Tuesday, December 6, 2011

Gold Calculators Speed Up The Calculating Process

By Alan Stables

The value of gold is most commonly calculated using a gold calculator among the other ways gold is calculated. The value of gold is continually due to market prices and a changing economy.

However, using a gold calculator one can find the value of gold conveniently. It gives even the minutest valuations of all types and forms of gold as well as silver and platinum items. Gold is available in various forms - gold coins, gold bars, gold jewelry among others. Not all forms of gold that are available are completely pure. Particularly when it comes to gold jewelry, finding gold jewelry made of the purest 24 carats gold is not possible. That's because the purest form of gold is very soft and cannot be bent to make jewelry.

Gold needs to be hardened to make jewelry when mixed with other metals. Therefore, most items of gold jewelry are made with gold of purity ranging from 14 carats to 22 carats. When metals are mixed, the value of gold is difficult to measure.

There are certain steps that should be carefully followed when calculating the value of gold. The first step is to weigh the gold item or ornament that is to be bought or sold. The next step should be to convert the grams of gold in to troy ounces.

One troy ounce of gold equals 31.1 grams of gold. The weight, in grams, of the gold item should then be divided by 31.1. This gives the value of gold in troy ounces. Then, determine the proportion of gold when mixed with other metals.

In order to determine the proportion of gold to other metals, take into account the number of carats. Multiply the weight of the gold in troy ounces with the percentage of pure gold. With your answer, multiply the value just obtained by the current market price of gold.

Gold calculators speed along the process for calculating gold. Gold calculators have a few rewards to its uses. Above all, it is easy to convert the weight of the gold from grams to troy ounces. A gold calculator calculates more than just gold and converts to more than just troy ounces. Additionally, a gold calculator can convert from grains, pennyweights, ounces, pounds, troy pounds, milligrams, kilograms and other forms of troy ounces.

The calculator will automatically disregard the value of the non-precious metals. However, the only disadvantage is that you cannot use a gold calculator to calculate the value of gold plated items or costume jewelry.

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