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Gold Price- How to determine the gold of the price
 

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Goudprijs is determined by several factors. Among the main factors affecting the price of gold include the demand and supply, interest rates and inflation among other things. The use of gold can vary from jewelry, dental work and decoration purposes. The pricing of gold is sometimes challenging since there are several factors such as the kind of gold you have before you decide on the kind of gold you have. The following are some of the main methods used in determining the cost of gold.

The magnifying glass calculator gram scale is one of the main method used I determining the cost of gold. The gold is separated into different karat fitness; 10k, 14k and 18k. There are inscriptions on the gold which can be used in determining the category of the gold you have. Since these inscriptions are small, get a magnifying glass so that you can find the inscription. If you are unable to find the number, take it to a reputable dealer. The dealer will help in conducting a chemical test can be used in determining the texture and the most suitable cost for the unit.

The gold price is calculated based on weight. Take a weighing machine and use it to determine weight of the gold. The scale used in determining the weight can either be in grams or ounces. If you want to convert grams into ounces, multiply by the weight by the 28.35 constant factor. For example, 10 ounces are equal to 10 x 28.35 or 283.5 ounces.

The next step is determining the local Goudkoers. Checking online would be the easiest way to determine the cost of gold. Other sources you can find these costs includes local dailies and agents. Many local dailies feature the latest gold prices under the `spot rate’. The spot is attributed to the financial parlance. The quotations of gold are made in terms of troy ounce which is similar to 31.1 grams. The quotation is a static conversion; meaning that it will never change. It is a worldwide agreed price determinant i.e x/31.1= y

Once you have established the current gold price, divide it with 31.1 constant to determine the cost per gram. The other thing to consider is converting the fineness into grams. To convert fineness into grams, the karat is divided by 24. For example, if you have 10 karat gold, take 10/24 to find the find the fineness (0.4167).  Multiply this weight by the figure you had acquired in the previous step (y) to get the real cost of gold.


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