Gold Price per Gram 14K in Australia (585)

How to Calculate the Price of Gram 14K Gold in Australia

1. Find the current price of gold per ounce 24K

   Check the gold price in United States dollar per ounce 24K from a trusted source (e.g., 2,721)

2. Convert the price of gold from United States dollar to Australian Dollar

   Assume the exchange rate is 1 Australian Dollar per United States dollar. Use the formula:

   Gold price in Australian Dollar = Gold price in United States dollar × United States dollar to Australian Dollar exchange rate
   Gold price in Australian Dollar = 2,721 × 1 = 4,059 Australian Dollar per ounce 24K

3. Calculate the price per gram of 24K gold

   Since 1 ounce equals 31.1 grams, the price per gram of 24K gold is:

   Price per gram of 24K = Gold price in Australian Dollar / 31.1
   Price per gram of 24K = 4,059 / 31.1 ≈ 130.52 Australian Dollar

4. Convert the price from 24K to 14K gold

   Since 14K gold is 14 parts gold out of 24, the price for 14K gold is:

   Price per Gram of 14K gold = Price per Gram of 24K gold × (14 / 24)
   Price per Gram of 14K gold = 130.52 × (14 / 24) ≈ 76.09 Australian Dollar

5. Add the manufacturing cost

   Assume making charges are 50 Australian Dollar per gram. The final price is:

   Final price of Gram 14K gold = Price per Gram of 14K gold + Making charges
   Final price of Gram 14K gold = 76.09 + 50 = 126.09 Australian Dollar

Conclusion

The price of 1 Gram of 14K gold with making charges is approximately 126.09 Australian Dollar.

Understanding Gold Making Charges in Australia

In Australia, the making charges for gold jewelry can vary significantly depending on the jeweler and the complexity of the design. Generally, these charges are expressed as a percentage of the gold's gram price. On average, making charges can range from 5% to 20% of the gold's intrinsic value.

As of October 2023, gold prices fluctuate around AUD 80 to AUD 90 per gram. Taking an average price of AUD 85 per gram, the making charges can translate into an approximate absolute value of:

AUD 4.25 to AUD 17 per gram. This means that for a piece of jewelry weighing 10 grams, the making charges could vary anywhere from AUD 42.50 to AUD 170.

Consumers should be aware that these making charges are in addition to the cost of the gold itself. It is advisable to compare prices from different jewelers and inquire about the percentage of making charges before making a purchase.