How many grams in an ounce of gold?

What is a troy ounce?

A troy ounce is a unit of measurement commonly used in the precious metals industry, including gold and silver. This differs from the standard avoirdupois (imperial) ounce, typically used for everyday items.

Before the metric system, the UK used the avoirdupois system based on pounds and ounces, with 16 ounces to a pound. This was used to weight everyday items and precious metals. The troy system was introduced by merchants in the 1400s, so they would have a standardised weight system to make trading in gold and silver more practical. This is believed to have derived from the Roman monetary system which used 12 ounces to make up a bar equal to one pound.

The troy system became the official method used to measure gold and silver in Britain in the 1500s. The US then followed suit in the 1800s. This has since become the standard for weighing precious metals across the world, due to its historical significance and practicality in the industry.

The origin of the name ‘troy ounce’ is uncertain. The most popular theory is that it originated from the French market town of Troyes, frequented by traders from around Europe and Britain. However, there is some debate around this.

What’s the difference between a troy ounce and an ounce?

While both units are used for measuring mass, a troy ounce is specifically used to measure the weight of precious metals like gold and silver and is slightly heavier than the regular (avoirdupois) ounce commonly used for everyday items. One troy ounce is equivalent to approximately 31.1035 grams, whereas a standard ounce is approximately 28.3495 grams. Understanding this distinction is crucial for those involved in the precious metals market to ensure accurate measurements.

What other conversion metrics are used for gold?

In addition to troy ounces and grams, several other conversion metrics are sometimes used for gold:

• Kilograms (kg)

Kilograms are often used in larger-scale transactions or when discussing significant quantities of gold. One kilogram is equal to approximately 32.1507 troy ounces.

• Pounds (lbs)

Although less common in the international gold market, pounds are occasionally used in certain regions or industries. One pound is equivalent to approximately 14.5833 troy ounces.

• Tolas

Tolas are commonly used in some Asian countries, particularly India and Pakistan, as a unit of weight for gold. One tola is equivalent to approximately 11.6638 grams, or 0.375 troy ounces.

• Carats (ct)

Carats are a unit of measurement typically used to express the purity of gold rather than its weight. One carat is equal to 0.2 grams, or 200 milligrams.

• Pennyweights (dwt)

Pennyweights are another unit used predominantly in the precious metals industry, particularly in North America and some parts of Europe. One troy ounce is equivalent to approximately 20 pennyweights.