How much is one penny weight of 14k gold worth?

Karat divided by 24

Multiplied by spot price

Divided by 20 (pennyweight per troy ounce)

Example:

14 / 24 = .583 (percent gold)

.583 * $1505 = $877.42

$877.42 / 20 = $43.87

$43.87 is the price per pennyweight of 14k gold

Based on intraday spot rate on 5/12/11