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How to calculate sovereign for 24 carat gold?

Discussion in 'Money Matters' started by satin, Apr 23, 2011.

  1. satin

    satin Silver IL'ite

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    How do I calculate sovereign for 24 carat gold,I know for 22 carat(8 gms = 1 sovereign) same wise how do you calculate for 24 carat gold ,or is it the same.

    thanks
     
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  2. orion80

    orion80 Platinum IL'ite

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    Hi Satin,

    Soverign = 8gm, be it 24 carat or 22 carat.
     
  3. satin

    satin Silver IL'ite

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    Hi orion80,

    A person I know owns 1 kg gold bar in 24 carats and he said that means around 125 sovereigns in 22 ct and around 165 sovereigns in 24 carat,thats why I wanted to know,because I recently purchased some 24 carat bar,so was just curious.Are you sure?
     
  4. orion80

    orion80 Platinum IL'ite

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    Let me explain.

    Carats are used to specify how pure the gold is. 24 carat gold means, if you divide the gold bar into 24 parts, it has 24 parts of gold. That means 100% pure gold. 22 carat gold means, out of 24 parts of the gold, only 22 parts are gold and the rest can be silver/copper. So it is 91.6 % (22/24) pure. This is most widely used in jewellery making. Thats why many jewellers say their jewellery is made using 916kdm gold.

    Soverign (8gm) is the term used to measure the weight of the gold, be it 22 carat or 24 carat.

    I think the person is trying to tell you how much the bar will weigh when converted to 22 carat.

    You got me confused with this statement

    How can the same bar be of more soverigns when it is of higher purity?
     
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  5. Shanvy

    Shanvy IL Hall of Fame

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    He would be calculating based on the rate of teh gold in 22 carat conversion

    like the rate of 1kg of 24k is x and 22 kgs will 22x/24.

    there is a little difference in the rate of 22 and 24k gold while the difference between 21/22 k is not so much.

    Lakshmi, maybe it is 165 in 22k and 125 in 24k according to satin..a mix up somwhere??

    but i shudder to think of the rate today. if the guy had bought it at around even 1000rs/gm, he is sitting on 22lacs..good profit..really.

    and with silver running a parallel race. and this before akshaya thrithiyai...
     
  6. satin

    satin Silver IL'ite

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    Thanks Shanvy,yes he meant 165 sovereigns in 22 ct and 125 in 24 carat,I got confused :)
     
  7. Shanvy

    Shanvy IL Hall of Fame

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    you are welcome. guess you got carried away working your profits..it happens. did you get a decent profit. i have been :bonk:bonk to have postponed a few investments for so long..got opportunities at 500rs/650/1200/1500 did not take up due to other committments..now i shudder to think of it.

    how do people still give 175 sovereigns/50/100 sovereigns as dowry..??:hide:
     
  8. orion80

    orion80 Platinum IL'ite

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    Nice of you to pitch in Shanthi. I too am in the same boat. Kept postponing the purchase and now, it is no longer feasible. The prices are :crazy

    Beats me too. Probably i should start a separate saving for my daughter's gold purchase :)
     
  9. Shanvy

    Shanvy IL Hall of Fame

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    yes, lakshmi. i still remember gold was at 300 when my DD was 5 months i think and silver at 4/5rs.....there is no point in crying foul when we miss the bus..

    right now silver looks touching 100+ within the next month..

    STart now.. people say no dowry, we are not asked to..but still i hear 50/40 and diamond ear rings.. and the wedding halls are at 2 lakhs/4 lakhs /day..food..400/plate..:hide::hide::hide: where are we going..maybe i should get a money minting plant at my back yard..(i don't even have one)

    recently a niece was married and without the cost of the gold (40) and silver(2kgs), she spent 25lakhs on the wedding..:drowning:drowning

    sorry to hijack the thread..but i need to rant somewhere:biglaugh:rant
     
  10. orion80

    orion80 Platinum IL'ite

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    Going a little off the tangent.. but this is my last off-topic post in this thread

     

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