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Gold is a chemical element with the symbol Au (from the Latin aurum) and atomic number 79. It is a highly sought-after precious metal which, for many centuries, has been used as money, a store of value and in jewellery. ... TO FIND GOLD CONTENT AND DOLLAR VAULE USE THE FOLLOWING FORMULA: KARAT DIVIDED BY 24, MULTIPLIED BY SPOT PRICE, AND DIVIDED BY 20 EQUALS THE PRICE PER PENNYWEIGHT. EXAMPLE: 9K DIVIDED BY 24 EQUALS .375 .375 MULTIPLIED BY $921 (SPOT PRICE) EQUALS $345.37 $345.37 DIVIDED BY 20 EQUALS $17.26 (PRICE PER PENNYWEIGHT)$17.26 x..643 equals $11.09 per gramproduction fee for average small gold chain is $2.20 per gramat todays price 29-1-2008 9k chain would cost $13.29 per gram 18k gold chain same formula for todays price is $22.20 per gram.Large gold chain production cost $5.00 per gram plus profit margin