how much gold is in 24 karat gold
Fineness Various ways of expressing fineness have been used and two remain in common use: millesimal fineness expressed in units of parts per 1,000[1] and karats used only for gold. Karats measure the parts per 24, so that 18 karat = ​18⁄24 = 75% and 24 karat gold is considered 100% gold.[2]
Gold standard This was meant to be a temporary measure, with the gold price of the dollar and the official rate of exchanges remaining constant. Revaluing currencies was the main purpose of this plan. No official revaluation or redemption occurred. The dollar subsequently floated. In December 1971, the "Smithsonian Agreement" was reached. In this agreement, the dollar was devalued from $35 per troy ounce of gold to $38. Other countries' currencies appreciated. However, gold convertibility did not resume. In October 1973, the price was raised to $42.22. Once again, the devaluation was insufficient. Within two weeks of the second devaluation the dollar was left to float. The $42.22 par value was made official in September 1973, long after it had been abandoned in practice. In October 1976, the government officially changed the definition of the dollar; references to gold were removed from statutes. From this point, the international monetary system was made of pure fiat money.