- XAU/USD is the price of one troy ounce of gold in US dollars, and one troy ounce equals exactly 31.1034768 grams
- At about $4,125/oz on 29 September 2026, 24K gold was roughly $132.6 per gram, 22K about $121.6, 21K about $116.0 and 18K about $99.5
- Gold was about 26% below its 28 January 2026 record near $5,589 and roughly 5.6% lower year to date against the $4,368 2025 close
- Local gold rates differ from spot because of currency conversion, dealer spreads, VAT, premiums and making charges
- Always recalculate from a live, time-stamped quote before buying, selling or trading
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Risk warning: Gold prices move continuously during market hours and fell about 4% intraday on 28 September 2026. Figures on this page are approximate and dated. Gold CFDs and spot XAU/USD are leveraged products and most retail accounts lose money trading them. This guide is educational and is not investment advice.
When people search for gold price today, they usually want one number. In practice there are several: the global XAU/USD spot price per troy ounce, the per-gram value in US dollars, the per-gram value in your local currency, and the final retail quote from a jeweller, bank or broker. This guide shows how to move from one to the next with exact maths, using the market level on 29 September 2026 as a worked example.
For a live indicative local calculation, use the gold price by country tool. For the trading side of gold, start with the complete XAU/USD trading guide.
Gold market snapshot — 29 September 2026#
| Metric | Approximate level | Source |
|---|---|---|
| Spot gold (XAU/USD) | about $4,125/oz (01:40 GMT print $4,124.57) | Reuters via WAM |
| 24K value per gram | about $132.6/g ($4,125 ÷ 31.1034768) | ForexTradeLab calculation |
| 28 Sep 2026 intraday low | about $4,111, lowest since 5 August | Reuters |
| All-time high (spot) | about $5,589/oz on 28 January 2026 | Kitco |
| 2025 close and 2026 YTD | $4,368 (LBMA PM, 31 Dec 2025); about −5.6% YTD | WGC |
| Fed funds target range | 3.75%–4.00% after a 25 bp hike on 16 Sep 2026 | Federal Reserve |
| Next US catalysts | Jobs report 2 Oct; CPI 14 Oct; FOMC 27–28 Oct 2026 | BLS, Federal Reserve |
| Central-bank buying | 345 t in H1 2026 (Q2 record 288.9 t) | WGC |
| Gold ETF holdings | record 4,189 t at end-August 2026 | WGC |
Verify the live quote before buying, selling or trading. These are dated reference levels, not a live feed or a signal.
How Do You Convert XAU/USD to a Gold Price Per Gram?#
Short Answer
Divide the XAU/USD price by 31.1034768 (grams per troy ounce) to get the 24K value per gram in US dollars. At about $4,125/oz on 29 September 2026, that is roughly $132.6 per gram. Then multiply by karat purity and your exchange rate.
Detailed Explanation
Gold is quoted globally per troy ounce, not per everyday (avoirdupois) ounce. One troy ounce is defined as exactly 31.1034768 grams (NIST). Many websites round this to 31.1035, which is accurate to four decimal places and fine for estimates, but the exact factor avoids small rounding drift on large amounts.
The full chain has three steps:
- XAU/USD ÷ 31.1034768 = 24K price per gram in USD
- 24K gram price × (karat ÷ 24) = gram price for that karat
- Gram price in USD × USD/local exchange rate = local gram price
| Unit | Equivalent |
|---|---|
| 1 troy ounce | 31.1034768 grams |
| 1 gram | 0.0321507 troy ounces |
| 1 kilogram | 32.1507 troy ounces |
Example
| Step | Formula | Result (spot about $4,125/oz, 29 Sep 2026) |
|---|---|---|
| Global gold price | XAU/USD | $4,125.00 per oz |
| Convert ounce to gram | 4,125 ÷ 31.1034768 | $132.62 per gram (24K) |
| Convert to UAE dirham | 132.62 × 3.6725 | AED 487.05 per gram |
| Convert to Saudi riyal | 132.62 × 3.75 | SAR 497.33 per gram |
The dirham (AED 3.6725 per USD) and the riyal (SAR 3.75 per USD) are pegged to the dollar, so these conversions are stable. For floating currencies such as the Egyptian pound, Turkish lira or Indian rupee, convert at the live exchange rate at the moment you check the gold price.
Common Mistake
Comparing an ounce quote with a gram quote, or dividing by 28.35 (the everyday ounce) instead of 31.1034768. Using 28.35 overstates the per-gram value by almost 10%.
Professional Tip
Write down the timestamp and source of both the gold quote and the exchange rate. On 28 September 2026 spot gold swung about 4% intraday, which is roughly $5 per gram — enough to make two "today" quotes look inconsistent when they are simply taken at different times.
Gold Price Per Gram by Karat: 24K, 22K, 21K and 18K#
Short Answer
Multiply the 24K gram value by the karat fraction: 22/24 for 22K, 21/24 for 21K and 18/24 for 18K. At about $4,125/oz, that gives roughly $132.6 (24K), $121.6 (22K), $116.0 (21K) and $99.5 (18K) per gram.
