Gold Price per Ounce 24K in Singapore (999)

How to Calculate the Price of Ounce 24K Gold in Singapore

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., 2,673)

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

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

   Gold price in Singapore Dollar = Gold price in United States dollar × United States dollar to Singapore Dollar exchange rate
   Gold price in Singapore Dollar = 2,673 × 1 = 3,656 Singapore Dollar per ounce 24K

3. Add the manufacturing cost

   Assume making charges are 65 Singapore Dollar per gram. The final price is:

   Making charges = making charges per gram × 31.1
   Making charges = 65 × 31.1 = 2,021.50
   Final price of Ounce 24K gold = Price per Ounce of 24K gold + Making charges
   Final price of Ounce 24K gold = 3,656.06 + 2,021.50 = 5,677.56 Singapore Dollar

Conclusion

The price of 1 Ounce 24K gold with making charges is approximately 5,677.56 Singapore Dollar.

Gold Making Charges in Singapore

In Singapore, gold making charges are an essential component of the overall cost when purchasing gold jewelry. These charges typically vary based on the jeweler, the design complexity, and the type of gold used. Generally, the making charges are expressed as a percentage of the gold's gram price, which can range from approximately 5% to 20%. This percentage is added on top of the prevailing market price of gold to account for labor, craftsmanship, and design.

To give a clearer picture, if the current market price of gold is around SGD 80 per gram, a jeweler charging 10% as making charges would add SGD 8 to the total cost per gram, making the effective price for the customer SGD 88 per gram. Depending on the intricacy of the piece, making charges may also be presented as an absolute value, which can range widely, with simpler designs costing around SGD 5 to SGD 15 in making fees per gram. Buyers should always inquire about these charges upfront to avoid unexpected costs and to make informed purchasing decisions.