One of the essential things you have to know how to handle when you’re interested in selling some gold is knowing how to calculate the price of the gold per gram. Since your gold doesn’t weigh exactly one troy ounce, you should learn how to do the conversion from the price per ounce to the price per gram, so you know exactly what it’s worth. A lot of people are actually missing this and getting less money for their gold than they should’ve.

When everyone quotes you the price of gold per ounce, it’s easy to become confused and accept lower prices than normal. While businesses do have to make a profit and you can’t expect the price of the market in most cases, you don’t want to get scammed here, so always do the proper research. Not doing that, means you’re just gambling your gold away and hoping the price you get is the right one.

Figuring out the gold price per gram means you have to first know the price of gold per ounce. Since 1 ounce has 31.1 grams, you can divide the price of gold by the number of grams and you get the price per gram. If the price of the ounce is $1,300, the price per gram would be $41.80.

Now, there is a good chance that you don’t have gold that is 100% pure, but an alloy with a certain percentage of gold in it. The 24 karat gold is the purest and anything lower than that has some other metal included. The 18 karat gold for example has 75% gold, so if you know how many karats there are, you know the value. A gold necklace that has 8 grams and 18 karats, will have 6 grams of gold. Determining the value of your gold is done by multiplying the price per gram with 6, which is how much pure gold you have in your jewelry.