Whether you've inherited a gold chain, found old coins in a drawer, or you're sitting on a collection of gold bars, one question always comes first: how much is my gold worth? The answer depends on a few key factors — and once you understand them, you can get an accurate valuation in minutes.
At 888 Bullion, we buy gold every day at competitive, transparent prices based on live market rates. This guide explains exactly how gold is valued, what affects the price you'll be offered, and how to use our free gold calculator to get an instant estimate.
Gold value comes down to three things: weight, purity, and the live spot price. Get these three numbers right and you'll know exactly what your gold is worth.
The gold spot price is the current market price for one troy ounce of pure (24ct) gold, traded on global commodity exchanges. It changes by the second during trading hours and is quoted in US dollars per troy ounce, then converted to GBP for UK buyers and sellers.
You can check today's live gold price on our today's prices page, which updates in real time throughout the trading day.
Gold is measured in troy ounces, not standard ounces. One troy ounce equals 31.1 grams. If you're weighing gold at home, use a precise digital scale and convert grams to troy ounces by dividing by 31.1.
Common gold weights you'll encounter:
Not all gold is the same. The purity of gold is measured in carats (ct) or as a millesimal fineness. Here's a quick reference:
You can learn more about how purity affects value in our guide to understanding gold purity, or check your item's hallmark using our British hallmark guide.
The formula is straightforward:
Gold value = Weight (in troy oz) × Purity (as a decimal) × Spot price (£ per troy oz)
For example, if you have a 9ct gold ring weighing 5 grams:
Rather than doing this manually, use our free gold calculator — just enter your weight, carat, and it does the rest instantly using live prices.
Yes — significantly. The type of gold you have affects how much you'll actually receive when you sell.
Gold coins like Britannias and Sovereigns and gold bars are the easiest to value and typically attract the best prices. They have known weights and purities, are easy to verify, and have strong resale demand. CGT-free coins like Sovereigns and Britannias can also be particularly valuable to UK investors — read more in our CGT-free gold coins guide.
Jewellery is valued on its gold content only — not its craftsmanship or brand. A £500 high-street gold bracelet may only contain £150 worth of actual gold. The buyer pays for the metal, not the making. Always check the hallmark to confirm the carat before getting a valuation.
Broken chains, old rings, mismatched earrings — scrap gold is bought purely on weight and purity. Prices offered for scrap are typically slightly below spot to account for refining costs, but reputable buyers like 888 Bullion offer highly competitive rates.
The spot price is the wholesale market price — buyers will offer a percentage of spot depending on the type of gold and current demand. At 888 Bullion, we offer some of the most competitive buy prices in the UK, particularly for investment-grade bullion.
Factors that affect the offer price:
The fastest way to find out what your gold is worth is to:
Look for a hallmark — UK gold must be hallmarked by law if sold commercially. Our hallmark guide explains what each mark means. You can also use our XRF testing service in London for instant, non-destructive verification.
Gold prices have been at or near historic highs recently. Read our analysis on the best time to sell gold in the UK to help you decide.
UK legal tender gold coins (Sovereigns, Britannias) are exempt from Capital Gains Tax. Other gold may be subject to CGT depending on your personal allowance. See our CGT-free gold guide for full details.
At 888 Bullion, in-person sales are paid same day. Postal sales are processed within 24 hours of receipt.
Ready to find out what your gold is worth? Use our free gold calculator for an instant estimate, or get a quote to sell your gold today.
