Today, we will teach you, how to calculate the value of scrap gold? You know, Gold is always Gold because its purity and health benefits. But when you think, it should not use as jewelry or you need the money, you can sell your scrap gold in the market. For this, you need to Calculate its correct value.

There are 3 Steps, you should know for calculating the Correct Value of Scrap Gold:-

 1. To Check the Level of Purity of Scrap Gold

For calculating the value of scrap gold, you need to check the level of purity of scrap gold. If your scrap gold is pure, its value is more than the gold in which there is the mixture of other metal. For checking the purity of scrap gold, you need to take some Nitric Acid (HNO3). Add your scrap Gold in it. If there is not any change in the color of Nitric Acid, it means, you have pure scrap gold. It is 24 K (carat) Gold.Carat is the measurement of the purity of Gold. If Gold is not pure, it may be 10 K or 18 K or 22 K. If nitric acid's color will be brown. It is between 10 k to 18 K Gold. Its value is less than pure gold.

 2. To Calculate the Weight of Your Scrap Gold

In second step, we will calculate the weight of scrap gold. If weight is 10 gram, its value is more than 5 gram scrap gold. For calculating the weight, you can use jeweler's scale.

 3. To Know the Current Prices of Gold

Just open any newspaper, you will get the current price of pure Gold. In India, every day, newspaper publishes current Gold's price. It may be Rs. 25000 per 10 gram in yesterday. It may be Rs. 30000 per 10 gram today.

Now, you have check the current price. For example today price is Rs. 40,000 per 10 gram. It means per gram is Rs. 4000. For example you have 140 gram gold of 18 K. So, you will calculate the value of Gold

= 40000/10 X 140 X 18 K / 24 K = Rs. 420,000

Video Tutorial

Related : How to Calculate the Depreciation of Currency .

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