In a pure form 24k Gold, is a bright, slightly reddish yellow, dense, soft, malleable, and ductile metal. A relatively rare element, Gold is a precious metal that has been used for coinage, jewellery, and other arts throughout recorded history.
Measuring 24k Gold
When it comes to weight, Gold is measured in troy ounces. The term “k” is used to indicate the purity of Gold, with gold fineness being defined in parts of 24. However, in the United States, the term carat is used for gemstones like diamonds, with karat referring to Gold.
Pure Gold or 24k is too soft to be used for everyday objects, so it is typically alloyed with other metals to create a more durable material. The proportion of Gold in an alloy is expressed in karats, with 24 karats being pure Gold. The purity of gold products is typically verified by a hallmark, which is an official stamp applied by an independent assay office. The hallmark office uses the millesimal system to express purity in thousandths, so a 24k or 24-carat hallmark indicates that the item is ‘999’ pure Gold.
To measure the “fineness” just for gold divide the carat number by 24 and multiply the value by 1000. For example, a 14-karat gold earring has a purity of 58.3% – 14 divided by 24 x 1000.
14 / 24 x 1000 = 583 fineness
For example, 14k Gold is made up of 14 parts gold and 10 parts other metals, so it is 58.3% gold. 18k Gold is made up of 18 parts gold and six parts other metals, so it is 75% gold. 24k Gold is purer than these other types of Gold, so it is more valuable.
24k gold purity
The purity of gold is measured in either millesimal fineness or karats (K/CT). For example, the purity of 24k Gold is .999 fine or slightly above; however, it is impossible to create 100% pure gold, so 99.9% fine gold is considered “pure gold.”
Pure Gold is too soft to be used for most forms of jewellery; therefore, it is often alloyed with other metals to increase its strength and durability. The resulting alloy is usually stamped with a karat rating to indicate its purity. For example, 18k gold contains 18 parts pure gold and six parts other metals. Choosing the right karat rating for your needs is essential to selecting the perfect piece of gold jewellery.
However, 24k Gold is used for making investment gold, such as gold bars and coins. For example, in the United Kingdom, The Royal Mint produces gold coins such as 1oz Gold Britannia and Lunar and Queen’s Beasts coins 24 ‘karat’ and is produced to 999.9 fineness. However Sovereigns are made in 22 carat Gold, meaning these coins contain 14.63 grams of pure gold.
The Canadian Maple Leaf coins are world-renowned for their exquisite craftsmanship and beautiful design. The 24k gold version of the coin is especially popular among investors and collectors due to its high purity level. The Canadian Royal Mint has managed to refine its Gold to purity of ‘five nines’ – 99.999% – the highest purity level possible. This makes the coin even more valuable and sought-after by those looking to invest in Gold. The Perth Mint also produces a gold coin series, purity of Gold at 99.9999% – ‘six nines’ fineness. This is 0.0001% away from being 100% pure gold.
24k gold value
The value of 24k Gold is affected by many factors, including the current market price of Gold, the size and weight of the piece, and the purity of the Gold. However, as a general rule, 24k Gold is worth more than other types of Gold because it is purer.
When it comes to investment gold, such as bars and coins, the value is usually based on the spot price of Gold plus a premium. The premium is generally between 2% and 5%, depending on the item.
Disclaimer: Precious metal prices can be volatile and the value of your metal may go down as well as up. No responsibility can be accepted by Ajjore Limited T/a Bullionjoy for any loss caused by acting on information we have provided. Disclaimer: This blog is the personal viewpoint of one individual. Before investing, customers should conduct their own independent research and get advice from experts. We are not a source of investment advice; therefore, the contents of this article should not be considered investment advice.