How to use the precious metal melt value calculator
- Enter the weight and choose a unit: grams, pennyweight, troy ounces, ounces or kilograms.
- Choose how the purity is given, karat, fineness or percent, and enter it.
- Type the price per troy ounce from a source you trust. The number shown is only an example.
- Optionally enter an offer as a percent of melt value to compare a quote.
Formula
Purity = karat / 24, or fineness / 1000, or percent / 100
Pure metal = total weight x purity
Troy ounces = pure metal in grams / 31.1034768
Melt value = troy ounces x price per troy ounce
One troy ounce is 31.1034768 g and one pennyweight is 1/20 of a troy ounce, 1.55517384 g. An avoirdupois ounce, the everyday ounce, is 28.349523125 g.
Gold ring and sterling spoons
A 14 karat piece of 10 g is 14 / 24 = 58.33 percent pure, which is 5.833 g of gold or 0.1875 troy ounces. At an example price of $2,000 per troy ounce its melt value is $375.09. A buyer offering 80 percent would pay $300.07.
Sterling silver of 925 fineness weighing 2 troy ounces holds 1.85 troy ounces of silver. At an example $25 per ounce that is $46.25, and 80 percent of it is $37.00. An 8 pennyweight piece of 10 karat gold holds 3.333 dwt of gold, worth $333.33 at $2,000, or $250.00 at 75 percent.
Karat, fineness and percent
Karat counts parts of pure gold in 24, so 24 karat is pure and 14 karat is 14 parts in 24. Fineness counts parts per thousand, so 925 is sterling silver and 999 is fine. Percent is the same ratio times 100. The page converts between them and shows all three for your piece.
For other metals by shape see the metal weight calculator. To compare per-unit prices use the unit price calculator, to compare offers the price match calculator, and for simple percents the percentage calculator.
What melt value is not
Melt value is the worth of the pure metal at the price you typed. It ignores the cost of refining and assay, the dealer's margin, and any value as jewelry, antique or collector pieces. Stones, solder, plating and hollow parts change the real weight and purity, so weigh the metal alone where you can. The price field is not a quote and changes all the time.
Assumptions and limits
- The price per troy ounce is entered by you. The page has no live prices and the default is only an example.
- Weight is the weight of the metal piece, without stones. Purity is assumed uniform.
- Karat runs up to 24, fineness up to 1000 and percent up to 100.
- Money is shown in US dollars rounded to the cent.
Frequently asked questions
How do I calculate the melt value of gold?
Multiply the weight by the purity (karat divided by 24), convert the pure gold to troy ounces, and multiply by the price per troy ounce. A 10 g piece of 14 karat gold holds 5.833 g of pure gold.
What is a pennyweight?
A pennyweight (dwt) is a unit of 1/20 of a troy ounce, or 1.55517384 grams. It is used for jewelry and precious metal scrap.
What is the difference between a troy ounce and an ounce?
A troy ounce is 31.1035 g and is used for precious metals. The everyday avoirdupois ounce is 28.3495 g, about 10 percent lighter, so the two cannot be swapped.
Why do buyers pay less than the melt value?
They have to cover refining, testing and the risk of price changes, and still make a margin. Compare a quote with the melt value by entering it as a percent of melt in the page.