How Gold Is Valued
Gold is priced by the weight of pure gold it contains. A 100 g bar stamped 999.9 holds 99.99 g of gold; a 10 g ring stamped 916 holds 9.16 g. Multiply the pure gold by today's price per gram and you have the melt value, the floor that any buyer starts from.
International prices are quoted in US dollars per troy ounce, which is 31.1035 g, heavier than an ordinary ounce. Singapore dealers usually show a Singapore dollar price per ounce or per gram, and goldsmiths may still talk in tahil (tael), which Singapore law sets at 37.7994 g.
What you are actually paid is less than melt value. Dealers buy back below the price they sell at, and jewellery is usually bought for its gold content only, so the workmanship you paid for does not come back. See our guide to selling gold jewellery.