How to Calculate the Value of Your Gold Bullion Before Selling Them
Gold bullion is one of the best investments there is. The fact that it is the oldest currency to ever be present until today is enough to make one appreciate the irrevocable value of gold.
It’s even more valuable when you know the basics of gold and learn how to deal with them. Whether you’re buying or selling them, having the right amount of knowledge will go a long way in earning profit from your efforts.
In this article, we help you determine the value of your gold bullion. Not only will you become wiser when dealing with gold, you’ll be able to get the best deal every time you do an exchange.
Before you begin calculating and approaching Melbourne’s trusted gold dealers, you need to know the factors that will be considered in the calculation.
Weight is the biggest determinant for the value of a gold bullion. The heavier your gold is, the higher the value. Dealers have different measurements for weighing gold, but the most common is by gram. Others will measure it by pennyweight, milligram, troy ounce, or by kilo.
When selling gold bullion bars in Melbourne, make sure it’s weighed by gram as this will get you the most value. So make sure to only go for a dealer that will weigh your gold in gram and not pennyweight.
Karat is the term used to measure the amount of gold content in a gold bar. The highest is 24K which is 100% pure gold and has zero traces of other metals. Below is a chart showing the amount of gold each karat has.
|24 karat||100% gold|
|22 karat||91.7 % gold|
|18 karat||75.0 % gold|
|14 karat||58.3 % gold|
|12 karat||50.0 % gold|
|10 karat||41.7 % gold|
The lower the karat gets, the lower value your gold will have.
Every day, the value of the Australian dollar changes which is dependent on many values that affects the value of gold too such as inflation, interest rates, trade, and economic performance.
- Gold spot price
Gold spot price is simply the current price of gold. This is determined by the most recent average price that is offered by professional traders from around the world. The spot price can change every minute depending on the bid, ask, or fixing price. The bigger your gold is, the more favourable the spot price will be.
Now that you know what factors are taken to consideration when calculating the value of gold bullion, it’s time to take a look at the tools that help you calculate the value of your gold bullion.
- GoldPricOz.com – this site has a free gold price calculator where you can take a look at how much your gold is for. Simply type in the weight, currency, measurement unit, karat and spot price to get the amount.
- CoinApps.com com – this site also offers their own gold bullion melt value calculator where you only need to type in the currency, purity, and spot price per ounce.
Remember that these tools simply provide you an estimate and they are not the exact value that is shown in the results as the spot price and currency value can change every day. For the most accurate results, it’s better to visit a professional valuator who can take a look at your gold bullion in person and inspect other factors that make a difference to its value.
We hope these tips have helped. What are your thoughts about the current standing of gold in the market? Let us know in the comments.
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