How Much Does Gold Sell Per Ounce

Posted on Apr 17,2014

The price of gold fluctuates from day to day, but it has been consistently rising for the last few years.  Market prices rely on the standard measure of a troy ounce, which is slightly larger than a regular ounce, and the standard of 24k, which is the measure of pure gold.  At the time of this article, the market price per troy ounce of pure gold is $1,318.

In order to find the price of gold per ounce using this price, there are some easy conversions that you need to do.  The following is a list of unit conversions that you will need:

If you are just looking for the market price per ounce:

  1. Convert price per troy ounce ($1,318 for this example) to price per gram by dividing the market price by 31.1:
  2. $1,318.00 ÷ 31.1grams ≅ $42.38/gram
  3. Convert price per gram ($42.38 from the previous step) to price per ounce by multiplying that value by 28.35:
  4. $42.38 x 28.35 = $1201.47

After these calculations, you have the price per ounce of gold on the market, $1201.47.  You can also take a few more steps to find the price per ounce of a certain carat value using what you just discovered.

If you are looking to find the price per ounce of a certain carat:

  1. Determine the carat value of your piece(s).  It should be embossed onto the piece in an inconspicuous place; sometimes it is written as a karat value and sometimes as a percent.  For this example, we’ll use 12k.
  2. Divide the carat value by 24k (the carat value of pure gold)
  3. 12/24=0.5
  4. Multiply the price per ounce ($1201.47 from step 2) by the purity rating (0.5 from step 4).
    a.      $1201.47 x 0.5 = $600.74

Your market price per ounce of 12k gold is $600.74, which you can then use to find the approximate value of the pieces of the carat value.

How to Get the Best Price

Take advantage of any free appraisal services offered in your local area or by the online gold buyers.

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