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The Value of Second Hand Gold

Updated April 17, 2017

All second hand gold has value regardless of the colour of the gold, be it rose gold or white gold. The condition of jewellery makes no difference, either, which means that damaged or broken pieces have the same value as perfect pieces when it comes to the value of the gold content.

Carat Value

The price of second hand gold is determined by its carat value, or purity, and its weight, which is measured in troy ounces. A 24 carat ring has greater value than a 9 carat ring, as 24 carat is pure gold while 9 carat is gold mixed with other metals.

Considerations

Second hand gold values fluctuate depending on various unpredictable market conditions. Before making the decision to sell gold, the key question to answer is whether you need the money now or can afford to wait for a better gold price. The price of pure gold is set twice daily in the London Spot Fix and refers to the value of 1 troy ounce of gold in U.S. dollars.

Warning

Before selling second hand gold jewellery, determine whether or not the item is worth more than its gold value. Scrap gold is always bought according to gold content and the price remains the same. Some jewellery, however, such as designer items, antiques or those in top condition may have a value that is higher than the gold content alone.

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About the Author

Deborah Jones started her freelance writing career in 1990. Her work has appeared in The Writer's Forum, "Reader's Digest" and numerous D.C. Thomson magazines. Jones has a Bachelor of Arts in creative writing and a postgraduate certificate in education, both from the University of Derby.