Gold Price per Gram
Gold is one of the most important, precious, and useful metals and it has been used for different purposes for thousands of years. It does not tarnish, conducts electricity, and has beautiful natural sparkle. It has been used in different industries for centuries.
Common uses of gold
The most common use of gold is to make jewellery. Out of the total gold that is used every year more than 70 percent is used by the jewellery industry. It has been used for making fashion ornaments for thousands of years. Due to its malleable property, it can be easily used for manufacturing different jewellery items.
Gold has been used as currency for thousands of years. The people of old civilizations used gold as a mean of transaction. It is one of the safest investments and reduces risk levels. Because it returns a high value it is the most popular metal used as an investment.
Gold is used in electronics because it is a good conductor of electricity. It can carry electrical charges and prevent corrosion. It is used in a small amount in many devices like mobile phones, calculators, and PDAs. The use of gold makes these devices more reliable. Gold is also used in computers and laptops.
Gold is of great use in the medical field as well. It is being used as a drug to treat various medical conditions. It can be used for the treatment of lagophthalmos, a condition in which a person is unable to completely close the eyelids.
It also has been used by the dentists for filling bridges and crowns. It is non-allergic and the dentists can insert it easily.
For a long period of time gold has been used as a symbol of excellence in any field of the world. When people who have extraordinary qualities in them like sportsmen, scientists, and businessmen excel in their own field they get rewarded, and the gold medal is the highest reward that everyone wishes for. One example of such occasions where people get rewarded with gold medals is the Olympics where all the athletes securing the first position in their own game get awarded. Another example is the education where the position holders are awarded gold medal when they secure the first position.
The gold market is important for every country; in fact, it is important for the global economy as well. The relationship humans have with the gold is remarkable. It has been used as currencies, means of transaction and as a symbol of wealth as well.
How the gold price is determined?
Gold prices are not easy to determine and change every day. There are many factors that influence gold prices.
Supply and demand
Governments and large businesses can influence gold prices. If the government or any large enterprise buys a huge amount of gold it could impact the gold prices. Like every other commodity gold prices are also dependant on supply and demand chain. If the demand is high and supply is low then gold price increases.
The fluctuating market could have a great role in influencing gold prices. Economic crises can lead to higher prices of gold. Other factors which affect the market like political crises, a natural disaster can also cause gold prices to increase.
If a country loses its currency value, it will also have an effect on gold prices. Inflation and monetary policy are the two main causes of currency depreciation.
Selling and buying scrap gold
Scrap gold has a huge market but many people don’t know its right meaning. Scrap gold is basically anything made of gold that is broken or ugly and needs to be reprocessed. So, if you want to sell your jewellery that you have kept for a long time, it will be first sent to the goldsmith for refining purposes. The gold dealer will buy it as scrap gold.
The gold price depends on the market conditions, so you have to keep that in mind while valuing the scrap gold. You will always get less then what you have estimated, but it depends on the buyer, different buyers can pay you different amounts.
Similarly, when you are buying scrap gold, you are also likely to get it at a price higher than what you have expected. But, it also depends on the seller and different sellers can offer different prices. So, you need to be careful while choosing a buyer and a seller.
How it is weighed and measured?
Before selling your scrap gold you first need to know its value, to make sure that you are getting a fair price. To determine its value you need to know how it is weighed and measured. The unit of measure for gold is troy ounce and one troy ounce is equal to 31.1 grams. You can also use another metric, pennyweight to measure its weight. One pennyweight is equal to 1.55 grams. If you have a large amount of gold then you should use troy ounce metric.
Gold value also depends on its purity which is measured in carats.
What is Carat?
Carat or Karat is a measure of the purity of gold. It is stamped on the piece of gold and gives information about the type of gold and the percentage of pure gold it contains. It is measured and expressed using numbers 0-24. Higher Carat number means that there is more percentage of gold. 24 Carat gold is the purest gold and contains no other metal.
To measure the gold purity, divide the number of Carats by 24. So, if you have bought a ring of 15ct gold, divide 15 by 24, the answer is 0.625, which means that the ring contains 62.5 percent pure gold.
There are 4 common purity forms of gold: 9ct, 18ct, 22ct, and 24ct. The difference between these forms is the percentage of gold and other metal they contain.
9ct Gold Price per Gram
9ct gold contains the least amount of gold than other forms. It has only 37.5 percent pure gold and 62.5 percent other metals. The other metals could be silver, zinc, or platinum, etc.
9ct gold is comparatively harder but that does not mean that it is more durable. Its harder material makes it less durable so you need to keep that in mind before buying it. You can buy one gram of 9ct gold for around 11.26 pounds.
18ct Gold Price per Gram
18ct gold contains 75 percent gold and 25 percent other materials like silver and copper. It is less hard than 9ct gold and also more durable. Due to a higher percentage of pure gold, it is more expensive than 9ct gold. You can wear jewellery made of 18ct gold regularly like a wedding ring or a necklace.
The price for one gram of 18ct gold is around 22.48 pounds.
22ct Gold Price per Gram
22ct gold is purer than 18ct gold and 9ct gold. It contains 91.67 percent pure gold and 8.33 percent other metals. It is softer than 9ct gold and 18ct gold and to make it harder it is mixed with other metals. It is also more expensive than 9ct gold and 18ct gold.
You can get one gram of 22ct gold for 27.48 pounds.
24ct Gold Price per Gram
24ct gold is the purest form of gold. It contains 100 % pure gold. It is softer than the other gold forms. It is also pliable, so it is not used in making regular jewellery items. It is used for making coins and bars. Because of its purity, 24ct gold is more expensive than 24ct gold. It is also used in medical devices and electronics.
The price for one gram of 24ct gold is 29.97 pounds.Things to consider while buying scrap gold
Things to consider while buying scrap gold
People buy gold for special occasions like weddings parties. People make mistakes while buying gold due to lack of awareness about the basics of the gold market.
Educate yourself about the purity standards
As we have seen above that the purity of the gold is measured in carats. You need to know all about these units in order to make an informed decision. You can familiarize yourself with carats from this context and from browsing online.
Decide the right purity for you
When you know all about carats then you will be able to decide what you want according to your budget and choose the right purity for you. Remember, higher the carats, higher will be the purity and higher will be the price.
Don’t be in a rush
You don’t get an opportunity to buy gold every day, so take your time with it. Window-shopping is the best way to know all about the market trends, prices. and other standards.
Decide the design that you want
Finally, you need to decide whether you want rings, necklaces or any other form of jewellery and then pick the right color and also you need to get the gold inspected by a professional just to be sure.
Gold Price per Gram
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