How Much is Gold Worth Per Ounce
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
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!
|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.
How Much Is 10kt Gold Worth per Ounce
How Much Is 14kt Gold Worth per Ounce
How Much Is 18kt Gold Worth per Ounce
How Much Is 20kt Gold Worth per Ounce
How Much Is 22kt Gold Worth per Ounce
How Much Is 24kt Gold Worth per Ounce