Scrap Gold
Calculate the melt value of scrap gold by weight, karat purity, and spot price. Free scrap gold calculator for jewelry, coins, and bullion with charts.
About This Calculator
The Scrap Gold Calculator helps you determine the melt value of scrap gold items based on their weight, karat purity, and the current gold spot price. Whether you are selling old jewelry, inherited coins, or broken gold items, this calculator gives you the intrinsic gold value so you can negotiate confidently with gold buyers and refiners.
How scrap gold value is calculated
The calculator uses a simple formula: Gold Value = Total Weight × (Karat / 24) × Spot Price per Gram. First, the karat purity is converted to a percentage (e.g. 18K = 18/24 = 75% pure gold). This percentage is multiplied by the total weight to find the pure gold content. Finally, the pure gold weight is multiplied by the current spot price per gram. The result is the melt value — the baseline worth of the gold content before any dealer margins or refining fees.
Regional notes
India: Gold prices are quoted per 10 grams on the MCX. Many Indian jewelers also charge a making charge on new jewelry but pay only melt value for scrap. Capital gains tax applies on sale of gold held as investment. Always check the daily gold rate published by the Indian Bullion and Jewellers Association (IBJA).
United States: Gold spot prices are quoted per troy ounce (31.103 g) on COMEX. Most US dealers pay 80-95% of melt value for scrap gold. Report sales over $600 as dealers must issue Form 1099-MISC. Gold held over one year qualifies for long-term capital gains rates.
United Kingdom: Gold is traded on the LBMA and prices are quoted per troy ounce in USD and GBP per gram. UK Royal Mint coins like Britannias and Sovereigns are CGT-exempt. For scrap jewelry, dealers typically pay 70-90% of melt value depending on condition and quantity.
Frequently Asked Questions
How do I calculate the value of scrap gold?
To calculate scrap gold value, weigh your gold in grams, determine its karat purity (24K, 22K, 18K, etc.), and check the current gold spot price. The calculator multiplies the pure gold weight (total weight × karat/24) by the spot price per gram to give you the melt value.
What does karat mean in gold purity?
Karat measures gold purity on a scale of 24. 24K gold is 99.9% pure, 22K is 91.7% pure (22/24), 18K is 75% pure (18/24), 14K is 58.3% pure, 10K is 41.7% pure, and 9K is 37.5% pure. Higher karat gold contains more pure gold and is worth more.
Is scrap gold value the same as the selling price?
No. The scrap gold value (melt value) is the intrinsic value of the gold content based on the market spot price. When selling, dealers typically pay 70-95% of the melt value, deducting refining costs and their profit margin. Shop around for the best buyback rate.
How is scrap gold taxed in India?
In India, selling scrap gold to a dealer is treated as a capital gains transaction. If held for more than 3 years, it qualifies as long-term capital gains taxed at 20% with indexation benefit. If held for less than 3 years, gains are added to your income and taxed per your income tax slab. No GST applies on gold sold by individuals.
How is scrap gold taxed in the US?
In the US, selling scrap gold is subject to capital gains tax. Gains on gold held for more than one year are taxed at the long-term capital gains rate (0-20% depending on income). Gold held for less than one year is taxed as ordinary income. Dealers must report transactions over $600 on Form 1099-MISC.
How is scrap gold taxed in the UK?
In the UK, selling scrap gold to a dealer may be subject to Capital Gains Tax if the total proceeds exceed the annual exempt amount (£3,000 for 2025-26). However, gold bullion coins like Britannias and Sovereigns are considered legal currency and are exempt from both CGT and VAT when sold.
What is the difference between scrap gold value and antique gold value?
Scrap gold value is based solely on the melt value of the gold content. Antique or collectible gold items may command a premium above melt value due to craftsmanship, historical significance, brand, or rarity. Always get an appraisal before selling potentially valuable antique gold jewelry.
How accurate is the scrap gold calculator?
This calculator provides the melt value based on the spot price you enter. For the most accurate result, use the live gold spot price from a reliable source like the LBMA, MCX, or COMEX. The actual amount you receive when selling may be lower due to dealer margins and refining fees.