Live gold spot — and what refiners actually pay
The number above is the spot price for one troy ounce of pure (.9999) gold, in USD. Spot is the wholesale benchmark — what bullion banks and refiners use as a reference. It's almost never what you'll get for jewelry, dental scrap, or coin sorts: refiners take a cut for assay, melt, and risk, and they buy by karat purity plus weight.
Pure gold vs alloys: the karat ladder
Gold for jewelry is alloyed for hardness and color. The karat number describes parts per 24 of pure gold by weight.
| Karat | Purity (fineness) | % gold | Common uses |
|---|---|---|---|
| 24K | .999 / .9999 | 99.9–99.99% | Bullion bars, coins (Maple Leaf, Buffalo) |
| 22K | .916 | 91.6% | Krugerrand, Sovereign, Indian jewelry |
| 18K | .750 | 75% | High-end jewelry, watches |
| 14K | .585 | 58.5% | US wedding bands, mid-market jewelry |
| 10K | .417 | 41.7% | Costume jewelry, US class rings |
| Gold-filled | (varies) | thin layer over base | NOT scrap gold — usually rejected |
| Gold-plated | (varies) | trace coating | NOT scrap gold |
A refiner's payout per gram = (spot/toz ÷ 31.1) × purity × payout_factor. Payout factors typically run 95–98% for sortable jewelry, 97–99% for sealed coins or bars, and as low as 80–90% for mixed-karat lots that need full assay.
What moves gold spot
- Real interest rates — when real rates fall (or are expected to), gold rises; when they rise, gold falls. The dominant macro driver.
- Central bank flows — ETF and central-bank net purchases drive a meaningful share of demand. Watch the World Gold Council data.
- USD strength — gold is priced in dollars; a stronger dollar makes gold relatively expensive globally and tends to push spot down.
- Geopolitical risk — flight-to-safety bids surface during equity drawdowns and conflict.
- Indian wedding season + Chinese New Year — physical demand cyclicality matters for short-term moves.
Selling gold scrap: the basics
- Weigh in grams, not pennyweights, ounces, or carats. Make sure the scale reads to 0.01 g.
- Karat-test before you sell. A jeweler's testing kit ($30) or an XRF gun (~$5,000+) confirms purity. If a buyer doesn't test on the spot, walk.
- Sort by karat. Mixed lots get assayed at the lowest karat in the bag.
- Weigh stones separately. Gem-set jewelry has a "stone-weight discount" that varies by buyer — get it in writing.
- Ignore "we pay 90% of spot" claims without reading the fine print. 90% of spot on pure gold equates to far less per gram of 14K — confirm the formula.
Coin and bullion sales
- Sealed government coins (Eagle, Maple Leaf, Krugerrand, Sovereign) sell at small premiums over spot at coin dealers. Don't melt these — they're worth more intact.
- Generic rounds and bars sell closer to spot but with fewer buyers; a coin shop pays better than a refiner.
- Damaged or scuffed coins get demoted to scrap and pay by weight × purity, losing the numismatic premium.
Frequently asked questions
Is the price on this page what I'll get?
No. This is spot — the wholesale benchmark. Your payout depends on karat, weight, refiner cut, and any stone-weight discounts. Expect 80–98% of spot equivalent depending on what you're selling and to whom.
Why is gold quoted in troy ounces, not regular ounces?
Troy ounces are a precious-metals convention (~31.1 g). Avoirdupois ounces (regular grocery-store ounces) are ~28.35 g. The unit mismatch is one of the easiest places to get short-changed if a buyer quotes in "ounces" without specifying.
Should I sell to a coin shop or mail-in refiner?
Coin shops pay slightly less but you walk out with cash same-day, no shipping risk. Mail-in refiners pay slightly more but require trust + insurance. For lots over $5,000, mail-in usually wins. For under $1,000, the local shop's premium is rarely worth the hassle.
Related
- Live silver price — companion precious metal, often paired in scrap lots
- Refining & selling guide — deeper dive on refiners, sorts, and what to expect
- Grades & purity guide — karat marks and how to read them
- Market & spot guide — what drives the day-to-day price