Troy Ounce of Gold

Measurement in Commodity market

The price of gold is stated in commodity markets in the form of troy ounce of gold. When gold is measured as troy ounce of gold, it is often mentioned as just ounce, but this should not be confused with the ordinary ounce or avoirdupois ounce. A troy ounce of gold is worth 31.1034768 grams. The common ounce is lighter than a troy ounce, as one avoirdupois ounce of gold is equal to 28.349523125 grams. There are many online tools that convert troy ounce of gold into other units, such as kilos, oz, dwt, grams or grains, and you can then get the price in the system of weights that you prefer.

Difference in measuring Sugar and Gold

When we talk about an ounce of gold and an ounce of some other material, say sugar, they do not weigh the same. This is because in the case of gold, we are referring to the troy ounce, whereas in the case of sugar, the ounce referred to is the avoirdupois ounce, which has a slightly lesser weight. This is an important point to be remembered while selling your gold jewelry or buying from online sites or auctions, as the difference could mean a lot in terms of your gold price per troy ounce.

Conversion methods

Whatever the measurement of gold given, it should be converted into troy ounce and not into the common ounce. If you are given the measurement of the gold piece in grams, then it should be divided by 31.1034768 in order to get the value of the gold troy ounce. This is because the weight of a gram is much less than the weight of a troy ounce. Another thing to remember in troy measurements is that the troy ounce gold is quite different from the troy pound of gold. It is also to be noted that though the troy ounce is greater in weight than the avoirdupois ounce, the troy pound is lesser in weight than the avoirdupois pound.

If you wish to convert a gram of gold into avoirdupois ounces, then you should divide the value with 28.35, as the avoirdupois ounce is heavier than a gram. A kilogram is another unit of the metric system, where 1000 grams make one kilogram. If you have the weight of the gold in kilograms, then you can obtain the weight in troy ounce by multiplying the weight in kilograms with 32.15075, to get the weight for troy ounce of gold.

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

Troy Ounce of Gold

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