Weighing Your Gold Jewelry
In order to weigh your gold, you will need a sensitive scale. Dont weigh your gold jewelry along with any diamonds or other stones it may have you need the weight of the gold alloy parts only.
If you weigh jewelry of different karats, dont put all items on the scale, but only weigh together pieces of the same karat.
You can weigh your gold in grams, but many jewelers and gold dealers use troy ounces and pennyweights, so you might need to also convert your measurements to these units.
Lets see how this is done.
Calculation : Gold Buyers
This calculation determines how the price compares relative to the value of gold metal from calculation 1.
This calculation is useful for people buying gold. In general, how far the price deviates from the gold metal value determines if it is cheap or expensive.
|Step 1: Calculate gold metal value|
|Gold metal value = Price ÷ Value of gold metal × 100= 0 ÷ 0 × 100= 0 %|
How To Calculate The Value Of Old Gold Jewellery
Please note, we do not buy / exchange old gold. This guide is only provided as a reference for the customer to calculate an approximate value of their old gold.
There is a very simple & affordable formula to calculate the Value of Old Gold Jewelry
- Take it to a Gold testing or assaying lab & have it tested for purity.
- The lab will give you a test report which will state the accurate weight of the sample & its purity in percentage or karats.
- If you are using the karat purityValue of Gold in the sample = / 24
- If you are using percentage purityValue of Gold in the sample = / 100
- Example, let’s say the sample weighed 10 grams with a purity of 18 Karats & rate of gold today is 5,000 per gramValue of Gold Today = 10 x 18 x 5,000 / 24 = 37,500 onlyValue of Gold Today = 10 x 75 x 5,000 / 100 = 37,500 only
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How Much Do You Pay In Zakat On Gold
The Prophet, on him be peace, set both the rates and timelines of Zakat on all Zakatable, that is Zakat-eligible, types of wealth for Muslims. He established a 2.5% Zakat rate on gold, silver and all measures of currency, which means on all money. Muslim scholars have unanimous agreement on this.
The Prophet, on him be peace, said:
On silver, 2.5% is due.
Again, this applies to all currency and money.
How To Calculate Your Own Gold And Silver Prices
As part of Best price for Golds continuing business transparency program we encourage you to work out the price of your own gold as and when you wish!
This following is based on weighing your Gold in grams which per troy ounce is equal to 31.1035 grams and on current prices for gold.
You are left with the price per gram at that particular moment in time as the price is constantly changing 24 hours per day. If you prefer weighing in ounces do ensure you switch your weighing machine to Troy ounces not Avoirdupois ounces, which is used for weighing food .
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How To Calculate Lot Size For Gold
If you calculate 1 lot size of gold in Metatrader, it has 100 000 units, and 1 pip of movement is worth $1. For example, when the gold price goes from 1800.00 to 1800.01, this 1 pip move for 1 lot is worth $1. If the price goes from 1800.00 to 1801.00, this 100 pips move for 1 lot of gold worth $100.
Why Must You Pay Zakat On Gold
Zakat comes due on all the growing and producing wealth of every Muslim who solely owns it once it reaches its set threshold and date of maturation. Growth and production potential define gold as the very standard of Zakatable assets.
In fact, Muslim scholars have literally made gold the standard weight measure for the nisab threshold on currency because it has proven the most constant, stable unit of fungible wealth-forms, like precious metals, coinage, currency, or money.
The importance of gold in the economic life of the community means hoarding it can quickly turn into a mechanism for permanently enriching the few and impoverishing the many if its holders do not put it into circulation.
Obligatory Zakat deliberately creates an incentive to invest gold and its analogous wealth-forms in society, which then inures the people, through both its circulation and its distribution.
For this reason, the Prophet, on him be peace, exhorted Muslims to invest the wealth of the orphans in their care. He did not want annual Zakat payments to consume their wealth before they grew old enough to take control of their own fortunes and put them to use.
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Benefits Of Using Gold Rate Calculator
The online gold price calculator gives you the power to sell your gold without any meddling of your local jeweller. Whether it is selling for an investment or to fuel any urgent cash requirement, you can estimate how much your gold is worth from the comfort of your home. Here are its benefits:
- Accurate results
- Safe and secure
Last Year Alone Your Zakat Enabled Us To Save Lives
Your Zakat has funded some of our crucial work with people and communities living in disaster and war zones: drought and famine-struck countries across East Africa communities affected by conflict in Yemen and families in war-torn Syria struggling to survive one day to the next.
Your Zakat has supported communities to build sustainable livelihoods in the face of climate change and to build better lives for vulnerable orphans and families across the globe.
