24k Gold Price |Gold Buyers Africa Offers Competitive Prices
24k gold is the purest form of gold, containing 99.99% of pure gold. It tops the gold purity chart, coming with no metal alloys like silver, zinc, or iron added to it like other types of gold. With gold buyers Africa we are there to help you to source high quality 24k gold in around Africa with our time of expertise in Africa.
This way, it serves as a baseline when determining purity levels of other gold types like the 22k, 18k, and 14k[1]
24k gold is the most expensive form of gold on the market, calling for a higher price compared to other lower purity levels such as 22k and 18k gold, and it carries the highest liquidity level, meaning it can easily be sold globally to reputable gold dealers when urgent cash is needed. Adding 1 ounce of pure gold to an investment portfolio provides significant stability and a reserve of wealth.
However, pure gold is soft, to use it in industrial applications like the jewelry industry, other metal alloys like zinc, silver, copper, and nickel have to be added turning it into 22k, 18k,14k, or 10k gold which are more durable and strong hence increasing its strength and durability. The lower the Karat number, the more strongly and durable it gets.
Fine pure gold is best used as a storage of wealth because its value is not affected by global economic factors and it assures investors an increase in value over time hence accumulating their wealth.
100% pure gold is also used in electronics, medical and textile industries where it is embedded in a variety of products.
Why is 24k gold not used in the jewelry industry?
Gold at its finesse, that’s 24k, is very soft meaning it can easily deform even with minimal pressure. Therefore, it cannot be used to make daily wear precious items such as engagement rings, hand watches, bracelets and necklaces.
To make it durable and strong, other metal elements have to be added hence lowering its purity to 22k, 18k and 14k which are much stronger as the karat number becomes smaller hence suitable for making jewelry intended for daily wear.
What is the price of 24K Gold?
Gold doesn’t have a specific rate, if prices fluctuate according to the global market. Sellers or buyers depend on the current spot price to determine its cost.
However, gold buyers Africa can help you source 24k pure gold at a competitive price around Africa.
Below is a table showing the current prices of 24K gold per gram, troy ounce, tola and kilogram.
How much is 24k gold worth?
The value of gold fluctuates on a daily basis depending on the global market therefore to determine the current worthiness of gold, you need to check with the current spot price which is quoted in troy ounce, that’s about 31.2 grams
How to calculate worthiness of gold
For example if the current spot price of gold is $1,800 per Troy ounce, the price of 1 gram of gold would be calculated as follows;
Value per gram = spot price per troy ounce ÷ troy ounce
Value per gram = 1800÷ 31.2 =57.69 USD
A table showing current 24 gold spot prices
| Weight | Today USD |
| 24K Gold price per Gram | $67.30 |
| 24K Gold price per Troy ounce | $2145.48 |
| 24K Gold price per Kilogram | $67,300.33 |
| 24K Gold price per Tola | $799.04 |
Prices are accurate as of 16th July and are subjected to change
Note that gold price is quantified in “Troy Ounce (T Oz) and in Oz” for 1 ounce only. A Troy ounce is heavier than an ounce measuring 31.1 grams and an ounce 28.35 grams.
What is the difference between 24K Gold and 18K Gold?
The major difference between 24k and 18k gold is in their purity, cost, durability and appearance.
24k is a 100% pure gold with no additives of other metal alloys and 18k gold is comprised of 75% of pure gold with the remaining 25% a mixture of different metal elements such as cobalt, copper, zinc, nickel or silver.
24k gold has a slightly less yellow vibrant color because of its high purity and 18k has a bright, visual appealing yellowish color that comes because of the metal elements added.
24k gold is very soft and malleable hence no suitable for manufacturing daily wear pieces of jewelry because it can easily deform or scratch and 18k is more strong and durable compared to the 24k gold because of the metal elements added hence making it a suitable gold purity to make daily wear fine pieces of jewelry.
The 100% purity levels of 24k gold make it more expensive than any other gold type inclusive of the 18kgold.
Why is 24k gold very expensive?
This is because 24k is 100% pure gold with no additives lie other metal alloys added to it.
It is also relatively scarce, requiring extensive refining to obtain it hence hiking its costs.
Contact gold buyers Africa today to navigate the Africa’s gold market