How to figure the price of 14kt gold per gram

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     When some people hear the price of gold, they may think their gold is worth that price, but spot gold prices are based on 24kt pure gold.  What they are not taking into consideration is that most gold made in the U.S. is 14kt or .58333 parts of 24kt gold - a little more than half of what's called "Spot Price" for 24kt gold.  So how would you figure the price for 1 gram of 14kt gold?
     Spot prices are based on 24kt pure gold per ounce.  Spot gold prices can be found by doing a search on the Internet.  My favorite site for spot gold prices is kitco.com.  Say today's spot price is $1200.00.   That's just an example and not necessarily today's spot price.  You would have to look up the spot price for that particular day.  (Note that prices change throughout the day Monday through Friday closing at 6 p.m.  Also, the New York market closes as 6 p.m. on Friday and opens again at 6 p.m on Sunday.)  A troy ounce of gold weighs 31.1 grams.  14kt gold is .58333 pure.  Based on the example of a spot price of $1200.00 per ounce, you would divide the $1200.00 by 31.1 to come up with a price of $38.59 per gram, but that's for on 24kt gold.  Now multiply the $38.59 by the karat fraction of .58333.  That equals $22.51, and that would be the spot price of a gram of 14kt gold. 
     The same calculations can be modified to figure the price for 10kt and 18kt.  10kt is .417 parts gold and 18kt is .750 parts gold.  I hope this takes some of the mystery out of figuring the spot price for a gram of gold!
 
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