Alhamdulillah, your Zakat has the power to transform peoples lives. Help make this happen. Give your Zakat for the love of Allah .
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Why Gold Ornaments Price Is Different At Different Shops
Although same formula is applicable for calculating gold price, still you find difference in gold price from shop to shop. You might be wondering why gold ornament price is different in different shops. I am herewith answer.
- Gold Rate: Gold ornament price variation is mainly due to difference in gold rate. Many shop keeper purchase gold in bulk when price is low. They might be selling gold at lower rate compare to market to clear the stock. Reduction in gold price like this makes gold jewelry cheaper in that shop.
- Making Charges: Another reason of price difference in gold ornaments is change in making charges. Making charges varies between 150 Rs/- per gm to 300 Rs/- per gm.
- Discount:- Sometime to clear stock gold shop keeper make various offers like reduction in making charges or flat discount this could be another reason for gold price variation.
Note VAT on Gold is now changed to GST .
In India huge demand in gold ornaments made gold market unorganized and unregulated. Common man always wonders where to purchase gold from Branded jewelery shop like TBZ, Tanishq or from family jeweler shop?
How Do I Calculate The Spot Gold Price Per Gram
This is a legitimate question and one which can potentially be confusing.
Gold prices are quoted on both the London Bullion Exchange and the COMEX in real-time. Pricing is quoted per troy ounce of 99.995% purity gold. A troy ounce measurement is different from the avoirdupois ounce, the ounce people use in everyday measurements.
Lets assume that the current price per troy ounce of gold is USD $1,200.00. When calculating the price for one gram of gold, one must take the spot rate and divide it by 31.1034768, the troy-ounce-to-gram conversion rate. In this example, one would divide $1,200.00 by 31.1034768. The net result should be a price $38.58 per gram. This amount is the spot price of gold per gram.
If one had used the avoirdupois ounce in their calculations, one would have ended up with a gold spot price per gram of $42.33. The result would have been a purchase price of more than 10% over the real spot value.
In the examples described above, an assumption was made. It was assumed that the gold being purchased had a purity of 99.95%. If one is purchasing gold bullion, determining purity is easy. Most gold bullion is either 99.95% or 99.995% pure. However, most gold coins do not meet this requirement. Gold coins can vary in purity from 40% to 99.95%.
When calculating the value of a gold coin, one must take the calculation a step further. The per-gram spot price must then be multiplied by the purity. The net result is the actual spot or melt value of the coin.
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How To Sell My Old Gold Jewelry At Muthoot Gold Point
Muthoot Gold Point offers a convenient and transparent platform for its customers to sell their gold for instant cash. Selling gold jewellery with Muthoot Gold Point involves the following steps:
Step 1: Customers visit their nearest Muthoot Gold Point branch and get their gold evaluated.
Step 2: The gold jewellery is cleaned thoroughly with ultrasonic machines to remove any dirt. This process is done in front of the customer.
Step 3: The value, weight and purity of gold are checked on XRF machines before the customer.
Step 4: Based on the value, weight and purity of the gold, it is evaluated as per the current market rate of gold.
Step 5: If the customer is satisfied with the evaluation, they can hand over the gold to the representative. Muthoot Gold Point offers instant cash up to Rs 10000. If the amount is above Rs 10,000, the amount is transferred to the customers bank account.
The Muthoot Pappachan Group, with a reputation that has been shaped over decades with high quality practices, total customer satisfaction and steady growth, spanning decades in the field of business, is a legacy built on God-given values of trust, truth, transparency and tradition and has become one of the top business houses today by the grace of God.
Over 4,200 Branches across India
133+ years of legacy
This Is The Melt Price
This value is what is known as the melt price of this particular chain. The melt price refers to the actual price that your jeweler would receive from a refiner if they chose to melt it down and just be paid for the value of the gold.
The melt price, like the gold price, changes on a daily basis, but as long as gold stays stable in price, it will pretty much remain the same for any given period of time. Keep in mind that the melt price does not take into consideration any other factors, such as labor to create the piece, any stones that may be set into the piece, or any margin for profit that will be added on at the point of sale. Well discuss these points below.
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Why Jewelers Calculate Gold Price Differently
Suppose you are on the eve of the marriage. You went to the jewelry store in your neighborhood with your wife, you liked a jewelry set worth 10 thousand USD. You made your bargain and bought the gold. But whatever happened, lets say you had to sell the gold you bought for some reason urgently. When you go to the same jeweler again, the jeweler said he can give you 8 thousand USD! Trying to overcome the shock you were experiencing at that moment, it would be easy for you to start questioning why you were getting so much damage.
