Seems like that's correct. If I were the DM, I'd probably increase the price a bit because one of the disadvantages spells such as shield, expeditious retreat, and true strike have is that the caster cannot bestow them on someone else. The magic item rules don't work very well when you apply them to spells of that nature, just as they don't work well when you make a continuous item for a spell that lasts rounds/level. I'd probably double or triple the price of the gauntlets with that in mind.
Edit: A better way to do it might be to try and figure out what level Shield would be if you could cast it on others. Using Shield of Faith as a road map, I'd say it'd be at least 2nd or 3rd level (the new spell would be better than SoF, and should thus be higher level). Plugging those numbers into the formula:
Sheild Spell (lvl 2) x Caster Level (3) x Command Word 1800 GP = 10800 GP
Sheild Spell (lvl 3) x Caster Level (5) x Command Word 1800 GP = 27000 GP