It depends on two things: today's price of gold (right now it ranges between $900 and $1000) and the fineness (karats) of your gold. For example, if you have an ounce of 10 karat gold and gold is $1000 an ounce today, then you'd figure it out as $1000 * 10/24 = $417. If you have 18 karat gold, you use 18/24 instead of 18/24. If you know it's pure (24 karat) gold, then you use 24/24.