The current value of different precious metals is referred to as the Spot Price. Spot prices are based on 1oz of pure metal. This value is set essentially set via an average from commodity exchanges centered in New York, Chicago, London, Zurich, China, and Hong Kong. The spot price of metals is based on the up to the minute trading activity in the futures markets. In the US, the COMEX is the primary exchange where precious metals are traded and where the spot price is derived.

Current Spot Prices For Common Precious Metals

GoldSilverPlatinumPalladium

If you’re looking for scrap gold prices we made it easy for you.

Current Scrap Gold Value by Karat

If you want to learn how to figure this out, please practice by following this example.
The current spot price of 1oz of pure gold is divide by 31.1 this gives you the value of 1 gram of 24k gold. When figuring out the value of 1 gram of 14 karat gold it’s pretty simple, you divide 14 by 24 this gives you 0.583 this is the percentage of gold in 14k gold. Then you simply multiply the value of 1 gram of pure gold by 0.583. This will give you the value of 1 gram of 14K gold

Steps to Practice

  • Spot Price / 31.1 = value of 1 gram of 24 Karat Gold ( )
  • Gold Karat (14 / 24) = Percentage of Gold 0.583
  • 1 gram of 24 Karat Gold ( ) X Percentage ( 0.583 ) = 1 gram Karat value of
  • X how many total grams.

Why 31.1? This is the number of grams in 1 Troy ounce and all metals are measured in Troy ounces. This unit of measure dates back to the 16th century French town of Troyes, which was an important trade center that standardized the troy ounce as 480 grains of barley. There are 480 grains to 1 Troy Ounce.

Sign In

Register

Reset Password

Please enter your username or email address, you will receive a link to create a new password via email.