How To Check Your Gold’s Worth
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It takes a lifetime of relentless hard work, a strict saving habit, and a modest living standard to accumulate enough wealth to invest in gold.
For some people, owning or investing in gold remains a life-long dream that never reaches fulfillment. But those who’re lucky, must understand the value of their financial standing. For that, it’s important to know how to calculate your gold’s worth.
Of course, you can use a precious metals calculator or punch in values in an online app to get a quick answer. But there’s a theory backing these calculations and it’ll serve well to understand them.
Value of Ancient Value
Gold has been known for its intrinsic value since the dawn of history. For centuries, it has remained valuable to humans even before it became a medium of exchange like fiat currency.
At a time when there wasn’t any system in place to measure the value of gold, people designated high value to this precious metal for its aesthetic appeal. It was used in sculpting idols (e.g. The Golden Calf) and building shrines, as a dedication to its glorification.
The brilliance and rarity of this metal was associated with power, beauty and culture. From precious jewelry to gravy boats, gold was used to make anything that was worth more than ordinary products.
The hoard of gold pieces recovered in the treasures of the Gold of Troy showed how this metal served a greater purpose than paper currency in modern times.
From Luxury to Money
From 640 BC till the end of the Roman Empire, human civilization saw how gold evolved from an elite luxury to actual currency. The greatest contribution to this development was the coinage of this precious metal that enhanced the value of gold drastically.
This boosted economic activity in the mining industry and the availability of this rare metal increased. In the aftermath of wars, gold from all corners of the world was recycled and reused. This transferred the ownership of this metal from royalty to the common gentry.
With gold now in circulation, it was moving towards becoming common currency. People were thinking of ways to utilize this resource practically and making war weapons or cutlery were not viable options. The goal was to use gold to benefit the entire community at large. This changed its perception from a measure of wealth to a medium of exchange.
The Real Value of Gold
In order to measure the value of gold in real, economic terms, you have to find their value relative to the US dollar. Since the weight of gold is fundamental to the process of valuation, it’s important to know all kinds of measurement standard used for weighing gold.
Following are different types of gold unit descriptions stated with their corresponding values in dollars.
| Gold Unit Description | Value One Unit |
| Milligram | $0.05 |
| Gram | $48.06 |
| Kilogram | $48052.83 |
| Ounce | $1362.28 |
| Grain | $3.12 |
| Pennyweight | $74.74 |
| Carat | $9.62 |
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