How do I calculate the value of gold?

Gold is a natural element that is extracted from the ground through various processes. It is chemically symbolized by the symbol Au, and it is one of the most expensive metals. It has gained special importance due to its scarcity in nature, which has earned it this high price, and its distinctive characteristics have made it superior to many other metals. It is characterized by its softness, resistance to corrosion, attractive luster, and other properties. Hence, gold was used and still is used to adorn women, in addition to some men using it, but women undoubtedly use it more, as it gives them unparalleled beauty and elegance. In addition, gold was used Also in commercial transactions, that is, in the buying and selling process, of course, alongside its younger brother, silver. However, today, with the emergence of what is known as paper currencies, gold is no longer directly used in commercial transactions, but it constitutes the base that gives banknotes their value. It also has many other uses.

Due to economic or political conditions, cash currencies may lose their value for one reason or another, which leads to economic inflation and the deterioration of economic conditions in the country or group of countries. Some people avoid falling into these pitfalls and insure their money by buying gold with this money, and this is one of the best. Movements. Gold never loses its value. On the contrary, gold is what gives value to others in the economy. Therefore, those who deal in this way need to determine the current value of gold, and it is determined according to the following method:

• Determining the price of an ounce of gold (approximately 31 grams of 24 karat gold), as it changes constantly, so you must rely on reliable economic sites.
• The price of one gram must be found by dividing the price of an ounce by its amount of grams, to produce the price of one gram.
• The price of gold of other karats must be determined according to the quality of gold that the person possesses. For example, if a particular person has an amount of 18-karat gold, here he needs to know the price of one gram of 18-karat gold. This is done by multiplying the price of one gram of 24-karat gold. 18 with the conversion factor, which in this case is 24/XNUMX, thus producing the price of a gram for the required caliber, and the price is in dollars. If we want to convert it to the local process, we must know the currency exchange rate first, and then perform the required conversions.