A daily gold rate is meaningful only when you know which price it is, when it was recorded, and its currency and unit. To estimate the gold-content value of a karat item, convert karat to a fraction of 24, put the reference price and item weight in matching units, and multiply: price per gram × weight in grams × (karat ÷ 24). The result estimates the metal value—not a guaranteed jewelry price or dealer offer.
What does “daily gold price” mean?
The phrase can refer to different things: a benchmark auction price set at a stated time, a spot-market quote that changes during trading, or a local market rate. These are not interchangeable. The World Gold Council notes that regional reference prices matter because local markets can reflect local conditions (Gold prices data; Gold market primer, 7 May 2018).
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A useful reference should identify its source, timestamp and time zone, currency, weight unit, market or location, and whether it is an indicative reference, a retail asking price, or an executable buy/sell offer. Without those details, two displayed “daily prices” may not be directly comparable.
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The LBMA Gold Price is an internationally recognised benchmark for gold delivered in London. ICE Benchmark Administration (IBA) operates and independently administers its electronic auction platform; LBMA owns the benchmark’s intellectual property. The LBMA describes the platform as electronic, tradeable and auditable, and aligned with the IOSCO Principles for Financial Benchmarks. Its information page lists 15 direct participants; that is not the total number of market actors, and no single participant sets the price alone (LBMA Gold Price; LBMA Gold Price overview).
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The auction matches buy and sell orders at a single published price. It is held twice each London business day, at 10:30 and 15:00 London time. The benchmark is denominated in US dollars per troy ounce for 995-fine gold. LBMA says published auction prices are delayed until midnight London time on the day they are set; real-time prices are available through redistributors or IBA. A live spot quote is therefore not the same thing as a published auction fixing. The sterling and euro prices shown on LBMA’s daily-auctions page are described as indicative and for settlement only (LBMA Gold Price; Daily auction results).
LBMA says use of the benchmark for valuation or pricing requires a licence from IBA. If you need a live executable quote rather than a reference, use the relevant exchange, dealer, or licensed data source.
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How karat changes the calculation
Karat expresses gold content in parts out of 24, so the purity fraction is karat ÷ 24. For example, 18K is 18/24, or 75% gold; the remaining 25% is other metals in the alloy. Fineness expresses precious-metal content in parts per thousand. The World Gold Council lists common marks including 375 for 9K, 417 for 10K, 585 for 14K, 750 for 18K, and 999 for 24K (About gold jewellery).
Fourteen karat is exactly 14/24, or 583.33 parts per thousand, while 585 is commonly adopted for 14K jewelry. Hallmark conventions, legal minimums, and accepted tolerances vary by jurisdiction, so a mark should not be treated as a universal legal rule.
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Estimate the gold-content value of an item
Use this formula when the reference price is per gram and the item weight is in grams:
Estimated gold-content value = price per gram × item weight in grams × (karat ÷ 24)
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For an 18K item, multiply its weight by the pure-gold price per gram and then by 0.75. This is a calculation of the gold-content component, not a guaranteed sale price. If the reference is quoted per troy ounce, convert it first: 1 troy ounce = 31.1034768 grams (World Gold Council, About gold jewellery). Make sure the price and weight use the same unit before multiplying.
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The calculation estimates contained gold, not the price of finished jewelry or the amount a dealer will pay. The LBMA market guide explains that dealers may apply premiums or discounts for fineness, bar size, and form; small or exact-weight bars can involve production costs, and fineness above or below the 995 wholesale minimum can affect terms (LBMA market guide: precious metals).
For jewelry, workmanship, taxes, stones, and buyback deductions depend on the market and seller. The available sources do not establish a universal formula for those charges, so do not assume a standard markup or deduction. Local rates may also differ from an international reference because regional market dynamics, currency conversion, duties, and seller terms vary (Gold market primer, 7 May 2018; Gold prices data).
Compare daily prices on equal terms
- Source: identify the benchmark, spot quote, or local reference.
- Time: record the date, timestamp, and time zone; do not treat a delayed fixing as a live quote.
- Currency and unit: compare the same currency and unit, or make the conversions explicit.
- Location: note the market or country, since regional rates can differ.
- Transaction type: distinguish an indicative reference from a retail asking price or an executable buy/sell offer.
The World Gold Council’s gold-price data page provides averages across periods and currencies, drawing on reference prices including LBMA and the Shanghai Gold Exchange at multiple frequencies. The page says its data are updated weekly and displayed data as of 28 September 2026 when accessed for this article; it is not a live executable quote (Gold prices data).
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