Given the historic and meteoric rise in gold prices over the past few years, many people are eager to find out just how much gold is worth per ounce. Perhaps you have a broken gold necklace, an unused gold wedding band or even pure gold bullion such as a Credit Suisse gold bars, American Gold Eagles, Canadian Gold Maples or South African Krugerrands. With the recent highs that gold prices have reached recently, now could be the perfect time to sell.

## Instant ‘How Much is Gold Worth per Ounce’ Calculator

Bullion Purity Quantity Gold Karat Millesimal Fineness Help 10 kt 12 kt 14 kt 16 kt 18 kt 20 kt 22 kt 24 kt Grams Troy Ounces Help Enter Value On Right ==> Convert Currency

## An Ounce of Gold is Not The Same As An Ounce of Flour!

When dealing with ounces in regard to precious metals such as gold and silver, it is very important to realize that we are referring to ‘Troy Ounces’. This is not the same as the more commonly used ‘Avoirdupois Ounce’ that is understood when you are measuring out an ‘ounce of flour’ for a chocolate cake recipe!

Item UoM Grams
Gold & Precious Metals Troy Ounce 31.10 grams
Anything Else Avoirdupois Ounce 28.35 grams

Many people do not understand this difference and it can cause confusion when coming to buy or sell gold. For example:

Sally wants to sell her gold necklace, looks up how much is gold worth per ounce and records a price of \$1000/ounce for example.

The price of gold per gram is therefore,
\$1000/ 31.10g (grams in Troy Ounces) = \$32.15/gram

But Sally by mistake calculates the prices as,
\$1000/ 28.35g (grams in Averdupois) = \$35.27/gram

She then marches down to her local gold dealer and demands a price based on \$35.27/gram when in fact the fair price is only \$32.15/gram! The dealer is not interested in buying and Sally leaves disheartened.

The moral of the story is to simply be aware of the fact that gold is measured in Troy Ounces and that:

• 1 Troy Ounce is approximately equal to 31.1 grams (31.1035 to be exact).
• 1 Kilogram is equal to 32.15 Troy Ounces.

## Are All Ounces Of Gold Worth The Same Amount

No. All gold is not worth the same amount and that is because of differences in purity.

Let’s continue to look at Sally’s example above and assume that Sally and the gold dealer are able to settle on a price of say \$34/gram. Sally will not actually receive that price because the spot price of gold is based on pure 24 karat gold.

Gold jewelry is not common in 24 karat gold as it would be too soft and too prone to wear and tear. If we assume that Sally’s gold is 12 karat gold i.e. only half pure gold, then the price would actually be \$34/2 = \$17/g.

## Calculate How Much Gold is Worth per Ounce by Purity

Use the following calculators to figure out how much 1 troy ounce of gold is worth depending on its purity.