do the math
$1186.74 per Oz for 24 carat gold as on 03-Aug-2010
Pure gold is 24 Karat (carat with a C is a weight unit).
0.2 gram or 1/5 gram or 1 carat
If we are discussing a gold ring and the ring is 18 carat gold (fairly pure: 18/24 by weight gold) and "they" are paying only for the gold content then there are 4 * 18/24 = 3 grams of gold "they" are going to pay you for. Gold is measured in "troy oz", not avoirdupois ounces like most everything else! There are 31.1 grams in 1 troy oz so your ring has about one tenth of an ounce of gold in it. You will get about 140 (dollars?) for it.
How much is 1 oz of 14 karat gold worth
18K gold is 75% pure gold, so in 1 oz of 18K gold, there is 0.75 oz (or 75%) of pure gold.
0.9488696 oz of gold
it depends on the weight and carat of the gold use this formula to calculate 1188.53/24*carats of your gold band * weight in oz = value as on 03-Aug-2010
1 oz
324
$3,852.12c