The Open Market Gold Price

Gold is one of the most precious metals. Like other precious metal, grams and troy weight also measure it. The term karat or carat is used when it is alloyed with other supplementary metals. It helps to specify the amount of gold present in it. The twenty-four carats represents pure gold. The purity of the gold can also be written in a form of a decimal figure ranging from zero to one. It is eminent as millesimal fineness. The open market gold price depends on the purity of gold. The karat is the measure of the purity of the platinum alloys and gold.

One carat represents one twenty-fourth purity by weight. Thus, the twenty-four percent gold is a pure gold. The karat typically measures the purity of gold. The open market gold price depends upon its purity, weight and mass. This history of gold points shows how it has the potential to blow up the prices. Even over longer period, it can affect the price level. All these usually happen due to stock market uncertainty, worldwide crisis, price rises and many other factors.

The prices of gold are usually determined on the global market. The most frequent carats used for gold in jewelry market, goldsmith and bullion are 9 carat (millesimal fineness 375), 10 carat (millesimal fineness 417), 14 carat (millesimal fineness 585), 16 carat (millesimal fineness 625), 18 carat (millesimal fineness 750), 20 carat (millesimal fineness 833), 22 carat (millesimal fineness 916), and 24 carat (millesimal fineness 999). Ever after 1968 the price of gold on the open market has changed widely. Its record was $850/oz ($27,300/kg) high on 21 January 1980, to a $252.90/oz ($8,131/kg) low on 21 June 1999 (London Fixing). On 26 April 2006, the London gold fixing was $635.50/oz.

Next wiki page: Trading Gold for Money

If you like this article, please be sure to check out our information on the current gold price, the Gold price per ounce, and forex automoney.

Unless otherwise stated, the content of this page is licensed under Creative Commons Attribution-ShareAlike 3.0 License