How the gram price is derived
Although Norwegian shops quote per gram, the global market quotes gold in US dollars per troy ounce. One troy ounce equals exactly 31.1034768 grams, so the pure gold (24K) gram price is the ounce price divided by 31.1034768, converted to NOK at the live exchange rate. Lower purities are then a simple multiplication: 22K/916 is the 24K gram price × 0.9167, and 18K is × 0.75.
Norway is outside the EU, and unlike its neighbours it charges 25% VAT on physical investment gold. Many Norwegian investors therefore buy and store bullion abroad or use exchange-traded products, while local dealers quote in kroner per gram converted at the USD/NOK rate.