This price difference between the purchase and sale of gold is one of the most important handicaps that annoys small investors and those who want to exchange gold urgently. Well, how is this price difference determined? First of all, it should be said that the price difference between the purchase and sale of gold, also known as scissors, constitutes one of the most important sources of income for jewelers.
The jeweler, who gives you a high price while selling gold, will offer a very low number when you want to return the product immediately after you buy it. This price difference will vary somewhat at the mercy of the jeweler, and a little depending on the quality and cleanliness of the gold you want to sell. In addition to all these, factors such as the state and course of the countrys economy and the demand for gold also play a role in the formation of this price difference.
Detail Of Gold Calculator
Following is the description of our gold calculator. Each option is shown in the following image and described in detail.1. Select a unit type of gold from the dropdown list shown in the image above. You can choose different units from the list which are famous around the globe. They are Gram, Ounce, Tola, Kilo, Tael, Masha, Bhori or Vori, Grain, etc. There two types of tola they are slightly different in weight.2. Enter the number of units. You can enter a numerical value of your choice. For example, 1, 1.5., 2, 5, 10, 20, 50, 100 etc. This calculator is also supporting the floating-point values for example, 1.5, 2.5, 3.15, 4.1234, etc.3. Select Karat or Purity from the list, e.g., 24k, 23k, 22k, 20k, 18k, 14k, etc.4. Choose your desired currency from the dropdown list, as shown in the image. You can select any currency for example, Euro, US, Australian, or New Zealand Dollar, Pakistani, Indian, or Nepali Rupee, KSA or Saudi Rial, etc. It contains almost all currencies in the world. Moreover, currency rates are regularly updating with a one-hour interval while gold prices are updating with a one-minute interval.5. Spread: it is a difference between the buying price and selling price. By clicking on this link, you will be forwarded to another page having a spread option. Businesspeople like goldsmiths for buying or selling gold using this option.
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Some Say Nisab Should Be Based On Silver
The Prophet, on him be peace, indexed Zakat payment to the value of both the silver dirham and gold dinar of Mecca, the currencies of his time. What the Prophet, on him be peace, does is Revelation. Our Zakat payments must equal those same gold, silver, and extrapolated currency measures.
Muslim scholars long ago converted the standard Zakat nisab measure for currency to those same gold weights because of golds incomparable value stability relative to current wealth .
Silver as a direct nisab measure overwhelmingly encumbers the poor themselves to pay Zakat, increasing their financial burden and further impoverishing them because it creates such a low threshold for paying Zakat. Silver has not held anywhere near as stable a measure of value as gold.
As of 6:00 p.m. on March 7, 2022, nisab calculated on silver comes in at only $493.85. This means a person with that amount of money in his or her possession, in all currency forms combined, at the Zakat Due Date must pay 2.5% of it, or $12.35, in obligatory Zakat.
That nisab would be the equivalent of about 100 gallons of gas, as we speak, or three or four days worth for most of us in the U.S. In reality, a person in our times with this restricted holding may well be an eligible Zakat recipient rather than a Zakat payer.
How Gold Prices Are Calculated: An Overview Of Precious Metals
Gold is a highly demanded investment tool for both individual and institutional investors all over the world. While the price of gold bullion is determined at the London Metal Exchange with a method called Fixing, Gold Forward Contracts preferred by institutional investors are mostly traded in New York COMEX. Before examining in detail the process of determining the gold price and the factors affecting the price, we would like to briefly introduce some precious metals, including gold.
Although silver is used as jewelry, it is mainly used in industrial areas. Therefore, industrial supply/demand outweighs the price of silver. As new technologies affect the industrial uses of silver, they also increase the mobility of silver prices. Electrical household appliances, batteries, medical devices are the main industrial products in which silver is used in conductors. The price of silver is predominantly determined in the London Metal Exchange and the New York Futures Exchange. The physical size and price of silver are expressed in ounce and dollars, just like gold.
Palladium is also a rare precious metal that has predominantly industrial use. The automotive sector, electronic devices, and dentistry are the main areas of use of palladium. The current price of palladium, which is around 2,270 Dollars / Ons, was at the level of 680 Dollars / Ons at the end of 2015. Half of the total annual production is provided from Russia and 30% from mines in South Africa.
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Zakat: A Sacred Pillar
Zakat is not just a duty on those with wealth given for the love of Allah , but a right that the poor have over us.
Those with sufficient wealth are noted in the Holy Quran as for:
Those in whose wealth there is a recognized right for the needy and the poor .
Gold Rate for Zakat: $1.75 per gram or $19.85 per Bori/Tola