Are you looking to buy or sell pure gold? Our comprehensive guide helps you find out the real value of your 24 karat gold. If you’re selling, we’ll give you tips to know how exactly to maximize your profits. And, when buying, the actual price of full karat aurum should save you from any extortion!
However, gold prices fluctuate depending on the market forces. Check our live gold prices to see the worth of 24k gold today!
24k gold price per ounce
So, how much 24 K is worth? How do you calculate the price of 24K gold? Where can you buy genuine 999 gold bullions? Find all these answers here!
What is 24K Gold?
24 k gold is the purest form of gold. We use carat, denoted k, a troy system, and not the standard metric system to measure the purity. The letter is the measure for the precious stone and signifies Karat. Karats are equivalent to 200milligrams.
If a gold rating is 24K, it means it has 24/24 purity. And, when you have a 14karat, you have 14/24 of pure gold.
24k gold is attractive in the eye and outshines the lesser pure carats. Its powerful, bright, shiny, and yellow color is outstanding among the other types of gold. The rare metal comes in the form of coins, antiques, and bars.
24K gold ingot or bar has a 999 hallmark which means it’s at least 999/1000 pure. That’s over 99.9% pure gold.
However, 24 karat gold is soft and easily malleable. So, it’s not the best choice for jewelry. If you plan to get a 24k gold wedding ring for you and your fiance, you may want to reconsider that. The metal is super soft. It bends and scratches quickly. However, lesser karat rings are excellent as it combines gold with an alloy to toughen it. An 18k gold is a perfect ring for your practical life.
Price of 24K gold
The cost of 24k gold and how it compares to the market prices is a noble question. You can trade gold in any currency globally.
Gold, itself is a form of currency, and it has been that way since the inception of civilization. So, market fluctuations affect the price of 24k gold.
The cost keeps on fluctuating and updating from time to time. Due to the variable prices, gold merchants call it “spot gold price”. This is the live gold price at present time compared to a future price breakdown. Different inputs and spot gold prices tip you on the market movements.
Though the purity in gold measures in a troy system, you will find that the cost measure is in the metric system per ounce, pound, and kilo. As we said, the price of gold keeps on updating. This table illustrates how prices for 24k gold per ounce, pound, and kilo look on a particular day at a specific time. The price changes every 30 minutes.
Factors that Affect The Price 24K Gold
As mentioned earlier, prices of 24k gold are not constant. Its price has increased significantly over the decades. The value keeps on shifting but still soaring high every day with its figures.
Several factors determine this soaring 24k gold prices, including:
Gold Melt Cost
How much does the refiner spend to purify the gold? Gold melt cost is the actual price that refiners pay for melting down the metal.
This price keeps on updating like the gold price. The melt cost relies on the gold price. Factors such as refining labor and other alloys that may result from melting do not affect the melting cost. Profit margins at the point of sale do not affect gold melt cost.
The Form Of Gold
What is the state of the gold? Is it an ingot, ornament, or a coin? The form of the 24K gold has a direct influence its price range.
- Ingot/Bar: This is also known as bullion or bar. It is a refined metallic 24k gold that refiners shape differently from molten metal. Bars come in different sizes and costs.
- Jewelry: 24k gold can be in bracelets, rings, chains, and earrings, among others. Pure gold jewels are dearer than other types.
- Coins: These are coins entirely made of 24k gold. Their prices are pretty high. Gold coins are a legal tender, but they are often not used in regular transactions because they are higher than the nominal value.
The Cost Of Making The Gold
The cost of making 24k gold largely depends on the process of mining. Most of these reports lack the general capital, administrative costs, among others. The companies exaggerate the costs to feign minute profits.
The fact is that the cost of making gold varies from one region to another. Some areas have cheap labor, among other expenses, while other places are at their peak. Some countries have strict regulations while others have lesser restrictions.
Also, if the design of the gold is a little complicated, jewelers could sell it for more. Curving and sculpturing different patterns is the work of specialized skills and equipment. Such labor costs add up to the price of your gold.
How Sophisticated Is The Design?
Refiners model 24k gold in many designs, from simple to sophisticated designs. The simpler designs are not labor-intensive hence cheaper. Expert jewelers can create sophisticated designs from soft metal and make 24k gold rigid. The process comes with extra costs.
For the gold trade to thrive, there have to be sellers or merchants. Are you selling to a pawnbroker, or directly to the user?
The seller determines the price of the merchandise. So, you may want to ask about the pricing range of different stores before you make a purchase.
Is 24k Gold a Historical Antique?
The United States laws consider 24k gold as an antique. Antiques are high-value collectibles. If a piece of gold jewelry has a rich history attached, it could be worth more than the real price of gold.
In this case, the total price of the jewelry will be the sum of 24K gold present and the artistic value. Pieces older than a hundred years are rarer and pricier than new gold jewelry.
If you were to buy the Gold State Coach, you’d have to pay for its weight in gold, and then the rich history of the British monarchy since 1760. It’s not a surprise that you’d pay more for the history than the gold!
Calculating the Price of 24K Gold
How do you calculate the price of 24k gold? Are there rules that govern the cost of gold? What is the asking price or bid price of this monetary metal? Answer these questions, and you’ll have calculated the price of gold!
Our gold price calculation is in the Troy system. For convenience, convert your grams into ounces by dividing by 31.1 grams per ounce.
To calculate your 24k gold price, keep in mind the base price, purity, and value. The base price is the current price for one troy ounce (31.1 grams), while the purity is the percentage of gold in your stone
In this case, yours is 100% gold (24k). The value is the weight that you multiply with the current price per troy ounce.
If your gold is pure and refined, you get the total value. If it requires refining, 30% or more of that value goes to overhead expenses.
What is the color of 24K Gold?
24k gold has a unique reddish yellow color than what the eye acknowledges as golden. The metal’s color is a brighter orange-yellow color that is more appealing than the standard golden color found in jewels.
If your gold doesn’t have the glittering reddish or orange-yellow color, it’s impure. Colored gold has less karats.
What is the purity of 24K Gold?
24k gold is the highest and purest of all gold. It is 100%pure fine gold without any alloys or impurities. The hallmark for 24K aurum is 999, which means it’ at least 999/1000 or 99.9% pure.
The 0.001% impurity is a scientific admission of minuscule errors.
Is 24-karat gold durable?
Jewelry made of 24-karat gold is not durable. It is soft, tensile, and prone to scratches and bends. With time, it wears out and requires repair. This disadvantage is what prompted gold alloys. When blended with other metals, it becomes rigid.
However, 24K ingots will not react with air or any other chemical in the environment. Gold is considered one of the most biochemically inert metals on earth. Chemically, gold is durable, but its softness makes it prone to wearing out.
Conclusion: Should I Buy 24K Gold?
If your budget allows you to buy 24k gold, you should. The gold investment gives high returns. Before jumping to a 24k gold investment, it is prudent to learn the skill as many scammers rock it.
You can also buy 24K jewelry as a gift to your loved one or an antique. 24k gold wedding and engagement rings are among the jewels that make a statement to your fiance! While this is a highly-priced jewel, it is soft and scratches easily.
If you have any questions regarding how much 24K gold is worth, ask us!