What is the price of 24k gold in USD per Gram and kilogram?
What Does 24K Gold Mean?
24K gold is the purest form of gold, containing 99.9% gold content with no significant alloys mixed in. It is often referred to as “pure gold” or “fine gold.” Compared to 22K gold (about 91.6% purity) and 18K gold (75% purity), 24K gold is softer and more malleable, which makes it less suitable for everyday jewelry that needs durability.
Because of its high purity, 24K gold is primarily used for investment purposes such as bullion bars, coins, and sometimes in high-end jewelry, especially in markets valuing purity over hardness, like in Asia and the Middle East.
24K has a bright yellow color and is very soft. Because of its softness, it cannot be used in the jewelry industry unless if they add some alloys to it, like copper, zinc, silver, nickel, or iron, to make it a little bit harder but rather in the electronic and medical industries in different devices.
In the clothing industry, its softness makes it easy to be embedded in clothing materials. It’s also used to make gold bars and coins.
What is the price of 24K gold?
The 24K gold price rate is always calculated using live gold prices from the New York Gold Exchange and then converted based on the karat. Please note that “Karat” is different from “Carat”, some of our customers confuse the two words.
Karat is a measure of “purity,” and carat is a measure of weight, with one carat equaling 200 milligrams (0.2 grams). Carats are used to measure gemstones such as diamonds, emeralds, and rubies. Below is a table showing the current prices of 24K gold per gram, troy ounce, tola, and kilogram.
Current Price of 24K Gold
| Currency | Per Gram | Per Ounce | Per Kilogram |
|---|---|---|---|
| USD | $108.14 | $3,363.66 | $108,144.14 |
| GBP | £80.49 | £2,507.68 | £80,490.00 |
| EUR | €92.86 | €2,886.60 | €92,860.00 |
| INR | ₹10,015 | ₹310,465 | ₹10,015,000 |
Note: Prices are approximate and can vary slightly depending on the source and market fluctuations.
Note that the gold price is quoted in “Troy Ounce,” which is often abbreviated as “T.Oz” or “OZ” for ounce only. A troy ounce is different from a standard ounce, as it’s slightly heavier, weighing 31.1 grams, and one standard ounce measures 28.35 grams.
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24K Gold Price in Different Countries
The price of 24K gold varies across countries due to factors like taxes, import duties, currency exchange rates, and local demand. Here’s a brief comparison:
| Country | Approx. Price per Gram (USD) | Key Factors Affecting Price |
|---|---|---|
| USA | $107–$110 | Low VAT, transparent market, strong regulations. |
| UK | $105–$108 | Includes VAT on jewelry, strong bullion market. |
| India | $110–$115 | High import duties, making gold costlier. |
| UAE | $106–$109 | Low taxes, gold hub with competitive pricing. |
| South Africa & Africa | $108–$112 | Local mining production, taxes, and premiums. |
Taxes and Duties: Countries like India impose high import duties and GST on gold, increasing the retail price. Others, like the UAE, have minimal taxes, making gold cheaper.
Currency Fluctuations: Exchange rates impact how much local buyers pay in their currency.
Market Demand: Cultural importance (e.g., weddings in India) can drive higher prices.
Supply Chain Costs: Shipping, insurance, and local dealer premiums add to the final price.
Purity Standards: Some countries may sell 22K more commonly, affecting 24K gold availability and price.
Understanding these factors helps you find the best price and avoid overpaying when purchasing 24K gold globally.
Why isn’t 24k gold used to make all jewelry?
Because of its softness, 24K gold is not suitable for everyday jewelry like rings unless alloyed with other metals such as aluminum, zinc, or iron to increase its durability. This alloying process creates gold varieties like 22K, 18K, 14K, and 10K, which are harder and more practical for daily wear.
Despite being softer, 24K gold holds the highest gold content, making it ideal for wealth preservation and investment purposes. Its purity and intrinsic value make it a preferred choice for buying gold as a long-term store of wealth.
It can be bought in the form of gold bars and coins. Each ounce of 24k gold would be worth $2000, making it the right tool for storing money. Tips for Buying Gold Online.
FAQs about 24k Gold:
What is the difference between 24K gold and 18K gold?
Pure gold is quoted as 24K, meaning it is 99.99% pure gold, and 18K is at a 75% purity level. There is also 22K, which is 91.7% pure; 14K at a 58.3% purity level; and 10K at 41.7% purity level.
Is 24K gold durable?
24k gold is the purest of them all, but despite of its beautiful distinct bright yellowish color, it cannot be used in the jewelry industry to make small, fine jewelry pieces like ear and finger rings that can be worn in daily life because gold in its finest form is a very soft material, meaning it can easily bend or scratch unless mixed with other alloy elements like copper, zinc, silver, nickel, or iron to get 10k, 14k, 18k, and 22k, which are stronger, hence making it durable for any use.
What is the use of 24K gold?
Since 24k is the gold with the highest value, it is the right tool for acquiring wealth through investments. One small piece of 24k gold can store value over a long period of time; therefore, one can invest for exampl,e in buying 24k gold in the form of coins or gold bars or buy bullion online.
