24K gold refers to gold which is 99.999% pure. In its pure state, gold is very soft and malleable, making it the perfect medium for jewelry. For thousands of years, goldsmiths have hammered, carved and embossed this beautiful metal, creating jewelry and objects of art. But today, 24K gold is not often used in its pure state.
In its pure state, the characteristics which make gold desirable for jewelry – it’s beauty, softness and color – also makes 24K gold jewelry less practical for everyday use. Therefore, in modern jewelry manufacture, 24K gold is mixed with other metals, forming alloys which retain the beauty and color of gold with the added strength and durability of the other metals. These alloys are represented by karat markings like 14K or 18K which indicates the percentage of pure gold contained in the piece.
That is not to say that pure 24K gold is never used to produce jewelry. In fact, 24K jewelry is popular in Asian countries like China. But today 24K gold is most often used for investment purposes. Bullion coins and bars are minted in fine gold with purities of 99.9% – 99.99%. An example of this would be a bullion coin like the Gold Vienna Philharmonic which is 99.99% pure. Coins like these are not used as currency as they would wear out quickly.
GoldFellow® purchases 24K gold jewelry, coins and bars at a higher percentage of market than lower karats of gold, since pricing is based on purity as well as weight. To obtain a cash for gold quote on 24K gold, jewelry, bars and coins, contact one of GoldFellow®’s professional gold buyers during normal business hours. You can also visit one of the many GoldFellow locations.