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Gold Sales Soar With Price

10:32 PM, Aug 8, 2011   |    comments
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(Getty Images)

ROCKVILLE, Md.  (WUSA) - - Nearly 50 people a day are cashing in on their unwanted gold jewelry at Dr. Gold Buyers on Hungerford Drive. 

Manager Vanessa Quijano says, "The price is high right now so business is good.  We get people who have no money or lost their jobs, we even get ex-husbands, ex-wives...engagement rings."

Monday, the price of gold soared to more than $1,700 per ounce.  But you an ounce of your jewelry won't guarantee you that exact amount.  Dealers pay out based on weight and karat.  They use a variety of acids to test the amount of gold in the jewelry.  For instance:

10K = .416 parts of pure gold
14K = .580 parts of pure gold
18K = .750 parts of pure gold
22K = .916 parts of pure gold

So if you have an ounce of 14K gold you will get just under $1,000.  Here's the math:

Today's price $1,723 x 14K's .580 = $999.34

If you have only 5 grams of 14K gold you:

divide 1723 by 31.1 = 55.40
55.40 x .580 = $32.13
$32.13 x 5 grams = $160.66 

 

Written by Delia Gonçalves
9NEWS NOW & WUSA9.COM

 

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