What is an ounce of gold and how many grams is it?

When it comes to the weight of precious stones and metals, the term “ounce” appears, which is unusual for the average person. This measure has been known since Roman times and was the main unit of weight in Europe during the Middle Ages. Now it is not as widespread as it was before. Most often it occurs in transactions of purchase and sale of precious metals. Let's figure out how to find out how much an ounce of gold weighs in grams and what it is needed for.

What is an ounce of gold and how many grams is it?

The first ounce appeared in Ancient Rome. It was a coin made of an alloy of tin, copper and lead. The obverse of the sign depicted the profile of Roma, the founder and first king of the state. A Roman ounce weighed 27.28 grams. This value began to be taken as a measure of mass. It was adopted in different countries, but slightly transformed.

So, in the USA, weight is calculated relative to the avoirdupois pound, 1/16 of it is an ounce, that is, 28.35 grams. There is also a fluid ounce. For example, it is used in the UK, measured in cubic centimeters. One unit of volume is equal to 28.41 (one cup of expresso). The troy ounce is used to weigh and evaluate precious metals. Let's talk about her.

A troy ounce of gold is

An ounce of gold , silver, and platinum is 9.7% heavier than the same ounce of avoirdupois. It is not used for weighing metals at stock exchanges, banks, or in the jewelry industry. However, on the Internet, due to confusion in concepts, they can sell jewelry by indicating the weight in ounces, but not indicating which ones. It’s worth clarifying, otherwise you can overpay by the same 9.7%.

An ounce of gold in grams is equal to 31.104. It is calculated relative to the troy pound, of which it is 1/12. The abbreviation “t oz” has been approved for the measurement unit. Let's assume the option ozt. Among modern troy ounces of gold in grams, the most massive. In the old days, it was equal to the apothecary weight measure among the British. Medicines, herbs and potions were packaged in just 31.104 grams.

The Troy pound also fell out of use. Only avoirdupois remains in use in Great Britain. But the troy ounce has been preserved as a measure of weight for precious metals.

History of the troy ounce of gold

Historians believe that the name of the measure of weight is not associated with the ancient Greek city of Troy. The name of the ounce, scientists note, was formed in Troyes Champagne. This is a province of France, where a fair was organized back in the 5th century. By the 14th century it had become the largest in Europe and one of the main centers of world trade.

People came to the market from all over the world, and confusion arose in the weight measures, because they differed among residents of different countries. Even in France itself at that time there was a Toulouse pound, a Cologne pound and several more - each city had its own. Troyes also had its own troy pound.

The first mention of it dates back to 1390. The data is provided by the Oxford Dictionary. Market traders made the local weight measure uniform for the fair. Everyone is accustomed to measuring goods in troy ounces. Many lands adopted the French measure, including England.

The troy ounce had a fixed weight, which was convenient. For comparison, in Europe there was such a measure as gran. This is the average weight of barley grain. What kind of grain should be considered average and what exactly its mass is, people have been arguing for centuries.

The cost of an ounce of gold in 2014-2015

A gold ounce today is worth the same as in January 2014. The indicator recently returned to its position. Almost the entire last year, the precious metal lost in price, only in the fall it began to regain lost ground and, ultimately, reaching $1,200 for 31,104 grams.

A sharp jump in the value of gold has been recorded on the ruble market. The phenomenon is associated with the devaluation of the Russian currency, its fall against the euro and dollar. At the beginning of 2014, they were asking about 1,300 rubles per gram. Now more than 2000 rubles are paid. The increase was over 70%. Experts are inclined to believe that the devaluation of the ruble will continue in 2015, which means that gold prices are also predicted to rise further.

In addition to data on how many grams are in an ounce of gold , there is information about the cost of 1 unit of weight of valuable elements since 1950. So, then for 31.104 grams of yellow metal they asked for 34.7 dollars. A sharp jump occurred in 1973.

From 97 conventional units the price increased to 160 dollars. From 1979 to 80, the cost increased by 300 bucks and began to fall from 600 to 299 dollars. A new round of growth began in 2002. For 13 years now, they have been asking for more and more per ounce of gold.

Variations in the cost of an ounce of gold, taking into account markups

1 ounce of gold has a fixed price on exchanges, in bullion. But in jewelry stores, for example, bank settings are only a starting point. A markup is made for the work of jewelers, the costs of maintaining retail outlets, and the costs of paying sellers are taken into account. As a result, the cost of an ounce of gold today may differ greatly from its actual value.

