Troy Ounce Gold Price

Why learn to convert

Various online commodity websites mention the price of precious metals in the troy ounce, in order to maintain a uniform system of weights all over the world. Hence, when buying or selling gold, you should know 1 troy ounce gold price and learn the different weight systems. At various precious metals auction websites, the sellers mention other units like ounce or you may know the weight of your gold or silver in grams. In both these cases, you will need to convert the weight into troy ounce in order to compare the prices correctly and not get cheated in the bargain.

Confusion between ounce and troy ounce

If the price mentioned used the term ‘ounce’ and not ‘troy ounce’ then you need to beware, as the values of both are not the same. The value of an ounce is less than that of the troy ounce, and hence the ounce weight mentioned needs to be multiplied by .91 in order to arrive at the relevant troy ounce weight for the item mentioned. However, if the price of the gold item is mentioned in grams, then it is very easy to know the weight and converting from grams to troy ounce can also be done very simply. In this case, the troy ounce is heavier than the gram weight, and there are 31.103 grams in a troy ounce. Hence, if the weight given is in grams, you need to divide it by this number in order to get the weight in troy ounce and check out the troy ounce gold price.

Grams and Grains

Another type of confusion can also be created with the use of the term ‘grains’ in case of specifying weight of precious metals. This term is quite different from grams. Grains are a smaller measurement of weight and there are 15.4326 grains in a gram. Hence, if the weight of a sample is presented in grains, and you wish to convert it into grams, then you divide it by the above mentioned number. These kinds of conversions are very useful, especially for finding out scrap value of precious metals.

For instance, someone might list that an item contains 100 grams of gold. In this case, in order to compare the price mentioned with the spot price for 1 troy ounce gold price, you will first of all need to convert the grams into troy ounce. Secondly, you may also need to know the purity or the amount of actual gold present in the item. You can multiply the purity percentage with the given weight and then divide it by 31.103, which is the conversion rate for grams into troy ounce.

Want more information about gold and other precious metals? Visit our guide to Precious Metal.

Troy Ounce Gold Price

Return to Top