Gold Price Calculator

Frequently Asked Questions

1. QUESTION:
   How does gold price markup work?
   I have been shopping for a gold necklace I did some research on gold prices and I downloaded a gold price calculator so I know how to get current prices per gram for the different karats. What I don't know is how does the markup for workmanship and things of that sort work. For example I saw a 10k gold necklace that weighed 30g for 5, at the current gold price 30g of 10k gold would be about 5 so the markup is 0 on the necklace is that right? What determines this markup?

   • ANSWER:
     Well, a necklace is not a lump of gold, there is obviously some artistry and workmanship involved. How much is it worth? That is obviously open to discussion. That said, I have observed that markups on jewelry seem quite high compared to more common consumer products. Of course, jewelers don't make as many sales every day as the corner grocery store, so I suppose the need to stay in business.

     Grandpa

2. QUESTION:
   why do jewelers use a calculator to give me a price on gold items? What formula are they using to calculate?

   • ANSWER:

3. QUESTION:
   What is the price of gold per ounce in the US?
   I can NOT get a straight answer any where. Everywhere I look, I get stupid websites advertising gold sellers and calculators. Is it possible to get a simple answer on what the price of gold per ounce is?

   • ANSWER:

4. QUESTION:
   How can I get the dynamically updated price of gold into a variable in my Perl script?
   I'm trying to create a simple form calculator that will take today's price of gold and multiply it by a number. I'm doing this on a webpage in Perl.

   So [Variable which has price of gold} * [Variable with inputted number] = Answer.

   Thanks for any help!

   • ANSWER:
     use the Finance::Quote module.

5. QUESTION:
   Gold price III, the real price of Gold?
   Darth (et al).
   It struck me in our recent debate about the Gold price that we may have both lost sight of one factor. You quite rightly pointed out that the dollar has slipped so the current record highs need to be offset however what about the US policy of fixing the gold price in the 1930's? Also if we consider the low price in 1900 against the buying power of the dollar in 1900 (what was a dollar worth, equivalent in today's terms) is there a way to calculate the "real" value of gold? Using these calculations has gold increased dramatically since 1900 or is it stable?
   The current price of around 8 would have been considered a fortune in 1900....
   Can Darth or anyone with a good calculator help...?

   • ANSWER:
     Presented here are six indicators for making such comparisons in US dollars between any two years from 1790 to 2005. They are the CPI, the GDP Deflator, the Consumer Bundle, the unskilled wage rate, the GDP per capita, and the GDP.
     Descriptions of the indicators
     The CPI is most often used to make comparisons partly because it is the series with which people are most familiar. This series tries to compare the cost of things the average household buys such as food, housing, transportation, medical services, etc. For earlier years, it is the most useful series for comparing the cost of consumer goods and services. It can be interpreted as how much money you would need today to buy an item in the year in question if its price had changed the same percentage as the average price change.

     The GDP Deflator is similar to the CPI in that it is a measure of average prices. The "bundle" of goods and services here includes all things produced in the economy, not just consumer goods and services that are reflected in the CPI.

     The Consumer Bundle is the average dollar value of the annual expenditures of a "consumer unit". The consumer unit could be a family or another type of household. The main point is that spending is a joint decision of the members of the unit. The bundle increases over time as household income increases. Unlike the CPI, not only the cost but also the amount of goods and services increases over time.

     The Unskilled Wage Rate is good way to determine the relative cost of something in terms of the amount of work it would take to produce, or the relative time it would take to earn its cost. It can also be useful in comparing different wages over time. The unskilled wage is a more consistent measure than the average wage for making comparisons over time.

     The GDP per capita is an index of the economy's average output per person and is closely correlated with the average income. It can be useful in comparing different incomes over time.

     The GDP is the market value of all goods and services produced in a year. Comparing an expenditure using this measure, tells you how much money in the comparable year would be the same percent of all output.

     In 1900 the price of gold was ,67 on the stock markets.
     http://www.measuringworth.com/gold/
     If we use the CPI or GDP Deflator methods, then we get the amounts of CPI =1,93 and GDP =438,71 in 2007
     The following website gives you a calculator to work it out.
     http://www.measuringworth.com/uscompare/
     Thus, gold is worth more today at 0 than at ,67 in 1900.

6. QUESTION:
   If the Dollar is so weak, why hasn't Gold even kept up with inflation?
   In 1982, the year we had our last real big recession, Gold averaged 7 per ounce.

   Using the inflation calculator below, 7 in 1982 = ,153 today. If Gold had kept it's value, shouldn't it be at least that? And not just on a price spike, but on average?
   http://www.westegg.com/inflation/
   Gold was overpriced in 1982? I believe it's overpriced now. I took a snapshot at times of similar economic recessions then and now.

   • ANSWER:
     Uncle PB,

     I'm sending some of my best links to answer you. Agreed, Gold is a moderate hedge against inflation. But where it really shines is as a hedge against sudden currency devaluation.

