Gold is one of the best precious metals for investors who are looking to diversify their investment portfolio.

This story examines gold's appeal, its pros and cons, trading methods, and storage options. It also suggests five alternatives for diverse investments.

To calculate the price of a pound of gold, it's essential to understand the unit of measurement.

Gold prices are typically quoted per gram or troy ounce on commodity websites. Since there are 16 ounces in a pound, you need to convert these ounces into troy ounces.

Divide 16 by 1.0971, resulting in approximately 14.58 troy ounces in a pound. By multiplying this with the current spot price of gold, you can determine the value of one pound of gold accurately.

Gold marketplaces often have gold prices quoted for a troy ounce. As of 29 September 2023, the market value of gold is around $1,867.2 per troy ounce.

To find the value of a pound of gold, multiply 14.58 troy ounces by the current gold price. As of writing, it's approximately $27,223.776.

The price is influenced by market demand, politics, and economic stability, causing fluctuations from the base value.

Let’s quickly review the steps to find the answer to “How much is 1 pound of gold worth today?”

1. Convert troy ounce to ounce. One troy ounce is equal to 1.0971 ounces.

2. Find out how many ounces there are in a pound. 3. Multiply that value by the price of gold. 4. Divide that amount by 1.0971 to determine the price of one pound of gold.