How Much Does Gold Cost? As of August 26, 2013 an ounce of gold costs $1,393. That's down from $1600 in a year and a half. Are you worried about the future prospects of the world economy? The Euro debt crisis is still looming and just a few months back S&P downgraded the United States' credit rating from AAA to AA+. With all this bad news, you may be looking to diversify your portfolio with gold. But how much does gold cost per ounce? The type of gold you buy, whether it is in pieces or in the form of jewelry and where you buy the gold, all have an impact on the final price. Prices also change daily, according to the market.
How Much Does Gold Cost – The Numbers:
The average-size gold bar, on the other hand, costs about $597,000 and weighs 27.4 pounds or 400 Troy ounces. One year ago, a gold bar cost $680,000, a difference of nearly $100,000. These prices are applied to pure gold or 24k. Prices vary for other types of gold. For example, an ounce of gold of the following purities cost (based on $1,700 for an ounce of pure gold):
• 18 karat gold: Multiply full price by .75, for a cost of $1044.75 per ounce.
• 14 karat gold: Multiply by .5833, for a cost of $812 per ounce.
• 10 karat gold: Multiply by .4167, for a cost of $580 per ounce.
These prices are for scrap gold, in base form. When gold is used to make jewelry or decorative items, the prices are adjusted and increase, based on the design, the maker and whether other materials, such as precious stones, are used.
Another popular way of acquiring gold is to buy bullion coins.
• 1-ounce gold Eagle (31.1 grams): $1,393
• American Eagle (one quarter ounce): $348
• American Buffalo (.9999 One Ounce): $1,362
• U.S. Gold Double Eagles (.9675 Ounce): $1,347
When trying to figure out how much does gold cost, start by looking at the market price for the day, but don't forget to take all the other details into consideration.