Where the difference between the ounce price and the shop's gram price comes from.
XAU/USD at the top of the app is the dollar price of one troy ounce (31.1035 grams) of pure gold. To get the price per gram, divide by 31.1035. Example: at 4,000 dollars per ounce, 24K gold is 4,000 ÷ 31.1035 = 128.60 dollars per gram. For 14K (585/1000) that is 128.60 × 0.585 = 75.23 dollars. To get a local price, multiply by the exchange rate.
The price in a shop differs because workmanship, the buy-sell spread and costs are added. The buying price sits below spot and the selling price above it. The Bid and Ask in the app show this gap.
Questions about selling scrap gold or buying 14K gold jewellery wholesale? Contact Ervam Gold or use our scrap gold calculator.