What is the price per gram of 24-carat gold?
What is the price of 24-carat gold per gram?
24-carat gold is a symbol of purity and value. It is considered the highest quality gold in the precious metals sector. Its price has evolved significantly over the course of history, making this pure gold a particularly attractive investment! In this article, we take a look at the price of 24-carat gold per gram.
What is 24-carat gold?
In the definition of goldIt’s impossible to overlook the concept of the carat. Indeed, the purity of gold is measured in carats, with a significant influence on its market value. The carat is used to measure the purity of precious metals such as gold, silver and platinum. One carat is equivalent to 1/24th of the total mass of an alloy.
Over the years, gold purification methods have been developed to achieve an exceptional purity of 99.999% (known as “5-9” or 999 thousandths pure gold), notably through the Wohlwill chemical process, invented in 1878 by German chemist Emil Wohlwill.
The price of a gram of gold 24-carat gold, which is pure gold, has risen considerably in recent years. Initially, the price was based on the one-kilogram ingot. However, the quotation was subsequently recalculated on the basis of the price per gram, leading to notable fluctuations in alloy prices. The price of 24-carat gold in jewelry form also differs from the price of refined gold, due to the costs associated with its transformation into jewelry.
The price of 24-carat gold per gram is determined daily on the London Stock Exchange, based on various reports made at different times of the day.
24-carat gold price per gram
If you are considering a gold redemptionto buy gold, you need to understand how the market works. The price of 24-carat gold per gram fluctuates constantly, influenced by several factors such as supply and demand, world news and market speculation.
The “spot price” of gold represents the current price at which professionals trade this metal on international exchanges. The exchanges in New York, London, Sydney, Hong Kong and Zurich (where gold and other precious metals are traded 24/7) play a key role in determining this spot price. The GoldPremium, which is mainly linked to Vera Valor coins, includes a premium added to the spot price.
Gold price history
The history of the gold price has been marked by a constant evolution since the abandonment of the gold standard in 1971 and the end of the convertibility of the US dollar into gold. This trend has led investors from all over the world to buy gold, seeing it as a safe-haven asset to protect themselves against risk, making gold quotation a closely watched subject.
During the 1970s, gold prices were strongly influenced by the oil shocks, with a 60% rise in 1974 and a spectacular 293% increase between 1979 and early 1980. Geopolitical tensions and conflicts also played a role in this fluctuation!
However, gold was neglected by investors during the 80s and 90s, before rebounding in 2001 following the World Trade Center attacks and in 2008 with the subprime crisis. Over a 20-year period, the price of gold climbed from €303 perounce of gold in January 2000 to €1,553 in January 2020.
The year 2020 was particularly marked by the impact of the Covid-19 pandemic on gold prices. After a sharp correction in March due to massive ETF sales, gold regained its safe-haven status from April onwards. In the months that followed, the price of gold broke several records, peaking at an all-time high of $2,089 an ounce on August 7, 2020.
What is the most prized carat of gold?
Although 24-carat gold is the most precious, it is not the preferred choice of leading jewelers: they opt instead for 18-carat gold because of its durability, appearance, quality, purity, beauty and value. Containing 750 thousandths of pure gold, it is considered the most noble and precious alloy after 24-carat gold.
For centuries, 18-carat gold has been used by the great jewelry houses, as it embodies the perfect balance between luxury, brilliance and durability. This gold does not fade over time, retains its brilliance, does not discolor and is not easily damaged. Jewelry set with diamonds, for example, is generally made of 18-carat gold. To identify this quality of gold in a jewelry buy-backYou can look for the eagle’s head hallmark, which is the distinguishing mark of 18-carat gold.
Buying and selling 24-carat gold: where to turn?
Buying a gram of 24-carat gold allows you to put money aside, especially in times of inflation. It’s a very good investment for securing your savings, and even increasing their value. Put your trust in Les Métaux Précieux forbuying and selling gold 24 carat gold. Would you like to know more about weight of your gold ? Our experts welcome you to our boutique. They’ll advise you if you want to buy gold, and appraise your gold for free if you have jewelry, coins or ingots to sell. All with no obligation and tailor-made support!