Gold Price Calculator
A gold price calculator is an online tool that instantly provides up-to-date prices of gold after processing input data. You can calculate gold price simply by putting weight in numbers, assigning units (e.g. grams), setting gold purity level (e.g. 24K or 22K), fixing your country’s currency and that’s it. You will get the updated gold price of the day on the screen.
It is also called by the name, gold scrap price calculator, gold rate calculator, gold value calculator, and gold calculator.
How Gold Price Calculator Works?
The gold price calculator requires four types of information from the user to render today’s gold rate. The information includes quantity, unit of weight, purity level, and currency. By default, you will get the gold rate in US Dollars.
Quantity Of Gold
It is the first visible field in the gold rate calculator and it is empty. The visitor must put the quantity of gold in numbers in this field. The number can be 1 to 1000 or above.
It is the desired quantity of gold against which the buyer or seller intends to know the value of gold of the day.
Unit Of Weight
It is the second visible field in the gold value calculator. One of the important factors in calculating the gold price is weight. Normally, gold value is assessed in grams.
The gold price per gram is taken as a reference value. The person has to set a standard unit of weight (in the gold price calculator) in which he wants the gold price. By default, it is set in grams.
However, in many parts of the world, gold is traded in other units. The unit of weight can be set in Ounce, Kilogram, Tola, Pound, Masha, or Troy Ounce, etc. A long list is given for the convenience of the user, just scroll down the drop-down list to set the desired weight, and the value will be calculated and furnished accordingly.
Hence, this tool also acts as gold value by weight calculator, gold value per gram calculator, and gold value per ounce calculator.
In addition to the above, visitors who intend to convert a unit of weight from gram to ounce or pavan to troy ounce and vice versa can use the separate tool named gold weight converter to easily understand the weight of gold according to their requirements.
You may find hereunder a complete list of weight units you can use to calculate the current gold rate.
Purity Of Gold
It is the third visible field in the gold calculator. The purity of gold is measured in Karat. The abbreviation used is K or Kt, e.g. 24K or 24Kt. 24K is the highest purity level of gold i.e. 99.99%.
In the world, the word Karat is also written as Carat by many people and websites. However, the Karat is specifically a measuring unit of gold purity. So, don’t get confused if you come across the words Karat or Carat as they are interchangeably used for gold purity.
At this stage, the user has to input the purity level of gold from the list against which he/she wants to know the price.
Gold has many purity levels like 24K, 23K, 22K, 21K, 20K, 18K, etc likewise 99.99% pure, 96% pure, 92% pure, 88% pure, etc respectively. The visitor can set one purity level at a time e.g. 24K to know the gold rate.
The gold calculator is so flexible that the user can select any of the following gold purity levels to know today’s gold rate.
Currency Of Gold Value
It is the fourth and last visible field in the gold scrap price calculator that requires user input. When the user is finished providing the above information, he will have to fix the currency from the drop-down list. The currency can be US Dollars, UK Pounds, Indian INR, Qatari Riyal, etc. So, the tool functions as a gold value today calculator.
Calculate Button
As you are done with the above steps, furnishing all the above requested information then click on the “Calculate” button and the gold rate of the day will appear in front of you.
Advantages of Gold Scrap Calculator Tool
The main advantage of a gold scrap calculator tool is that you get the latest gold rate instantly against the furnished weight and purity of gold.
The other benefit is that the user gets today’s gold rate according to its requirements. For instance, if the owner of gold has 18k purity of gold and he/she wants to know its current value estimates, the gold price calculator 18K generates it immediately. In Gulf countries like Saudi Arabia, Qatar, UAE, Oman, Bahrain, Kuwait, etc, this tool is called a gold souk calculator.
Similarly, the user can define weight (in Ounce, Tola, Kilogram, Grams, etc) and currency in the gold scrap price calculator to get the gold value accordingly of the day.
These are the benefits that can help the buyer or seller of gold to know the value of its gold before visiting the market and making the most fruitful transaction.
Gold Value Calculator
The gold value calculator is an alternative name for a gold calculator for determining the gold price at the current rate speedily. The people search this tool by writing different logical search terms as listed below.
Fluctuation Factors And Gold Rate Calculator
There are certain factors that usually cause fluctuation in the price of the gold. It includes the following:
So, the gold price provided by the gold rate calculator is a current rate but to make an investment decision it is important to consider the above factors which could bring change on a short or long-term basis on gold investment decisions.
Gold Calculator Vs Gold Jewelry Price Calculator
Is there any difference between the gold calculator and the gold jewelry price calculator? Certainly, yes.
The gold calculator or gold price calculator considers the values related to the current gold rate of the day including, gold day rate, unit of weight (in grams or ounces or tola or troy ounce or masha, etc.), quantity, and currency (in US Dollar or UK Pound or QAR or INR or Saudi Riyal etc). It only provides the gold price of the day per gram or ounce in a particular currency. For instance, it works as an 18k gold price per gram calculator in US Dollars.
On the other hand, the gold jewelry price calculator takes into account all the factors involved in the pricing of the jewelry. It includes the current gold rate, weight of the jewelry, making charges, extra cuttings if any, and sales tax.
Hence, the gold calculator tool provides only the gold price of the day in a particular currency and the gold jewelry price calculator provides the gold jewelry price estimates (taking into account the current gold rate, weight, purity, and tax).
Conclusion
The gold price calculator per gram is a handy online tool that is used by people around the world to instantly calculate the current gold rate of the day against desired weight and currency.
It is helpful for buyers to make successful gold-buying decisions and bargain the rate with the sellers. Similarly, the sellers can also benefit from this calculator as they can secure a profitable gold bar (bullion) or jewelry deal with their customers.
Investing in gold is a critical factor and knowledge of the current gold price plays a significant role both for buyers & sellers to finalize a win-win business transaction.