How much is 18k Gold Worth?
All the gold ever mined throughout history could fit neatly into a 60ftx60ft cube. Gold is sold per karat per gram, and the spot establishes the value price. All the gold, regardless of wear or tear, is worth money.Pawn shops buy, sell, and pawn gold, gold jewelry, gold bullion, gold coins, and scrap gold. It is all valuable.
Characteristics of Gold
Gold has different percentages of purity, and spot price is based on the purity of the gold.
24k gold is 99.9% pure. It is bright yellow and pliable. It is soft and not ideal for jewelry, because it bends easily and doesn’t hold its shape well. It won’t stick to a magnet, it won’t discolor, and it will scratch the ceramic tile. 24k is the purest form of gold, and is what spot price is based on. 24k gold has not been mixed with any other materials
Because it is the purest form, it is the most expensive gold available. It is used in bullion bars and gold coins.
Pawn shops and gold buyers will buy and sell 24k for instant cash.
18k gold is 75% pure and thus has 25% alloy materials, such as nickel. It is used for jewelry and everyday practical wear, because it holds its shape better than 24k gold. It will scratch because it is still soft in nature. It is more yellow in color and more attractive compared to 24k gold. 18k gold is expensive, because it still contains 75% pure gold.
18k gold is the purity of White Gold. White gold has different alloys added to the pure gold, like nickel, zinc, palladium, and silver. It has a signature luster and is sometimes covered in a rhodium plating.
Rose gold is 18k gold combined with copper, giving it its rosy color.
14k gold is 58.3% pure and thus has 41.7% alloys, such as nickel, copper, silver, and zinc. 14k gold is used in most jewelry because it is affordable and durable. It doesn’t scratch as easily as 18k or 24k, and it will hold its shape well. Most bridal sets, engagement rings, and gold jewelry are made using 14k gold because of affordability, and a pleasing yellow-gold appearance.
Because 14k gold isn’t as pure as 24k gold, it is more cost effective and makes gold jewelry prices more affordable.
10k gold has an attractive pale yellow color. It is durable and doesn’t scuff or scratch easily. 10k gold is 41.7% pure and has 58.3% alloys of nickel, copper, silver, and zinc. It is used in wearable jewelry and is a practical choice. Because it has less gold content, it will not bring as much money if you are selling gold to a reputable gold buyer compared to 24k.
What is Spot Price?
Spot Gold Price means the price that one ounce of gold could be bought or sold for immediately. The spot price of gold, silver, and other precious metals ebbs and flows with the market. Things that affect the market are current events, the stock market, what’s happening in the world, and market conditions.
The gold spot price is based on 24k gold or 99% pure gold. This type of gold is often found in gold coins, bullion coins, and gold bullion. It is soft and pliable, and thus it is not used in making jewelry because it easily scratches.
Not all gold is 24k, and the gold may be 10k, 14k, or 18k, and each has a different purity content. The spot price is based on the purity of the gold, and 24k gold sets the baseline. For instance, if you want to sell broken jewelry that is 10k gold, it will bring a lower price.
The gold jewelry or piece of gold being bought, sold, or pawned is weighed in grams and converted to troy ounces. The spot price then multiplies the weight.
Most gold dealers, pawn shops, or jewelry stores, have a premium, which is their cost for doing business, such as melting and refining the gold. This cost is added to the gold price if you are buying gold. It is deducted from the price you will get if you are selling your gold.
Each gold buyer has different costs associated with how they do business. Selling gold online may yield a higher payout, because the cost of doing business is lower than a gold buyer who owns a brick and mortar store.
What is a Troy Ounce?
The troy ounce is a metric measurement used to measure precious metals. The troy ounce is the equivalent of 31.1034768 grams. On the other hand, a standard ounce is equivalent to 28.349 grams.
When gold, silver, and precious metals are weighed, they are weighted in grams, and then that weight is converted to a troy ounce. This weight is used to determine the value of the piece.
The value of 18K gold
It doesn’t matter if you buy, sell, or pawn 18k gold or any other karats, the process to determine the value of 18k gold is the same.
First, the gold jewelry, gold coins, scrap gold, or other form of gold is tested. Most pawn shops have testing equipment to determine the purity of the precious metal. Once this is determined, the piece is measured using a small jewelry scale.
The spot price of gold is looked up to determine the current market value. This amount is multiplied by the weight of the gold to determine the value. Fees and premiums are added or deducted depending on the shop and journey you are on.
Smyrna Pawn Shop
Smyrna Pawn is a family owned and operated pawn shop in Cobb County, GA. They accept scrap gold, gold coins, gold bars, gold bullion, gold watches, scrap gold, class rings, gold necklaces, gold wedding rings, and other gold pieces.
They have experts who will test your gold and determine its market value. They will buy and pawn gold, and also have gold jewelry and gold coins available in their inventory.
They are a full service pawn shop with a confidential process. If you’re in the market for a piece of gold, shop their online store that is convenient, with clear photos and details about the items for sale. They will send the item to your residence because shipping is available.