     The size of the support the Fed is providing for the economy is the same order of magnitude as the economy itself. There's a lot that could still go wrong. We're nowhere near the end of this crisis, and the dollar is still under significant threat from the Fed. Even if the US and dollar make it through unscathed, don't forget FDR's overnight revaluation of the dollar in 1933. If the Fed finds its policy tools failing, they will get creative and other devaluation measures will be considered.

7. QUESTION:
   What is the price of petrol where you live? dated:08/05/2008?
   Just curious to what people around the world is paying for this liquid gold...
   you can convert your currency for the sake of uniformity in this site http://www.x-rates.com/calculator.html
   Me from India price here is
   Indian Rupees - Rs.50 - 51 per litre
   i.e. 1.22$ per litre
   i.e. 4.62$ per gallon

   p.s- 1 gallon = 3.78541178 litre
   me from guwahati(assam) so difference is obvious

   • ANSWER:
     Bangalore ,India
     i just fulled my car in the mornin it was 55.27(Speed).

8. QUESTION:
   i NEED SOMEONE TO BREAK DOWN THIS MATH PROMBLEM FOR ME.MY HUSBAND AND I CANT FIGURE IT OUT.CALCULATOR SAYS 650
   A GOLD CHAIN COSTS 5 TEN YEARS AGO. IN THE LAST 10 YEARS,THE PRICE HAS INCREASED 420%.WHAT IS THE PRICE OF THE GOLD CHAIN TODAY?
   (THE CALCUTOR GAVES US 650 WHEN WE ADDED 125 +420%)..WE NEED SOMEONE TO BREAK THE PROMBLEM DOWN...SERIOUS PPL ONLY REPLY

   • ANSWER:
     First, you need to stop typing in all caps. lol It's like you are yelling for help.

     Anywho, that said, you need to find 420% of 5. You know that it will be more because 420 > 100.

     4.20(125) = 525

     Now, add 5 + 5 because the price increased by the 5.

     You get 0.

     so, what's your problem? You didn't provide a "correct" answer, so your answer is correct.

9. QUESTION:
   Worth/price of 3.5 carat ring?
   What should be the worth of a 3.5 carat solitaire round diamond ring be with I1-I2 clarity and H-I color? Diamond size 9.8-10mm on a 14k gold setting?

   Ive already checked out online calculators and would like to hear from an experienced person. A friend of a friend is selling it to me for 00 because she desperately needs the money. She inherited this ring. Is this a good deal from a private seller? I believe this ring would go for k from a jeweler.

   Please share your thoughts.

   • ANSWER:
     It is too much money for an used ring. Yikes.

     You don't even know if the diamonds are real. I suggest you request the GIA certification and the papers and also to pay for a professional appraisal (around 0) to make sure the ring is worth what she says is worth and that the gem is genuine.

     Listen, re-sale value for diamond jewelry is very little. I'm sure thy have offered this person no more than 00 tops in gold recycling shops and pawn shops. This person is trying to rip you off.

     Secondly, the quality of the diamond is TERRIBLE. It has visible flaws evident with a naked eye; that is as bad of quality as it gets; definitely not with 6k! You can get a flawless diamond for that price.

     I suggest you educate yourself about quality of diamonds (the 4 c's) before making a decision and so you can see how low quality this gen really is as a grade of I1-I2 is really the WORST there is:

     Here:

     http://www.hwgem.com/diascale.htm

     What the first poster say is right; I had an old engagement ring WITH GIA papers and original jewelry store receipt, appraised for k, we bought it for 00, and I got 0 for it.

     Good luck

10. QUESTION:
    Working out Zakat, can anyone help?
    Im trying to work out the Zakat we need to pay and im using the online zakat calculators..
    They all ask for the today's price of Gold.
    Does anyone know? Im in the UK.
    Also do i need to add in wages coming in at a later date? And deduct any bills etc going?
    Any help Jazakallah.

    • ANSWER:
      Actually Zakat is on the wealth like Money,Jewelry (other than precious stones) money in your accounts, if you in business than value of Trading products. All that must be in your custody for an year.

      You have a day to remember. on that day you calculate the value. every year. like 1st of Ramadhan, every year. it Is obligatory to remember that day every year. So every year do calculate things on that day.

