What does 24K gold mean?

24K gold in finance refers to gold that is considered to be of the highest purity, with a gold content of 99.9%. The "K" stands for "karat," which is a measure of the purity of gold. 24K gold is often used as a standard for measuring the purity and value of other gold products. In financial markets, 24K gold is often used as a benchmark for pricing and trading gold-related products such as futures contracts, options, and exchange-traded funds (ETFs). It is also commonly used in the manufacturing of jewelry and as a store of value for investors seeking to hedge against inflation or economic uncertainty. The high purity of 24K gold makes it highly sought after and valued in the global financial industry.