Troy ounce gold in grams it will be how much?


2018-03-25 15:56:08




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Reading world economic news, we often hear about such as measurements of gold like ounce. What does it mean? What this corresponds to in the usual units? What is the history of this concept?

A Troy ounce of gold in grams is 31,1034768. This measure also applies to other valuable substances, such as silver, platinum and not only for them. Valuable ingredients in the cosmetic industry is also sometimes measured by weight using the specified action.

an ounce of gold in gramsDespite the fact that an ounce of gold in grams is not an integer, but rather a complex number, it is many centuries remains the de facto standard. This began a long time ago, in the midst of the middle ages. In the twelfth century in the French city of Troyes every year there were fairs, which are flocked by huge number of people, goods, money from different countries. Needed was a standard unit of measurement of precious metals, which would perform the correct calculations in the trade, despite the fact that they were coins of different types and of different denominations. In those years of banknotes, but coins are often evaluated based on their exact weight.

But it is not only known in history, an ounce of gold. In grams formed 29,860 was in Russia's own Troy ounce. There were other similar units of weight. There was, for example, the Maria Theresa ounce, amounting 31,1025 grams. However, gold was adopted is always the same unit that was used at the official level.

At the time used a system of weights related to Troy ounce1 oz gold. Troy Gran was 1/480 from her. Twelve of these units were the pound. It was called Troy, and should not be confused with the usual measure of weight under the same name.

Some States issue in our time, coin weighing one Troy ounce of gold in grams component exactly 31,1034768. As example is the "Golden eagle" minted in the USA.

Since 1919, produced the so-called London gold fixing, which determines how much is 1 ounce of gold. This event occurs twice a day. Representatives of the world's largest banking organizations together and ustanavlivat price in us dollars per ounce.

Since the first half of the nineteenth century began to exist the gold standard. Its essence boils down to the fact that every currency rigidly fixes its value for the price of gold. All international payments are thus brought to a single basis. It brings the element of stability in the global economy, however, with the onset of the twentieth century and the beginning of the First world wargrams to ounces this standard became gradually obsolete. States incurred huge expenses, and this greatly affects the possibility of establishing a fixed price for gold. The world gradually began to split into several economic zones, which takes as the basis of a particular binding, of the national monetary unit. Zones of the British pound, us dollar and gold. After the Second world war, this competition was finally won by American currency. 

Much of the economy has changed, but Troy ounce in grams is the same value 31,1034768. It was used before and continues to exist on. When weighing gold is almost not used grams. In oz continue age-old traditions.

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Alin Trodden - author of the article, editor
"Hi, I'm Alin Trodden. I write texts, read books, and look for impressions. And I'm not bad at telling you about it. I am always happy to participate in interesting projects."

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