Gold Price per Gram for 18k, 14k and 9k: How to Work It Out Yourself

The short answer

To get the price of gold per gram for any carat, take the spot price per troy ounce, divide by 31.1034768 to get the price of a gram of pure gold, then multiply by the fineness: 0.750 for 18k, 0.585 for 14k, 0.375 for 9k. With spot gold at $4,169.32 an ounce — the level Reuters reported on 9 October 2026 — that works out to about $100.54 a gram for 18k, $78.42 for 14k and $50.27 for 9k. Those are metal values. A buyer will pay less, and a jeweller will charge more, for reasons explained below.

Step 1: from ounces to grams

Gold is priced in troy ounces, not the ordinary ounce used for food. One troy ounce is defined as exactly 31.1034768 grams, as the [troy weight](https://en.wikipedia.org/wiki/Troy_weight) definition sets out (480 grains of 0.06479891 g). So:

Price of pure gold per gram = spot price per troy ounce ÷ 31.1034768

Using the 9 October 2026 spot price of $4,169.32 reported by Reuters via the [New Straits Times](https://www.nst.com.my/amp/business/economy/2026/10/1551082/gold-rises-softer-dollar-easing-yields-fed-outlook-focus), a gram of pure gold was worth about $134.05. Our explainer on troy ounces versus grams covers the units in more detail.

Step 2: apply the fineness

Carat describes how much of an alloy is gold, in 24ths. The hallmark expresses the same thing in parts per thousand. The [UK Assay Offices' hallmarking guidance](https://assets.publishing.service.gov.uk/media/63a333b9d3bf7f37654767e0/hallmarking-guidance-notes.pdf) lists the gold fineness marks and their carat names: 375 (9 carat), 585 (14 carat), 750 (18 carat), 916 (22 carat), 990, and 999 (24 carat).

Price per gram of your gold = pure-gold price per gram × fineness ÷ 1,000

Worked through at $4,169.32 an ounce:

These figures move every minute the market is open. Redo the sum with the spot price on the day you check.

Step 3: multiply by the weight of the gold

Weigh the item on a scale that reads to at least 0.1 g, ideally 0.01 g, then multiply. A 10 g 18k chain at the prices above contains about $1,005 of gold; a 5 g 9k ring about $251.

Two cautions. Only the gold counts, so stones, steel clasp springs and anything else have to be deducted. And a hallmark tells you the minimum fineness, not the exact figure, so treat the result as an estimate. The guidance notes also explain that in the UK an article described as gold must be hallmarked unless it is exempt — gold items under 1.0 gram are exempt — so an unmarked piece may need testing before anyone will pay for it as gold. Our guide to gold hallmarks shows what each mark looks like.

Worked example: a mixed jewellery box

Say you have three items: an 18k chain weighing 12.0 g, a 9k ring weighing 3.5 g, and a 14k bracelet weighing 8.0 g with a steel spring in the clasp you estimate at 0.3 g. At the 9 October 2026 spot price used above:

That total is your reference point, not an offer. When you take the box to buyers, ask each one to weigh and test the pieces in front of you and to state what percentage of melt value they are paying. You can then compare offers on a like-for-like basis instead of on a headline figure.

Working in another currency

Spot gold is quoted in US dollars per troy ounce. If you live in Norway, the eurozone or the UK, either use a spot price quoted in your own currency, or convert the dollar price at the current exchange rate before you divide by 31.1034768. Do the conversion first: mixing a dollar spot price with a krone or euro buyer's offer is the most common way to misjudge one.

Why a buyer will offer less than your number

The figure you have calculated is the melt value at the wholesale spot price. A buyer who takes your jewellery has to test it, melt and refine it, and sell the gold on, and wants a margin for doing so. That is why offers for scrap jewellery come in below melt value, and why the gap varies so much from one buyer to the next.

The practical move is to ask every buyer the same question: what percentage of melt value are you paying, at what spot price, for this weight and fineness? A buyer who will not answer is telling you something. Our guides to selling gold jewellery and to what you actually get back when you sell go through the options and the typical deductions.

Why a jeweller charges more

The same arithmetic run the other way explains the price of new jewellery. A piece of 18k jewellery costs far more than its gold content because you are paying for design, labour, the retailer's costs and margin, and often stones. None of that comes back when you sell. That is the core reason jewellery is a poor way to hold gold as an investment, and why bullion bars and coins, which trade much closer to their metal value, suit that job better. If you are weighing the two, see our comparison of gold jewellery and gold bullion.

Quick checklist

• Find the current spot price and note the time and currency.
• Divide by 31.1034768 for the pure-gold price per gram.
• Multiply by the hallmark number ÷ 1,000 (750 for 18k, 585 for 14k, 375 for 9k).
• Multiply by the weight of the gold only.
• Ask buyers what percentage of that figure they pay, and compare at least three.
• Keep receipts and hallmarks visible; unmarked items may need testing first.

Sources

• troy weight
• New Straits Times
• UK Assay Offices' hallmarking guidance

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