Copyright 2021. W.E. Mowrey Refining. All Rights Reserved.

W.E. Mowrey Refining

Manufacturing and Refining since 1899

How do I determine the value of my gold?

There are three factors that determine the melt value of scrap gold.

1. Fineness or Karat.

2. Weight.

3. Market price of gold.


Karat or fineness refers to the percentage of gold by weight an item contains. The karat is based on 24 unit scale.  24k being pure gold, so an 18k ring contains 18 parts per gold per 24 units of weight, or 75% gold by weight.

European gold is marked by fineness, instead of 18k an item would be marked 750 meaning 750 parts gold per 1000, or 75% gold.

Karat             Fineness                      European Mark

10k (10/24) = 41.67%                                417

14k (14/24) = 58.33%                                585

18k (18/24) = 75.00%                                750

24k (24/24) = 100.0%  or pure gold


Gold, Silver, Palladium, and Platinum are traded in troy ounces. There are 20 pennyweights (dwt) in an ounce or 31.1 grams in a troy ounce. 1 dwt = 1.555 grams.


The Market price of gold is the third factor that determines the scrap price of your gold. The price is constantly changing, so If gold is trading at $1,300.00 per troy ounce, that equates to $65 per dwt, or $41.80 per gram.

Determining the value

The fineness and weight allow a refiner to calculate the weight of gold they expect to recover. Multiply that by the market price and it gives you a value, when refined. A refiner/gold buyer will then pay a percentage of that value.

For example a 10K mens class ring.

Weight = 9.0 dwt

Karat = 10k

Market = $1300 per oz = $65 per dwt

9 dwt x .4167 = 3.75 dwt of fine gold

3.75 dwt x $65 per dwt = $243.75 full market value

What if there is no identifying mark?

A stone acid test will give a gold buyer an approximate idea of what the fineness of the piece, otherwise a fire assay or X-ray spectrum analysis by an assayer or refiner can determine a more accurate gold content. For more information refer to Assay and Refining.


1 Troy ounce: 1.09722 Avoirdupois ounces

1 Troy ounce: 20 pennyweight

1 Troy ounce: 31.1033 grams

1 Troy ounce: 480 grains

Troy pound: 12 Troy ounces

Avoirdupois pound:  14.5833 Troy ounces:  16 Avoirdupois ounces

1 carat:  .2 grams

1 pennyweight (Dwt): 1.5552 grams