This easy to use calculator quickly and instantly tells you the 18kt gold price per gram or ounce at today’s market rate. Since the spot price of gold is quoted in dollars per ounce of 24kt gold, this handy little tool is useful for example, when you want to figure out how much an 18kt gold bangle or ring that weighs 30g say, is worth. Save yourself the brainwork of converting 24 karats to 18 karats and troy ounces to grams by using this simple to use 18kt gold price calculator.
Instant ’18kt Gold Price’ Calculator
How To Cash In On Your 18kt Gold
As most of us aware, the price of gold has been increasing incessantly for the last ten years. In fact the price has doubled, tripled and even quadrupled in that time.
It goes without saying that if the spot price of gold has been increasing, the value of 18kt gold has also increased in proportion. 18 karat gold means that out of every 24 parts, 18 parts is gold and the other 6 parts is another or a mixture of metals giving an overall purity of 75%.
75% is a reasonably high purity meaning that any old, unused, unfashionable and unwanted bits and pieces of 18kt gold jewelry, rings and other such trinkets lying around the house may be worth more than you expect.
How to Use The 18kt Gold Price Calculator
The purity is already preset for you.
- Simply enter the weight of gold in troy ounces or grams making sure you check the correct ‘weight’ tickbox.
- Next, look at the ‘Current Price of Gold’ box on the right hand side of the screen and enter the gold price into the form.
- Now just hit the ‘How Much Is Gold Worth’ button and get your instant quote.
If for example, you wish to know the:
18kt gold price per gram – Select ‘Grams’ & enter ‘1’ in the ‘Quantity’ field.
18kt gold price per ounce – Select ‘Troy Ounces’ & enter ‘1’ in the ‘Quantity’ field.
Formula to Calculate the 18kt Gold Price
To evaluate the 18kt gold price you simply need to know how much of it you have and how much gold is worth today.
Figuring out how much gold is worth right now is easy. You just look up the spot price which is right here on this page under the ‘Current Price of Gold’ box on the right hand side of the screen.
Figuring out the weight correctly is another matter. Usually when you weigh your gold, you will note its weight in grams. However, the price of gold is quoted in troy ounces hence requiring a conversion between the two weight denominations.
If you have a scale that measures both grams and ounces bear in mind that the ounces on your scale is the Avoirdupois ounce used for weighing everyday items which is not the same as the troy ounce which is only used for precious metals.
The formula to convert grams to troy ozs is:
troy ounces = grams / 31.1035
Therefore, the formula to calculate the price of 18 karat gold is :
(Spot Price of Gold * Weight of Gold (Troy Ounces)) * (75/100)
18 Karat Gold Jewelry
18 karat gold is an alloy comprised of 18 parts gold and 6 parts other metals such as nickel, tin, palladium, zinc and manganese in varying combination.
As jewelry pieces, 18kt certainly is available in the US but is not as popular as the 10kt and 14kt varieties. Given its higher gold content, it has a more yellowy color which is preferred more in Europe and Asia especially in the Indian subcontinent.
In fact, 18kt gold is becoming even more popular in India as the cost of 22kt gold which has also been a favorite there becomes more and more expensive.
In a market where high spending has been curbed by extravagant prices, opinion is slowly converging on the belief that 18kt. gold jewelry could be a sensible way out of the current stalemate, where the Indian consumer loves his gold jewelry but cannot purchase it due to prohibitive prices.
You can check whether your gold jewelry is 18kt by looking for a hallmark stamp. This will usually be on the inside of bangles for example and should be stamped as 18K, 18KT or .750.
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