Detailed Explanation
Karat measures gold content out of 24 parts. 24K is treated as pure gold (commercially 99.9% or 99.99% fine). Lower karats are alloys with silver, copper or other metals, so their metal value is proportionally lower. 21K is especially common in Gulf and Egyptian jewellery; 22K is common in South Asian and some Gulf markets; 18K dominates European and fine jewellery.
| Karat | Purity fraction | Approx. fineness | Multiplier |
|---|---|---|---|
| 24K | 24/24 | 99.9% | 1.0000 |
| 22K | 22/24 | 91.67% | 0.9167 |
| 21K | 21/24 | 87.50% | 0.8750 |
| 18K | 18/24 | 75.00% | 0.7500 |
| 14K | 14/24 | 58.33% | 0.5833 |
Example
Approximate metal value per gram as of 29 September 2026, spot about $4,125/oz. Excludes spreads, VAT and making charges.
| Karat | USD per gram | AED per gram (3.6725) | SAR per gram (3.75) |
|---|---|---|---|
| 24K | $132.62 | AED 487.05 | SAR 497.33 |
| 22K | $121.57 | AED 446.47 | SAR 455.89 |
| 21K | $116.04 | AED 426.17 | SAR 435.17 |
| 18K | $99.47 | AED 365.29 | SAR 373.00 |
For other currencies (EGP, KWD, QAR, JOD and so on), multiply the USD column by the live or official rate at the time you check.
Common Mistake
Assuming a 21K bracelet should cost 21/24 of the 24K bar price. The metal value does, but the retail price adds a making charge (often quoted per gram) and VAT where applicable.
Professional Tip
When selling, ask the dealer for the buyback price per gram for your karat and compare it with the metal value in the table above. The gap is the dealer's spread plus any assay or melting deduction.
Why Local Gold Prices Differ From the Online Gold Price#
Short Answer
The price on a chart is a wholesale reference. Retail prices add currency conversion, dealer spread, physical premiums, taxes and making charges — and they may be quoted at a different time.
Detailed Explanation
| Difference | Why it happens |
|---|---|
| Currency conversion | Gold is priced in USD; local buyers pay in local currency |
| Dealer spread | Dealers buy below and sell above the reference price |
| Physical premium | Small bars and coins carry fabrication and distribution costs |
| Jewellery making charge | Labour and design are added to the metal value |
| Taxes and duties | VAT, import duty or sales tax may apply |
| Bank or card markup | Payment providers add a conversion margin |
| Timing difference | Gold and FX rates move between quote and payment |
Two benchmarks are worth knowing. The LBMA Gold Price is set by auctions run by ICE Benchmark Administration at 10:30 and 15:00 London time, and many contracts reference it. COMEX futures trade on CME Globex from Sunday 6:00 p.m. to Friday 5:00 p.m. ET with a daily 60-minute break. A broker's CFD quote follows the broker's own server time.
Example
A jeweller quotes 21K gold at a price that looks about 10% above the 21K metal value in the table. Break it down before judging: the making charge, VAT and a one-hour-old spot reference can together explain the gap. If they cannot, ask for an itemised quote.
Common Mistake
Treating a jewellery price as spot gold. Jewellery includes labour, design, brand, rent, tax and margin — it is not only metal value.
Professional Tip
Compare like with like: same karat, same unit, same currency, same time. Then compare the dealer's buy and sell prices side by side; a narrow buy-sell gap is often a better sign of fair pricing than a low headline sell price.
What Is Moving the Gold Price in September 2026?#
Short Answer
A hawkish Federal Reserve and surging US yields. The Fed raised rates by 25 bp to 3.75%–4.00% on 16 September 2026, the 10-year Treasury yield reached about 5.2% and the 10-year real (TIPS) yield about 2.8%, raising the opportunity cost of holding gold. Gold fell about 7% month to date.
Detailed Explanation
| Driver | Situation around 29 Sep 2026 | Typical effect on gold |
|---|---|---|
| Fed policy | 25 bp hike on 16 Sep; ~70% odds of an October hike priced on 28 Sep (CME FedWatch) | Hawkish surprises pressure gold |
| Real yields | 10y TIPS about 2.8% | Higher real yields raise the cost of holding gold |
| US dollar | DXY about 101.2 | A stronger dollar usually weighs on XAU/USD |
| Inflation | August CPI +3.4% y/y, core +2.4% | Hot inflation can hurt gold if it lifts hike odds |
| Oil and geopolitics | US–Iran conflict and Hormuz standoff; Brent near $106–107 | Has acted as a headwind via inflation and hike fears |
| Central banks | 345 t bought in H1 2026 | Structural support |
| ETFs | Record 4,189 t holdings at end-August | Investor support |
For the full framework, read gold, the Fed, the dollar and central-bank demand in 2026 and what moves gold prices.