11. QUESTION:
    We went to Michael Mathews Jewelers?
    I everyone!
    My wife and I went to Michael Mathews Jewelers last week to have our wedding ring since we bought these from their store few months ago. The lady took our rings asked us to stay to wait, it'll just take couple of minutes in cleaning... I think it's a marketing strategy, because while waiting, she's been so persistent in asking me to look for something. So she showed me this 50 mg or gram I think, not sure... solid bracelet... It's nice though...then the price is 3,000 dollars. She called the manager and asked what discount he can give us since we are a former client.
    The manager took his calculator and start calculating something...then it came out of 2,500. So, I am thinking to get that that time because they also offered me their credit card. BUT... While looking to the bracelet, it says in the tag 14K gold, and that's also what she said... Then I looked into the lock and it says 10K gold... So I asked the lady, why it says in the tag 14K and you told me also but it says in the lock that it's 10K gold... She called the manager and she said "this guy will get this bracelet, I told him it's 14K and it also says here in the tag, but in the lock it says 10K" the manager replied... "they just made a mistake putting 10K gold of lock, but the bracelet it self is 14K" I am wondering, there's no mark in the bracelet itself that says it's 14K only in the lock...then the lady went inside and when she went out the lock was changed with 14K gold... I had a second thought about it, because am I going to spend 2,500 dollars to uncertain karat of bracelet? I told her I will think first about it... I am just wondering, the lock itself should say what karat of gold the whole item...am I right?
    And can someone give me a feedback to Michael Mathews Jewelers... I am thinking to get the bracelet though...

    • ANSWER:
      I don't know anything about Michael Mathews Jewelers. Before I spent that kind of money I'd check with some other jewelers in your area. And, while you're at it, pay for an independent appraisal of your rings. Not only is that good for insurance purposes, you'll get an idea of what kind of character Michael Mathews Jewelers has.

12. QUESTION:
    How or why is this keep happening to me?
    I have a 14k gold ring with 9 diamonds.
    It was a wedding ring. In witch was my mothers but now she has given it to me.
    I just dont find no use for it.
    She divorced my father and I ended up with this amazing ring.
    Its very beautiful its what called a Markey style? Suppose very popular back in the day.
    all gold. 14k. I tried to see how much its worth. I tried the sections in the mall. No use. I tried jewelers and pawn shops, no good either. They all take me as a joke so to speak. I know this ring is worth more then what there telling me. At the time my father bought the ring. He paid in full 00. maybe today its not still that obviously but the price should be still up there then what people are telling me. I once a while back when I went to this one jeweler she looked at it and said "now I would say it could be 0" So all in all I have a feeling that this ring is worth more then what people now are telling me. I want to count the diamonds to not just the gold.... I got told today that my ring will be worth . and I know I would of got riped off if I would of given it to them because when the lady at this jewelery store I went to put the numbers in the calculator.. she went back got her other friend and the other woman's eyes popped open. (as in like this ring is worth a lot)...
    then the lady tells me right now bucks.
    I left with pride.
    But all I know is that this ring really is worth it.
    Can you help me? I have a feeling Im going to need a actual buyer to get it off me.
    I would like someone to get more use out of it then me.
    Who needs it more then I do.
    Its great for a wedding very very pretty. I just got it cleaned. and it comes in a box.
    Im willing to sell it for 0.
    Any advice?
    I need to sell it soon.
    thanks

    • ANSWER:
      If your grammar is any indication of your capacity for intelligent thought, I would say that, if professional jewelers across the board are telling you it is not worth all that much, you might want to start believing it. Sure, you can find someone you trust to value the thing, but really, jewelry is sold to suckers. If your father paid all that for it, he probably could have turned right around into that shop and gotten no more than 0 for it. Gold diamond rings and the like are only so valuable as idiots like to believe it is. The mark-up jewelry stores put on stuff like that is insane. This is why, if ever dealing with jewelry for any reason, you talk to family friends and the like to get something maybe worth your while. The ring I got my ex-wife was 0 because I knew a friend. In the display case, it would have run some idiot at least 0. They do not turn over real gold/diamonds all that quickly, so they always have to buy very low and sell very high. The only way you're getting anything on that is if you get another sucker to buy it from you.

13. QUESTION:
    How does gold price markup work?
    I have been shopping for a gold necklace I did some research on gold prices and I downloaded a gold price calculator so I know how to get current prices per gram for the different karats. What I don't know is how does the markup for workmanship and things of that sort work. For example I saw a 10k necklace that weighed 30g for 5, at the current gold price 30g of 10k gold would be about 5 so the markup is 0 on the necklace is that right? What determines this markup?

    • ANSWER:

14. QUESTION:
    Worth/price of 3.5 carat ring?
    What should be the worth of a 3.5 carat solitaire round diamond ring be with I1-I2 clarity and H-I color? Diamond size 9.8-10mm on a 14k gold setting?

    Ive already checked out online calculators and would like to hear from an experienced person. A friend of a friend is selling it to me for 00 because she desperately needs the money. She inherited this ring. Is this a good deal from a private seller? I believe this ring would go for k from a jeweler.

    Please share your thoughts.

    • ANSWER:
      Does your friend have any paperwork? Most importantly does your friend have a GIA Report?

      These are the only really way to tell if the color, cut, clarity and carat are correct.

      Have you been shopping for diamonds before this?