Looking for live gold prices in the United States? Gold is traded 24 hours a day on institutional exchanges like COMEX (Commodity Exchange, Inc. in New York) and the LBMA (London Bullion Market Association), with benchmark pricing quoted in US Dollars per Troy Ounce (oz t).
Whether you are pricing out physical bullion bars (American Gold Eagles, Canadian Maple Leafs), calculating the scrap melt value of 14K fine jewelry, or checking scrap gold buyback rates, your net payout depends on wholesale spot prices, purity karats, and dealer spreads.
Use our live interactive tracker below to monitor real-time COMEX spot prices, convert between troy ounces, grams, and pennyweights (dwt), and calculate intrinsic scrap valuations across all purity levels.
Gold Price Today
US Gold Karat Purity & Scrap Value Breakdown
Fine jewelry and coins in the US are categorized by karats (parts per 24 pure gold). Knowing the exact gold percentage helps you evaluate physical purchases or scrap sales against the raw COMEX spot rate:
Troy Ounces vs. Regular Ounces: The US Bullion Weight Standards
A frequent pitfall for US buyers and sellers is confusing standard kitchen weight with precious metals weight:
1 Troy Ounce (oz t) = 31.1035 Grams: Precious metals are weighed exclusively in troy ounces.
1 Standard Avoirdupois Ounce (oz) = 28.3495 Grams: Everyday grocery and shipping scales use this standard. A troy ounce is approximately 9.7% heavier than a regular ounce.
1 Troy Ounce = 20 Pennyweights (dwt): US jewelers and pawn shops frequently calculate buyback offers in pennyweights rather than grams. One pennyweight equals approximately 1.555 grams.
Spot Price vs. Physical Dealer Premiums: What to Expect
The live spot price displayed on institutional tickers represents wholesale bulk contracts for unworked 400-ounce bars. When buying or selling physical gold in the retail US market, transaction prices adjust around the spot baseline:
Buying Physical Bullion: Sovereign minted coins (like the US Mint American Eagle) typically carry a 3% to 7% dealer premium over spot to cover minting costs, distribution, and dealer margin. Private minted 1 oz bars carry lower premiums, usually 1.5% to 3.5%.
Selling Scrap Gold / Jewelry: Jewelers, refiners, and pawn shops must melt, assay, and refine old jewelry. Retail sellers typically receive 70% to 85% of intrinsic melt value at local pawn shops, and 85% to 92% of melt valuewhen selling through reputable online precious metals refiners.
90% US Junk Silver & Pre-1933 Gold Coins: Vintage circulation coinage trades with collector or historical premiums that fluctuate with physical supply and retail demand.
Frequently Asked Questions
What drives the live price of gold in the US?
Gold prices are primarily driven by real interest rates set by the Federal Reserve, the strength of the US Dollar Index (DXY), inflation prints (CPI), central bank reserve purchasing, and macroeconomic or geopolitical safe-haven demand.
What is the formula to calculate 14K scrap gold value?
To find the intrinsic melt value of 14K scrap gold:
Weight in Grams × (Current Spot Price per Gram) × 0.5833 = Melt Value
(Divide the live troy ounce spot price by 31.1035 to get the price per pure gram).
Is physical gold taxed when bought in the United States?
Sales tax on precious metals bullion varies strictly by state. Over 40 states (including Texas, Florida, Ohio, and California on transactions over $2,000) offer full or partial sales tax exemptions on investment-grade gold bullion coins and bars. Always verify your specific state tax regulations.
Does the IRS report gold sales?
When individuals sell gold back to dealers, reporting requirements depend on the item and transaction size. Under IRS Form 1099-B rules, sales of specific quantities—such as twenty-five 1 oz Gold Maple Leaf or Krugerrand coins—trigger mandatory dealer reporting. American Gold Eagle coins and common scrap jewelry sales under commercial reporting thresholds are generally exempt from automatic 1099-B filings, though individual capital gains tax obligations still apply.
