![]() The biggest gold depository in the world is that of the U.S. Central banks still hold historical gold reserves as a store of value even though the level has generally been declining. On 17 March 1968, economic conditions caused the collapse of the gold pool, and a two-tiered pricing scheme was established and gold was still used to settle international accounts at the old $35.00 per troy ounce ($1.13/g) but the price of gold on the private market was allowed to rise and fall this two-tiered pricing system was discarded in 1975 when the price of gold was left to find its free-market level. And by 1961 it was becoming harder to uphold this price, and a pool of US and European banks agreed on manipulating the market to stop further currency devaluation against increased gold demand. ![]() For a long period, the United States government set the value of the US dollar so that one troy ounce was equivalent to $20.67 ($664.56/kg), but in 1934 the dollar was revalued to $35.00 per troy ounce ($1125.27/kg). The historically gold price Historically gold was used to back currency in an economic system recognized as the gold standard a certain weight of gold was given the name of a unit of currency. The open market gold price The gold prices is determined on the open market, but a procedure recognized as the Gold Fixing in London, originating in 1919 provide a twice-daily benchmark figure to the industry. The most frequent carats used for gold in bullion, jewellery making and goldsmith are: 24 carat (millesimal fineness 999), 22 carat (millesimal fineness 916), 20 carat (millesimal fineness 833), 18 carat (millesimal fineness 750), 16 carat (millesimal fineness 625), 14 carat (millesimal fineness 585), 10 carat (millesimal fineness 417) and 9 carat (millesimal fineness 375). The carat system is gradually more being complemented or superseded by the millesimal fineness system where the purity of precious metals is denoted by parts per thousand of pure metal in the alloy. In the United States and Canada, the word karat is typically used for the measure of purity, while carat is referring to the measure of mass. Thus 24-carat gold is pure gold (99.99%) 12-carat gold is 50% purity, et cetera. One carat is one twenty-fourth purity by its weight. ![]() Carat and gold price Carat is a measure of the purity of gold and platinum alloys.
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