Gold is a precious metal that is worth a LOT of money. It’s a material with a rich history dating back thousands of years, and it’s one of the only items (besides land and real estate) that has consistently been considered valuable for millennia.
But how much is gold worth, exactly? Right now, it’s worth close to $1,950 per troy ounce — that’s over $28,000 per pound. But valuing gold depends on the specific item, its purity, its weight, and factors like collectability and the current market spot prices.
This guide will explain how much gold is worth — including how to estimate how much your gold is worth.
As of the time of this writing (June 2023), gold is about $1,950 per troy ounce (31.1 grams).
That translates to over $28,000 per pound, or over $62,000 per kilogram.
Gold prices are determined by the current gold spot price. Similar to how stocks are traded, traders and banks determine the price of gold on huge global spot markets. The price is based on supply and demand, and continually changes over time.
As you can see, the price continually changes over time. Over the long run, gold prices have tended to go up over time – but in the short term, prices can go up, down, or stay roughly the same.
The spot price of gold is determined based on supply and demand from large investors, banks, and refiners/global mints.
Essentially, traders buy and sell gold on large global spot markets. Buyers submit buy orders, and sellers fill those orders.
If there are more buyers than sellers, the price of gold will start rising – because there’s more dollars chasing fewer ounces of gold. If the opposite is true, gold spot prices will start decreasing.
This is the ultra-simplified answer, but gold spot prices are influenced by many factors, including:
In short, there’s a lot that goes into the spot price of gold. But what else matters when asking how much is gold worth?
We’ve discussed gold spot prices, which determine the value of one troy ounce (31.1g) of pure gold.
But what does that mean for you? What are your gold items worth?
The value of a gold item is determined by:
If you have common gold bullion items like gold coins, determining the approximate price is pretty easy. Gold coins will list the actual gold weight (AGW) right on the coin.
For instance, a 1/2 oz American Gold Eagle contains exactly 1/2 oz of pure gold. The coin itself weighs more than that, because there are some alloy metals as well (which are added to improve the durability of the coin). But if you were to melt down that coin, you would be left with 1/2 oz of pure gold — and therefore, the coin is worth approximately the current spot price of 1/2 oz of gold.
Prices of gold coins will also be influenced by the current market premiums. Physical gold almost always sells for slightly more than the actual spot price, because there are costs that go into refining the metal, creating the physical coin, distributing it, etc. Dealers also need to make a profit to stay in business, so they will charge slightly more than spot. When selling to a dealer, you’ll likely get closer to the item’s spot value – and when buying, expect to pay a bit over spot.
For things like gold jewelry, more steps are required to determine the value. We wrote about this here: How much is gold jewelry worth. But the short answer is that gold jewelry’s value is calculated by determining the purity, weighing the item, and determining the item’s “melt value” (i.e. the value of the gold it contains).
Have gold you’d like to sell? You have a few options.
If you’re in the greater Seattle area, Bellevue Rare Coins is the best place to sell gold bullion. Our friendly staff makes it simple to get top dollar for your gold. Simply bring in your items to have them evaluated, and we’ll prepare a cash offer for you. If you accept, you can walk out in just a few minutes with a check or cash!
We have locations in Bellevue, Issaquah, Lynnwood, and Tacoma. Learn more about selling to Bellevue Rare Coins here.
If you’re outside of the Seattle area, you can find a local coin shop in your area that’s well rated. We recommend avoiding pawn shops as they pay far less than what your items are worth. Another option may be to sell gold online to a reputable gold buyer.
Gold prices are determined by the market spot price (currently around $1,950 per troy ounce). But the value of an individual gold item (coin, jewelry piece, etc.) will vary based on a number of factors.
If you’re in the Seattle area, come to Bellevue Rare Coins for all your gold buying and selling needs. Stop by today to see why we’ve been the Northwest’s most trusted gold dealer for more than 40 years!