Example
Between early September (near $4,510) and 29 September (about $4,125), spot fell roughly 8.5%. In per-gram terms, 24K metal value dropped from about $145 to about $132.6 — a fall of roughly $12.4 per gram, or about AED 45.5 per gram at the dirham peg.
Common Mistake
Assuming geopolitical tension always lifts gold. In September 2026 the US–Iran conflict pushed oil higher, which raised inflation and rate-hike expectations — a headwind for gold rather than a pure safe-haven bid.
Professional Tip
Put the next three US catalysts in your calendar: the jobs report on 2 October, CPI on 14 October at 8:30 a.m. ET, and the FOMC on 27–28 October 2026. Our XAU/USD news-trading guide explains how gold typically reacts.
Best Time to Check the Gold Price#
Gold trades nearly 24 hours from Monday to Friday, but liquidity is uneven.
| Session | What to expect |
|---|---|
| Asian session | Often quieter; Asian physical demand matters |
| London session | Liquidity improves; LBMA auctions at 10:30 and 15:00 London |
| New York session | Strongest reaction to US data at 8:30 a.m. ET |
| London–New York overlap | Usually the deepest liquidity window |
See XAU/USD trading hours and the best time to trade for session details and holiday caveats.
Gold Price Today for Buyers and Traders#
Short Answer
Buyers should focus on karat, unit, VAT, making charge and buyback price. Traders should focus on contract size, spread, leverage, stop distance and news risk.
Detailed Explanation
If you are buying physical gold, ask:
- Is the quote for 24K, 22K, 21K or 18K?
- Is it per gram, per ounce, per tola (11.6638 g) or per kilogram?
- Does it include VAT or other taxes?
- Is the making charge separate?
- What is the buyback price today?
- How far is the quote from live spot, and when was spot checked?
If you trade XAU/USD, the price per gram is irrelevant; contract maths matters. One standard lot is 100 oz, so at about $4,125 the notional is roughly $412,500 and each $1 move equals $100. A 0.01 lot is 1 oz (about $4,125 notional, $1 per $1 move).
Example
A trader buys 0.10 lot (10 oz) at an illustrative $4,125 with a stop at $4,085. The $40 stop distance × 10 oz = $400 risk. The same $40 move on one standard lot would be $4,000. Use our gold lot size calculation guide to size positions.
Common Mistake
Carrying a EUR/USD-sized stop onto gold. A 0.5% move in gold at $4,125 is about $20.6 — normal noise on many days.
Professional Tip
Physical buyers in the Gulf and Levant can read our gold trading and buying culture in the Middle East guide for karat and souq conventions before comparing quotes.
Common Mistakes When Comparing Gold Prices#
- Comparing ounce with gram prices. XAU/USD is per troy ounce; local quotes are usually per gram.
- Ignoring karat purity. 24K and 21K prices should differ by roughly 12.5% in metal value.
- Treating jewellery price as spot gold. Making charges and VAT are extra.
- Forgetting currency conversion. Gold can be flat in USD but rise in your currency if your currency weakens.
- Using stale quotes. Check timestamp and source every time.
- Using an old example as a current price. Articles that still show gold at $2,400 per ounce describe a 2024 market, not 2026.
Gold Price Checklist#
- Confirm the unit: ounce, gram, tola or kilogram
- Confirm the karat: 24K, 22K, 21K or 18K
- Confirm the currency and the exchange rate used
- Record the timestamp and source of the spot quote
- Ask for buy and sell prices, not just one
- Separate metal value, making charge and VAT
- Check whether the quote is spot, futures, CFD, bank or retail
- Recalculate with 31.1034768 g per troy ounce
Glossary#
- XAU/USD: Price of one troy ounce of gold in US dollars.
- Troy ounce: Precious-metals unit equal to exactly 31.1034768 grams.
- Karat (K): Gold content out of 24 parts; 21K means 21/24 gold.
- Spot price: Wholesale price for near-immediate delivery.
- LBMA Gold Price: Benchmark set by ICE auctions at 10:30 and 15:00 London time.
- Making charge: Retail fee for manufacturing jewellery, added to metal value.
- Premium: Amount paid above spot for bars, coins or jewellery.
- Tola: South Asian and Gulf unit of about 11.6638 grams.
Related Gold Guides#
- Complete XAU/USD trading guide — the ForexTradeLab gold pillar page
- What moves gold prices — nine drivers explained
- Gold, the Fed and central banks in 2026 — the current macro backdrop
- Gold vs dollar correlation — how DXY affects XAU/USD
- Gold or dollar in 2026? — savings perspective
- Gold lot size calculation — position-sizing maths
Bottom Line#
"Gold price today" can mean several prices. The global benchmark is XAU/USD per troy ounce. Divide by 31.1034768 for the 24K gram value — about $132.6 on 29 September 2026 — adjust for karat, convert at a justified exchange rate, and only then compare with a retail quote. Use the gold price by country tool for a live indicative figure.
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