investing in gold more often than ever before due to its overall value.
Because of its value, gold must be weighed accurately to ensure a correct valuation. Here are things you should know about calculating the weight of gold.
- Troy Ounces – Gold is often measured and weighed in troy ounces. There are 12 troy ounces in a regular ounce, so this is equivalent to 1.097 normal ounces. However, if you are looking to buy gold bars in Brisbane or in any other city around the world, it is good to check with the seller as to which measurement they use. It will save you time and confusion later on.
- Other Elements Added – The actual weight of gold includes an alloying element which makes it harder and stronger than pure gold. This results in the addition of other metals like silver, copper or palladium which make up around 10% to 15%of the total weight.
- Karat – When gold is measured in karats, 24 karat gold is standard or pure gold. Lesser amounts of karats indicate a higher percentage of alloying metals and a lower percentage of pure gold.
- Price Per Ounce – When looking at the price per ounce for gold, this does not directly apply to the weight listed on the item you are looking at. For example, if an item is priced at US$1,000 then it is likely 25 grams of 24K gold. If the price is US$50, then it will probably be five grams of 24k gold.
- Purity – The purity of gold can affect its weight too. Gold that contains a higher percentage of alloying metal will weigh less per troy ounce than pure gold which does not contain any other metals or elements.
- Added Embellishments – Be sure to account for any gems or precious stones that may be embedded in the gold when looking at its weight. The more valuable or rare these are, the more they will add to the total value of the gold item.
Measuring Gold At Home
When calculating the worth of gold jewellery or other objects, use a scale to determine the weight of the solid piece. If you do not have a scale that displays ounces, then use a kitchen or postal scale to get an estimate of your gold’s weight.
Place your gold item on the scale and press the “tare” or “zero” button so that it reads 0g. This will ensure that you are looking at how much your item weighs without any additional weights that may be on the actual scale itself. If you’re unsure about how to calculate gold by weight, there are plenty of online resources available.
Determining the weight of your gold is an important part of looking into selling or buying it. For more information on how to decide what price to sell your gold for, contact a reputable dealer online for help and advice.
Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.
