So if gold is quoted at $1320 per ounce, how much gold can I get for that price? Spot gold prices are quoted as the price of 1 troy ounce of .999 percent fine gold deliverable now. This means you can usually purchase one ounce of gold bullion for right around this price plus the dealer's premium.
And this gives us a per gram price of $50.80 for pure gold. In jewelry, the amount of gold in a piece is noted through the karat weight system. 0karat through 24karat, 24k being 100% gold. So if you have a 1 gram 24k gold pendant you have a piece worth $50.80 at today's value of scrap pure gold.