use of gold
Gold is a precious metal that is in demand for various things. This interest in gold is daily and not seasonal. Know the use of gold by the public to make gold very valuable!
One of the uses of gold is to use it as currency, in other words, to make a transaction. Forms used in transactions involving gold varied in the past, but now the form of gold used for transactions is mostly formed into coins.
The most common use of gold is in jewelry consumption, which is common even in large countries like China and India. The use of gold in jewelry has reached 52% as gold is the easiest precious metal to shape.
Aside from being used as jewelry, gold can also be used as an investment. However, the gold used for investments and jewelry is different. The gold used to invest in gold is a whole precious metal, such as bullion or chips.
Not many know, but gold’s uses also find applications in electronics assembly such as software, memory chips, and printed circuit boards, as well as assembly smartphone, tablet and laptops.
Gold can also be used in medicine Oh. Its use in medicine is as an implant material and medical device. Gold can be used to treat rheumatoid arthritis, cancer, and other conditions.
Gold is often used for artistic materials such as painting materials, sculptures or decorations. It can also be the result of the art of artisans in the form of wood carvings and precious stones.
It is widely used in the gold industry as a material for making heat-resistant glass. Various other industries that use gold are the cosmetics, pharmaceuticals and mining industries.
Well, there are many uses for gold, right? The use of gold proves that precious metals are very important to human life and as the nature of gold is rare and expensive its use is limited and only in special applications that require special abilities of gold.
Given the importance of gold as a precious metal, knowing how to calculate the price of gold is important, so let’s learn how to do it below!
Also read: 7 ways to tell real and fake gold apart, know now!
The difference between buying and selling prices for gold
The way to sell gold in order not to lose used to be to know the difference between the buying and selling prices of gold.
Please note that when buying gold, the buyer will be charged a manufacturing price, e.g. B. when buying gold bullion, the buyer is charged with the cost of creating a certificate.
Unlike when selling gold. If you are charged manufacturing costs at the time of purchase, various deductions will be made at the time of sale, e.g.
It should also be noted that if gold is damaged, the cost of the pieces will also be different than gold that is not damaged. In addition, when selling gold, there are also production costs that are not calculated.
An alternative to reduce these costs can be invested in gold on-line. At this relatively lower cost, the sale price and the purchase price do not differ significantly.
How to calculate the price of gold
Now let’s figure out how to calculate gold. There are several things you need to know, so read the explanation below!
Gold grade code
If you want to know how to calculate the price of gold, you need to know the gold grade code.
The gold grade code is a way of showing the purity percentage of gold. Pure gold is 100% pure and is known as 24k, but gold metal is mixed with other types of metal to increase strength and create the desired color.
Typically, a gold grade code consists of two numbers followed by the letter “K”. The first number represents the proportion of gold in the mixture. For example, 18K means it is 75% gold and 25% other metals.
The gold grade code you need to know is:
- Code 150: This consists of 15% gold and 3.6 carats.
- Code 300: This consists of 30% gold and 7.2 carats.
- Code 333: This consists of 33% gold and 7.9 carats.
- Code 375: This consists of 37.5% gold and 9 carats.
- Code 420: This consists of 42% gold and 9.6 carats.
- Code 585: This consists of 58.5% gold and 10.08 carats.
- Code 700: This consists of 70% gold and 14.04 carats.
- Code 750: This consists of 75% gold and 16.8 carats.
- Code 833: This consists of a gold content of 83.3% and 18 carats.
- Code 850: This consists of 85% gold and 19.9 carats.
- Code 875: This consists of 87.5% gold and 21 carats.
- Code 916: This consists of 91.6% gold and 22 carats.
- Code 958: This consists of 95.8% gold and 22.9 carats.
The formula for calculating the price of gold
Well, how do you know how to calculate the price of gold?
To calculate the price of gold, there are several formulas that can be used. Come on, see below how!
- How to calculate the price of gold jewelry
When calculating gold jewelry, keep in mind that there are mixtures that are 75% pure gold and 25% other mixtures.
The gold price x the gold content contained in the piece of jewelery becomes the formula.
If the price of 24k gold per gram is IDR 500,000 per gram then it is:
500,000 x 75% = IDR 375,000 gold pieces per gram.
- How to calculate gold per gram
If the gold price is 70, it is calculated as follows:
Code 70 gold has a purity of 70%, therefore the selling price of 70 gold = gold price x gold purity x gold weight.
Sale Price of 70 Gold = IDR 917,000 x 70% x 5
The selling price of 70 gold = IDR 3,209,500
Now how do you calculate gold per gram if it’s pure gold?
Pure gold is 24k gold, the calculation method is:
Gold purity = number of gold parts: 24 x 100%
Gold purity = 100
The selling price of 24k gold = gold price x gold purity x gold weight
The selling price of 24k gold = IDR 917,000 x 100% x 5
The selling price of 24k gold = IDR 4,585,000
Gold Level Calculation Tips
So, for tips on how to calculate gold content, you can:
- Know the price of gold per gram and make sure you get the latest information.
- The gold price multiplied by the carat price.
- You can calculate gold using the formula: gold price x gold karat content.
How to calculate the price of gold. Make sure if you’re buying or selling it’s in a safe place with clear evidence.
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