How Much is 24kt Gold Worth
With this specially designed ‘How Much is Gold Worth‘ calculator, you can quickly and easily figure out how much pure 24 karat gold is worth. Given the incredible rise in gold prices, the question ‘How Much is 24kt Gold Worth’ is the buzz word of the day if not the year! Gold investors have been piling into 24 karat gold bullion and taking profits accordingly. Top investors have made over 500% in the last decade and further rises are expected in the years to come.
Instant ‘How Much Is 24 Karat Gold Worth’ Calculator
How to Use The ‘How Much is 24kt Gold Worth’ Calculator
Simply enter the weight of gold in Troy Ounces or Grams. Be careful to choose the right unit otherwise you may be selling yourself short!
Next, look at the ‘Current Price of Gold’ box on the right hand side of the screen and enter the gold price into the form. Now just hit the ‘How Much Is Gold Worth’ button and get your instant quote.
If for example, you wish to calculate:
- How much is 1g of 24kt gold worth
Select ‘Grams’ & Enter ‘1’ in the ‘Quantity’ field.
- How much is 10g of 24kt gold worth
Select ‘Grams’ & Enter ‘10’ in the ‘Quantity’ field.
- How much is 100g of 24kt gold worth
Select ‘Grams’ & Enter ‘100’ in the ‘Quantity’ field.
- How much is 1Kg of 24kt gold worth
Select ‘Grams’ & Enter ‘1000’ in the ‘Quantity’ field.
- How much is 1oz of 24kt gold worth
Select ‘Troy Ounces’ & Enter ‘1’ in the ‘Quantity’ field.
How to calculate how much 24 karat gold is worth
In order to calculate how much 24 karat gold is worth, one must know:
- The weight of the gold bullion
- The purity of the gold bullion
Weight can be measured in grams but because precious metal prices are quoted in Troy Ounces, it is generally easier to work in these units of mass. 1 Troy Ounce is equal to 31.1034768 grams. Therefore:
To convert grams to Troy Ounces, use the formula:
Troy Ounces = Grams / 31.1034768
Purity is measured in Karats or Millesimal Fineness. Karats are a measure of gold purity where 24 karats represents 24 out of 24 parts gold. Thus 24 karat gold is 24/24 which equals 1 or 100% pure gold. Millesimal Fineness is a more accurate measurement of purity which is based on parts out of 1000. In Millesimal Fineness, solid gold is indicated with purity ’999.9′.
Therefore, the formula to calculate how much 24 karat gold is worth is
(Spot Price of Gold * Weight of Gold (Troy Ounces))
24 Karat Gold Bullion24 karat gold is pure gold. Effectively it means that out of 24 parts, all 24 parts are gold. In most countries including the US, jewelry is rarely made from pure gold as it is too soft and not suitable for the purpose of everyday usage.
Rather, 24 karat gold is known as bullion and used to manufacture fine minted gold bullion coins and gold bullion bars for investment purposes. Examples of these are the Canadian Gold Maple Leaf, the American Gold Buffalo, Credit Suisse Gold Bars and PAMP Suisse Gold Bars.
Such bullion may be marked 24 karat or ‘999,9’ which is a value based on the millesimal fineness scale and indicates 999.9 parts out of a 1000 i.e. 99.99%.