PriceOfGold.org.uk is the resource for UK gold prices and current gold price data. Visit this site for simple and quick updates on the price of gold. We also provide a scrap gold calculator that uses the latest gold price data to calculate the actual price of your gold depending on its weight (in ounces or grams) and carat (spelled ‘karat‘ in North America). Please note that the actual price of scrap gold may not be the price at which you can sell – scrap gold prices will always be slightly lower.
What Determines the Price of Gold?
Gold has been used as a way to stabilise and secure the wealth of individuals. The price of gold fluctuates due to large movements in the demand of gold. While there is still gold available to be found, the supply of gold is relatively static and therefore it is only the demand for gold that changes prices.
Because of gold’s stable and timeless value, the demand for gold is largely influenced by the economic climate at the time. For instance, if a currency like the Pound Sterling was looking to depreciate because of an unstable economy, an individual would likely invest in gold as a way to avoid any risk. This extra demand has become apparent in recent years and has driven the gold price higher and higher. The price of gold hit record levels on multiple occasions in 2011 and speculation may well drive the gold price higher.
The Current Price of Gold
The current price of gold in grams and ounces is updated every 30 minutes. We cannot guarantee the accuracy of the gold prices displayed here but the price of gold is generated from a highly reliable source. You can view the different prices below:
1 gram = 0.0352739619 troy ounces
1 troy ounce = 31.1034768 grams
Please remember that the price of gold is always displayed assuming a fineness of 999 (24 carat). If you are looking to find the price of gold with a lower fineness then please use the scrap gold calculator at the top of this page. Or read more about the price of gold per gram and the price of gold per ounce with our gold valuation guide.
How to value the Price of Gold
Valuing gold can be difficult. In most cases the value of gold is heavily dependant on the gold carat and weight. 24 carat gold is the purest form of gold, meaning that it has a millesimal fineness of 999 or higher. Gold prices are always quoted for 24 carat gold unless specified otherwise.
While the price of gold has an inherent value where the price is dictated by market movements, the price of gold can also be affected heavily when it is minted as a coin. The price of gold sovereigns, for example, can reach thousands of pound sterling depending on what era the gold coin was minted and where it was minted. Rare gold sovereigns are difficult to value as their price is largely dependant on the amount someone is willing to pay.
So, while the market price of gold is easy to ascertain, the price of gold sovereigns or other collectable gold items (like gold jewellery) can range hugely from buyer to buyer.