If you've got unwanted gold or broken jewellery lying around, it's a great opportunity to make some cash. However, it can be hard to know how much your scrap gold is worth.
In this guide we'll look at how gold is priced, why the price changes all the time, and how you can sell your gold. Read on to find out more.
How much is my scrap gold worth?
To find out the value of your scrap gold today, simply enter the weight and carat of your gold into our gold price calculator. The price of gold changes every day. Sell yours with us now to get it locked in at this price.
So you know exactly how we've come to that price, we've also detailed how we value your gold. To help you sell when prices are high and get the very best deal, we've described what drives the price of gold as well.
Don't know what carat your gold is? Find out how to check the purity of gold below with our easy-to-follow instructions.
How does H&T price your gold?
We price your gold by dividing its weight by its purity to discover how much gold will be left once it has been melted down. We then multiply this by the current market value of gold to get the final price.
For example, here's how much you could get for some common items of scrap gold:
|18ct necklace chain (5g)
|14ct ring (3g)
|Pair of 15ct stud earrings (1.5g)
|9ct bracelet chain (14g)
*Please note: These prices are based on gold values in March 2019. They change from day to day. Visit our gold price calculator to get the latest prices.
How to weigh your scrap gold
You can get a fairly accurate idea of the weight of your gold by using digital kitchen scales that are precise to a 100th of a gram (two decimal places). Once we’ve received your scrap gold, we'll weigh it with jeweller's scales. This might mean the final weight is slightly different, which may affect the price we can offer you for your gold.
How to tell if gold if real
You can check your scrap gold is real by looking at the hallmark that's engraved on it. You'll usually find this somewhere out of sight. For example, check the back of pendants and the inside of rings.
You'll need to take note of two parts of your scrap gold's hallmark: the traditional fineness mark and the standard mark.
The traditional fineness mark
If a piece of jewellery is made from gold and sold in the UK, it will be marked with the traditional fineness mark - which can be found here.
If a piece of jewellery you bought in the UK doesn't feature the traditional fineness mark, it isn't made of gold.
The standard mark
The standard mark indicates the purity of the gold. This is represented by a three-digit number that shows how many parts per thousand of the alloy are pure gold.
For example, if an item of jewellery is marked with the digits 375, it means at least 375 parts per thousand (or 37.5%) are gold.
The purity of gold is usually expressed as carats. Carats, often indicated by 'ct' in the UK and 'K' in America, represent the purity of gold in fractions of 24.
For example, 9-carat gold is made up of nine parts in 24 gold (37.5%). This is equivalent to 375 parts per thousand, meaning the hallmark will read '375'.
To help you quickly translate the hallmark on your gold into carats, simply check this reference chart:
Once you know what carat your gold is, you can use our scrap gold price calculator to get a price for your gold.
What is a troy ounce? How many grams are in a troy ounce?
A troy ounce is a measurement commonly used to weigh the gold bullions that are traded on the global marketplace. There are 31.1035 grams in a troy ounce.
What if my jewellery doesn't have a hallmark?
If you bought your jewellery overseas, it may have a completely different hallmark — or it might not have one at all.
Also, only jewellery weighing more than one gram needs to be stamped with a hallmark under UK law. That means very small items like gold earring backs don't feature one either.
If a piece of jewellery doesn't have a hallmark, this doesn't mean it isn't valuable. Send us your gold through our cash for gold service and we'll be able to test it for you and give you a fantastic price if it is the genuine article.
What influences the price of gold?
Gold is traded on the global marketplace, and its price is determined by a huge variety of social, economic, and political factors. Its price fluctuates every minute of every day, sometimes wildly. Of course, this isn't random, and there are predictable trends that cause the price of gold to rise and fall.
Why does the price of gold rise?
Gold is seen as a safe bet by investors: unlike other investments, it doesn't run the risk of completely losing its value if the global financial market collapses.
Because of this, demand increases for gold in uncertain times. As a result, the global price of gold rises. For example, the price of gold reached an all-time high during the 2008 global financial crisis, when investors were looking for a safe investment in an extremely precarious period.
If you want to get the best price for your scrap gold, keep an eye on the global news. You'll get the best deal during times of international financial uncertainty.
Why does the price of gold drop?
The price of gold drops when investors are feeling more secure. During periods of stability, investors have a bigger appetite for high risk investments that have a small chance of a big return on investment. As a safe bet, gold doesn't fit this profile, and therefore demand for it decreases. Prices follow, meaning you'll get a less for your gold than in stable times.
Is the price of gold going up or down?
No one can predict if the price of gold will go up or down. However, it's almost certain to follow the same pattern as it has for thousands of years: rise in uncertain economic times and drop during stable periods.
How to sell your scrap gold with H&T
Looking for a great price for your scrap gold? Quickly and easily turn your unwanted jewellery into cash by following the three simple steps on our sell your gold jewellery page today.
Got any questions about the process of selling your scrap gold to H&T? Get in touch with us online or over the phone to speak to a friendly member of staff today, or use our store locator to find a H&T Pawnbrokers near you.