Onsite Goldsmiths
Onsite Goldsmiths

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Custom Design

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Financing Available

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Lifetime Diamond Upgrade

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30-Day Exchange

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No Interest Layaway
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Price of Your Gold

exact price of gold

Determining the Price of Your Gold


Determining the Price of Your Gold

When you’re searching for the price of your gold, there’s quite a few factors to keep in mind. You may be tempted to just read the daily price of gold on the internet and leave it at that, but in many ways, that’s the final step of a process that’s crucial to follow before you head down to your local jeweller. Whether you decide to perform the valuation of your gold at home or take it into a trustworthy jeweller, like GMG Jewellers, to have it weighed, appraised and tested, it’s always a good idea to know what goes into the process that determines the worth of your possessions.

How the Value of Your Gold is Determined

First, it’s important to separate your gold into three categories: scrap (such as broken jewellery and bits & pieces), intact jewellery, and coins. It’s important to separate these categories because they may have different value. Coins, for example, often have a value that’s greater than the amount of precious metal that goes into them—rare coins can be worth hundreds of times more than the amount of gold that goes into them. When it comes to complete jewellery, they can be loved again by another person, and GMG Jewellers has a phenomenal Estate Case to sell once loved pieces. You can ensure your piece will find a great home.

But once you’ve separated out gold scrap and unwanted jewellery, you’ll need to further separate the pieces according to their fineness. Check the inside of the pieces for stamps of fineness: The most common marks are 24k, 18k, 14k, and 10k. This refers to the amount of pure gold in the alloy of the ring. 24k means 100 percent gold, 18k is 75 percent, 14k is 58.3 percent, and 10k is 41.7 percent. While this changes the physical and aesthetic properties of jewellery, it also affects price.

If you have pieces that don’t have a stamp, you may have to utilize an acid test to determine the gold content of unknown pieces (or determine if they’re even gold at all). However, rather than investing in an acid test or Skey test kit that you won’t be using more than once, it may be more worthwhile to bring your pieces into a trusted local jeweller to have them assessed. At GMG Jewellers, we have a team of dedicated experts who can put their combined decades of skill and in-house testing equipment at your disposal.

Visit GMG Jewellers for Gold Buying Services You Can Trust

At GMG Jewellers, we have served the Saskatoon community for 35 years. In that time, we’ve developed a skill set that pairs exceptionally well with our top-shelf jewellery. When you’re looking for a new engagement ring, an opal necklace, someone to restring your antique pearls, or, in this case, someone to help you determine the price of your gold, make GMG Jewellers your first stop. If you’d like to find out more about what goes into valuating gold, don’t hesitate to give us a call at our Saskatoon, Saskatchewan showroom at (306) 665-8463!

exact price of gold

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