Gold Melt Calculator
Calculate the intrinsic melt value of scrap gold based on weight, karat purity, current gold spot price, and dealer payout percentage.
Calculate the Intrinsic Scrap Value of Gold
The Gold Melt Calculator helps you quickly determine the exact intrinsic melt value of scrap gold jewelry, coins, bars, and dental gold. Whether you are selling old jewelry to a pawn shop or cash-for-gold buyer, evaluating estate items, or buying scrap precious metals for investment, knowing the pure gold content and current melt value gives you leverage to secure the best deal.
How Gold Melt Value Is Calculated
Calculating the melt value of gold involves three core parameters: item weight, gold purity rating, and the current spot market price of gold per troy ounce.
First, the item's total weight is converted into troy ounces. One troy ounce equals 31.1035 grams or 20 pennyweights (dwt). Next, the weight is multiplied by the purity percentage corresponding to its karat marking:
- 24K Gold: 99.9% pure gold content (24 / 24)
- 22K Gold: 91.7% pure gold content (22 / 24)
- 18K Gold: 75.0% pure gold content (18 / 24)
- 14K Gold: 58.3% pure gold content (14 / 24)
- 10K Gold: 41.7% pure gold content (10 / 24)
- 9K Gold: 37.5% pure gold content (9 / 24)
Mathematical Formula for Gold Melt Value
The mathematical expression to calculate pure gold content and intrinsic value is expressed as:
$$\text{Pure Gold (ozt)} = \text{Weight (ozt)} \times \left( \frac{\text{Karat}}{24} \right)$$ $$\text{Full Melt Value} = \text{Pure Gold (ozt)} \times \text{Spot Price (\$ / ozt)}$$ $$\text{Estimated Payout} = \text{Full Melt Value} \times \left( \frac{\text{Payout Percentage}}{100} \right)$$Understanding Dealer Payouts and Refining Fees
When selling scrap gold to local jewelers, pawn shops, or online gold buyers, dealers rarely pay 100% of the melt value. Refining scrap gold back into pure 24K bullion incurs processing costs, labor, and dealer overhead. Typical payouts range between 70% and 95% of total melt value depending on the buyer and volume.
Frequently Asked Questions
What is the difference between a standard ounce and a troy ounce?
A standard avoirdupois ounce equals approximately 28.35 grams, whereas a troy ounce equals 31.1035 grams. Precious metals like gold, silver, and platinum are always weighed and priced using troy ounces.
What is a pennyweight (dwt)?
A pennyweight is a unit of weight equal to 1/20th of a troy ounce, or exactly 1.555 grams. It is commonly used by jewelers and gold buyers in North America.
Can I sell gold jewelry for more than its melt value?
Yes. If an item has designer branding, historical antique value, intact gemstones, or craftsmanship that appeals to retail buyers, it can sell for more than its scrap metal value. Melt value represents the minimum baseline value of the gold itself.
How can I test the karat purity of unmarked gold?
Unmarked gold can be tested using acid testing kits, electronic gold testers, or XRF (X-ray fluorescence) analyzers available at professional jewelry stores and refineries.
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