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How to calculate gold rates in UK per gram

Whether you are buying or selling gold, and you live in the UK, you have to be informed of the current gold rates in UK per gram before doing any transactions. Investing in gold has many advantages, as gold itself is considered as more valuable than paper currency. In fact, buying gold is a safety measure taken by the wealthiest people whenever the economy remains in the doldrums.

Time Updation

Gold price is constantly fluctuating so you need the updated price. All gold buyers base their price on the London Gold Fixing, a procedure that determines the price of gold. London Gold prices are published at 10:30 AM and 3:00 PM London time every business day. The gold price is quoted per Troy Ounce.

Rating of Gold

Next, you have to know the rating of the gold you are buying or selling. The purest gold has a rating of 24 carats. Jewellery usually does not have a 24ct rating since 100% gold is much too soft for wearing. So if you have gold jewellery, chances are they are of 22ct rating. You also need to know how much the gold weighs. Gold can be measured in Troy Ounces (Oz), in grams (gm) or in pennyweight. One Troy Ounce is the equal of 31.1 grams, or 20 pennyweights.

Calculation

Afterwards, you have to know the 22ct gold rate per gram. It is advisable to refer to online sites that have calculators and the most up to date information. If you want to calculate it yourself, obtain the updated price of 22ct gold per gram. Next divide 22ct by 24ct to obtain the purity percentage (22 divided by 24 = 91.66%) and multiply by the weight of the gold. With gold rates in UK per gram you can calculate the price of gold.

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