Gold & Silver Melt Value Calculator
Work out the melt (scrap) value of gold, silver or platinum from its weight, purity and today's spot price.
About the Gold & Silver Melt Value Calculator
Precious metals are priced per troy ounce (31.1035 g) of pure metal. Karat tells you the purity: 24K is pure, 22K is 22/24 = 91.67%, 18K is 75%, 14K is 58.5% as hallmarked. Melt value = pure weight × spot price. Buyers pay below melt to cover refining and profit; hallmarked jewellery in India also carries making charges when bought new, which aren't recovered on resale.
The formula
Melt value = weight × purity ÷ 31.1035 g × spot price per troy ounce
Weight units
| Unit | Grams |
|---|---|
| Troy ounce | 31.1035 |
| Pennyweight (dwt) | 1.5552 |
| Tola | 11.6638 |
| Avoirdupois ounce (not for metals) | 28.3495 |
Worked example
Example: Melt value = $1,426.47
- Inputs: Metal and purity: 22K gold (.9167); Weight: 11; Weight in: grams; Spot price per troy ounce (pure): $4,400; Dealer pays: 110 % of melt value.
- Formula: Melt value = weight × purity ÷ 31.1035 g × spot price per troy ounce
- Result: Melt value = $1,426.47
Questions people ask
Is a troy ounce the same as an ounce?
No, a troy ounce is about 10% heavier than a regular (avoirdupois) ounce.
How many grams in a tola?
11.6638 g.