The price of 14 karat gold is determined by the total amount of actual gold content, without including any other metals used to make the gold alloy. The price is calculated using the troy ounce and not a standard ounce scale.
Contrary to the standard 28.3495 grams per ounce scale, a troy ounce is 31.1034768 grams and is used to determine the true price per gram of gold. To calculate the actual price for 14 karat gold, get the current value of gold per troy ounce. Divide this price by 31.1 to get the per gram price of pure gold. To get the per-karat price for each gram of gold, divide the price per gram by 24.
14 karat gold purity implies that out of the total weight of the gold alloy in question is 24 parts, 14 of these parts is pure gold and the other 10 parts are other metals. To therefore determine the price for 14 karat gold, multiply the per karat price for each gram of gold by 14. To get the value of a 14 karat gold item or piece of jewelry, multiply the current calculated price per gram of 14 karat gold by the weight of the item.