How to find the 1g gold price, for gold of any carat

Trading in gold is a big business nowadays, and lots of people are coming to view their gold jewellery and possessions in a new light. While previously gold items were handed down as family heirlooms or purchased for special occasions, now they are being viewed as valuable investments and sources of additional income. As gold is becoming more valuable all the time, it is important for those who are considering selling their gold to be able to calculate its value correctly. Below we will show you a method for working out the 1g gold price, which can easily be adjusted to calculate the value of gold of any carat.

One of the most confusing aspects facing those unfamiliar with the gold market is the unit of measurement used by traders. The traditional unit of gold measurement is the Troy Oz, which corresponds to 20 pennyweight. In the metric system however, this equates to 31.1 grams. If you wish to work out the 1g gold price this requires some simple mathematics which can be computed using a calculator.

The gold price for a single Troy Oz of pure gold is set twice daily in the London markets. The current up-to-date gold price can be found at lbma.org.uk. Once you have obtained this value, you will then need to convert it to grams by dividing by 31.1. This figure is then the current 1g gold price. It is important to remember that you now have the price for 1 gram of pure or 24 carat gold. In order to work out how much a particular gold item is worth, you must divide its carat rating by 24, before multiplying this answer by the 1g gold price.

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