This, by the way, is associated with a drop in demand for investment coins of the Central Bank of Russia. The following people understand that 18,300 rubles for a sample weighing 7.78 grams is an inflated price. Therefore, throughout 2014, investments were made in European coins, such as the Philharmonic and the American Eagle. The latter contains exactly one troy ounce. The price from gold , because the sign is platinum.

Although the Central Bank miscalculated its sales policy, it continued to purchase the precious metal itself. The organization's storerooms contained 33,300,000 ounces of gold. The price of inventories has increased with their quantity. In February 2015, the Central Bank increased reserves to 37,000,000 troy ounces.

On bullion coins the content of troy ounces is written. However, this does not mean that the coin weighs exactly the same. Platinum "Eagle" is made of pure metal. But the Krugerrand is cast from a 22-carat alloy, which contains only 91.677% of the precious element. It turns out that the coin contains an ounce of gold , but the price today is calculated taking into account the alloy - the addition of silver, copper and more.

How much does an ounce of gold cost?

If we talk specifically about the “yellow devil”, then the importance of the troy unit for this precious metal is difficult to overestimate. The fact is that the cost of gold is calculated in US dollars per troy ounce, and not per gram. Every day in Great Britain, in London, the question is decided how much this one measure of gold will cost in dollars. Moreover, prices are set twice every day. According to Moscow time, this happens at half past two in the afternoon and at six in the evening (10:30 and 15:00 in London).

It is interesting that the question of how much one troy value of gold will cost in dollars is decided not by governments or presidents, but by several large banks that have the greatest power in the market. And the process of their agreement to set a single price for gold is called “fixing”. Thus, it is difficult to talk about the fixed cost of an ounce of gold, since these quotes change not just daily, but even twice a day.

The issue of the cost of gold of different grades is even more complicated. The fact is that bank quotes indicate the price of pure gold of 999 purity. And many gold products are alloys of pure gold with silver, copper, platinum and so on. Therefore, the cost will be lower in any case, unless we are talking about metal in bank bullion.

If you are planning to sell gold jewelry, be sure to keep track of pure gold quotes so you can try to sell your items when the price of this precious metal is at its peak.

Historical unit of weight for jewelers and more

The name "Troy" was borrowed from trades near Champagne, in France. In the village of Troyes, trade was so active that over time the residents had a need to acquire their own unit of measurement of scales to clarify the cost of products. Taking as a basis the national currency of that time - the French livre, which included an ounce of silver, Troyes became the ancestor of a popular weight unit.

Initially, traders used a troy ounce of gold to measure grain crops and medicines - essential goods for all segments of the French population. Later, what a troy ounce was was learned not only in other regions of the country, but throughout the world, and the convenient weight “category” appealed to both jewelers and bankers.

The first official mention of the troy ounce (how many grams, designation and decoding of the concept) is given in the Great Oxford Dictionary of the 14th century. It states that a troy ounce is “a unit of measurement for precious metals and valuable medicines, as well as other goods, used to facilitate trade and settlements with customers, equal to 31.1034768 grams.”

Historians claim that during the Roman Empire, the system of weights and measures contained a value close to the modern troy ounce. The weight of the unit was closer to 28 g and more like the avoirdupois ounce used in England.

Ounce is mistakenly attributed to origin from the large city of "Troy", notorious to lovers of history and tales of heroes of the past. Contrary to popular belief, it has nothing to do with the Trojan Horse or the legends of that time.

What other ounces are there?

Until the 19th century, the ounce was a popular measure of weight, used in many areas. For example, we meet it on the pages of Dickens: it turns out that... jam was even measured in ounces! And, despite the establishment of the troy standard, one ounce could weigh differently in different countries.

You should know about several of the most popular “sisters” with which Troy should not be confused:

As you can see, the weight of all these species ranges around 29–30 grams, which is explained by their common origin from the ancient Roman weight measure. And only the Dutch one stands out from the general series: this is because in the Netherlands in 1820, when switching to the metric principle, they decided to keep the usual name for the ounce and assigned it a special place in the new system - it began to weigh 100 grams.

Thus, when answering the question of how many grams are in an ounce of gold, it is necessary to clarify which one is meant. However, now all types, except Troy, are outdated. So when modern financiers talk about how much an ounce of gold costs, they always, in 100% of cases, mean, of course, the troy standard.

A measure of weight with a rich past

When you hear the word “ounce,” you should know that the ancestor of this unit of weight was the troy ounce. In international practice, this value has a fixed abbreviation consisting of three letters in Latin letters. This can be an option t oz or ozt.

