How the calculation works
The intrinsic (melt) value of a gold chain is straightforward once you have three numbers:
| Input | What it is |
|---|---|
| Weight (g) | The chain's mass in grams. |
| Purity | The karat as a decimal — 10k = 0.417, 14k = 0.583, 18k = 0.750. |
| Spot price | The current market price of gold, quoted per troy ounce (31.1035 g). |
The formula is: melt value = weight × purity × (spot price ÷ 31.1035). That gives you the value of the actual gold in the piece. We deliberately don't hard-code a gold price here — it changes every day, and a stale number would be worse than none. Enter the live price and the math updates honestly.
Why retail and resale don't match the melt value
Melt value is the floor of what the gold is worth, not the price you'll see in either direction. At retail, you pay above melt for design, brand, labor, and store margin — that's normal. When selling, a buyer pays below melt so they can profit refining or reselling it. Knowing the melt value tells you whether a retail price is reasonable markup or a rip-off, and whether a buyback offer is fair or lowball.
Solid vs hollow changes everything
This calculator values the gold that's actually there. A hollow chain looks as big as a solid one but weighs a fraction as much, so its gold value is far lower — which is exactly why two "same size" chains can be priced worlds apart. Always check whether a chain is solid or hollow before comparing prices. More on that in the solid vs hollow vs plated guide.
Frequently asked questions
How do I calculate what my gold chain is worth?
Multiply the chain's weight in grams by its purity (10k = 0.417, 14k = 0.583, 18k = 0.750), then multiply by the current gold price per gram (spot price per troy ounce divided by 31.1035). That gives the melt value of the gold. Retail price is higher; resale offers are lower.
Why does the calculator ask me to enter the gold price?
Because gold's spot price changes every day. Hard-coding a number would quickly be wrong and misleading. Enter today's live price from a source like Kitco or APMEX and the value is accurate to the moment.
Will a pawn shop pay the melt value?
Usually less. Buyers, pawn shops, and refiners pay below melt so they can make a margin. The melt value tells you the ballpark of the gold content so you can judge whether an offer is fair or a lowball.
Does this work for hollow chains?
Yes, as long as you use the chain's actual weight. Hollow chains weigh much less than solid ones of the same apparent size, so their gold value is correspondingly lower — which is the whole reason to check weight, not just looks.