How to get the best price for your scrap gold

Here are some 'golden rules' you should remember when you sell your scrap gold.
Licensed precious metals refiner Steve Francis told us it pays to be a smart seller, "You're taking this gold to them, asking, 'Here's a pile of money. Count it up for me.'"
The main rule in getting the best price of scrap gold or old jewelry, is to determine the type of gold that it contains and how much it weighs.
Gold is graded according to its purity. Pure gold is 24-karat and is usually found in coins like full sovereigns, half sovereigns or in gold bars aka bullion. The market price is based on 24-karat gold.

remember! A buyer wont want to pay 100% market price.
Most gold jewelry has had metals mixed in with the gold to strengthen the piece. So jewelry is worth less than pure gold depending on its karat rating.
Most jewelry will have a karat number on it. Gold buyers sometimes run acid or electronic tests, which will confirm the purity of the gold.
The lower the karat fineness, the lower the amount of gold in a piece.
* 18-karat gold is 75 percent gold, 25 percent other materials.
* 14-karat gold is 58.3 percent gold
* 12-karat gold is 50 percent gold
* 10-karat gold is 41.7 percent gold