This mass value received its name from the French city of Troyes. In the Middle Ages, it was a large trading center, where representatives of different nations brought all kinds of items in demand. To avoid confusion with calculations, all goods were bought and sold for pure gold. And the main measure of gold became the troy value. One troy ounce of gold weighs 31.103 grams.

Moreover, between 1824 and 1858 the troy pound (comprised of twelve ounces of the same name) was the basic unit of weight in Great Britain. Then the metric system of measures, which is used by most modern people, became generally accepted. But goldsmiths continue to use the troy value in calculations. This is a kind of gesture of continuity between generations of jewelers and a tribute to this figure with its rich past. In addition, it is used in cosmetology when weighing especially expensive and unique ingredients.

It is in the troy unit that the mass of precious bank investment coins is measured.

Determining the price of gold using the London fixing

How much 1 ounce of gold will cost in grams is now determined by the London fixing 2 times a day - in the morning at half past ten and in the afternoon at three o'clock. Previously, this was not necessary because the gold standard was in effect. The price of gold was fixed at three pounds seventeen shillings and nine pence for the purchase and three pounds seventeen shillings and ten and a half pence for the sale. Fixing was first carried out in 1919. the twelfth of September. Since then, the fixing process has not changed much.

Purity standards or how many precious metals are in valuable coins?

Today, the ounce is the primary measurement in precious metals trading: it measures the weight of bullion or bullion coins (gold, silver, palladium and platinum) issued by central banks.

What is the current ratio “USD - troy ounce”? For example, in the USA, coins were made from gold weighing 1/10 of a troy ounce, corresponding to a denomination of 5 dollars; 25 dollars corresponded to a coin weighing ½ troy ounce, 50 dollars corresponded to a coin weighing 1 ounce. The classic version is undoubtedly the American Eagles - they contain one ounce of high-grade platinum.

In Russia, the weight of coins made of precious metals is indicated in grams, but the amount of precious metal is indicated in fractions of a troy ounce. The weight of the 50 ruble St. George the Victorious gold coin issued by the Bank of Russia weighs -7.89 grams, the weight of pure gold is at least 7.78 grams, which is ¼ troy ounce.

Where does the name of the unit of measurement come from?

The name of the troy ounce presumably comes from the French city of Troyes, a center of international trade known since the 9th century. The first mention of the troy ounce dates back to 1390. In Troyes, which at that time was one of the most important centers of trade in the world, a standard system of measures was introduced to simplify the exchange of goods between traders from different countries. The basis for the standardized measure of weight was the French livre, which included the troy pound of silver. Soon, by order of the English king with French roots, Henry II , troy units of measurement - grains, ounces and pounds - began to be used in England.

These weights were also used to weigh grain crops. In addition, the troy ounce was used by pharmacists at that time to determine the weight of drugs.

The previously existing Troyes system of measures is now outdated; troy ounces are actively used only in banking and jewelry as a noble standard for the weight of precious metals.

Troy ounce

The troy ounce is a generally accepted measure for precious metals.

Simplified value for translation: 1 ozt – 31.1035 grams .

It should be noted that in international trade this unit is used only to determine the mass of pure metals of the highest standard.

On world currency markets, the XAU index is used to indicate the rate of 999.9 gold. Mints in different countries mint coins weighing 31.1 g. Many, both old and modern money made of gold and silver, have this denomination.

Measure in different countries

Until the 20th century, which greatly unified the units of measurement of mass, length and other parameters, residents of different countries used their own measures, different from those preferred by their neighbors. This complicated trade even then, and modern man is even more confused in the diversity. If you came across an ounce in fiction or historical literature, it could be:

• 1/8 German mark (Germany until the end of the 19th century);
• 1/12 pound (Italy);
• 1/16 trade pound (Portugal and Spain);
• 1 doubloon (South America);
• 3 ducat coin (Sicily);
• 1 liang, also known as tael (China).

How much does an ounce weigh?

How much does a troy ounce of gold weigh? In grams in Ancient Rome its weight was 27.288. After the disappearance of the Roman Empire, there was no single standard for the minting of bronze coins, and therefore the ounce somewhat lost its infallibility. Her weight in different areas began to differ noticeably. And this, in turn, became the subject of a dispute between the buyer and seller. The introduction of the metric system of units made it possible to determine how much a troy ounce of gold weighs in grams. Today one ounce weighs 31.1034768 grams.