Is the price of gold based on 14k or 24k?

The price of gold is typically quoted based on 24k gold, which is considered pure gold (99.9% gold content). However, the price for lower karats, like 14k, is derived by factoring in the purity, as 14k gold contains only about 58.3% gold. Therefore, when buying or selling gold jewelry, the price will be adjusted according to its karat value relative to the current market price of 24k gold.