1Lb gold bars are popular among investors and collectors for their relatively low premium and convenient size. But how much is a 1lb gold bar worth?
The answer, of course, depends on the current spot price of gold, which fluctuates daily. As of September 2020, the spot price for gold was approximately $2000 per ounce. This means that a 1lb gold bar would be worth $32,000.
Dealers typically charge a small premium over the spot price to cover their costs and make a profit. The actual premium will vary depending on the dealer and the current market conditions, but it is typically between 2% and 5%. So, if the spot price of gold is $2000 per ounce, you can expect to sell your 1lb bar for between $40,640 and $41,600. Of course, you would only be able to sell your 1lb gold bar for a different spot price.
How much is a 1lb gold bar worth?
As of writing, the spot price of gold is USD 1910.48 per troy ounce. This means that a 1lb gold bar is worth USD 31,319.84.
How to calculate the value of a 1lb gold bar
There are two main ways to calculate the value of a 1lb gold bar. The first uses the live spot price of gold, and the second uses a gold calculator.
The live spot price of gold is the current price per troy ounce traded in the market. To calculate the value of a 1lb gold bar, you would multiply the live spot price by 32.15 (the number of troy ounces in 1lb). For example, if the live spot price of gold is $1200 per troy ounce, then a 1lb gold bar would be worth 1200 x 32.15 = $38,980.
A gold calculator is a tool that uses the current spot price of gold to calculate the value of a 1lb gold bar based on its weight and purity. To use a gold calculator, you would input the weight and purity of your 1lb gold bar into the calculator, and it would give you an estimate of its value based on the current spot price. For example, if your 1lb gold bar has a purity of 99.99%, then it would be worth $39,950 at a spot price of $1200 per troy ounce.
In general, the value of a 1lb gold bar will be slightly higher when calculated using a gold calculator than when using the live spot price alone. This is because most calculators use a spot price refreshed every few minutes, while the live spot price may fluctuate more frequently.
The current price of gold
The current price of gold is $1,560.00 per ounce or $50.00 per gram. A 1lb gold bar is worth $25,120.00.
As of September 2020, the average price for a 1 oz gold bar is $1935.92. This means a 1 lb gold bar would be worth approximately $77,438.08. Of course, the actual price of a 1 lb gold bar will vary depending on the current market value of gold.