One ounce of gold is equivalent to 31.1 grams. It’s important to know the weight of gold before buying or selling.
The troy ounce is the primary unit of measure for precious metals. It originated in Troyes, France and is used worldwide.
1. Troy Ounce
Almost every country in the world uses troy ounces as their standard measure of gold, silver and other precious metals. It’s not uncommon to find coins and bars in this unit of measurement when shopping online or at a local jeweler.
While the exact origin of the troy ounce is unknown, it’s largely influenced by the Roman monetary system. The Romans measured currency in bronze bars called aes grave, which was equal to one pound.
Some historians say that the French town of Troyes took inspiration from Ancient Rome and standardized the troy ounce as 480 grains of barley (compared to 437+1/2 grains in the American system). However, other historians argue that the troy ounce originated from medieval England where it was used to weight out and apportion coinage.
This makes it critical to understand how these measurements work if you want to purchase or sell precious metals. It also helps to know the difference between a Troy ounce and an Avoirdupois ounce so that you don’t short change a buyer or make an error yourself.
2. Fluid Ounce
When you hear people talk about a certain amount of gold, it’s often in terms of grams. A gram is about as much as a pen cap or paper clip, and it’s one of the most popular measures for investors in precious metals.
When weighing gold, you can either use the standard ounce (also known as the troy ounce) or the metric system. Using the troy ounce is important to buyers and sellers of gold because it’s an approved international unit of measure.
While the metric system is used for most non-precious items, a troy ounce is still widely used to measure gold and other precious metals.
The ounce is one of the most common measurements for precious metals because it’s a convenient and consistent unit of measurement across the globe. It also serves as a way for buyers and sellers to verify that a piece of gold meets a particular weight standard. This is especially important if you’re dealing with a piece of gold that’s been purchased abroad.
3. Avoirdupois Ounce
An oz (avoirdupois) is the unit of mass used to measure gold. It is the standard unit of measurement for the United States and many other nations.
The ounce was originally the standard weight of precious metals. It is derived from the Roman coinage aes grave, which was divisible into 12 unciae or ounces.
A troy ounce is a standard unit of measure for precious metals, such as gold and silver. It is also the standard unit of measurement for bullion and exchange-traded funds.
Despite the adoption of the metric system, the precious metals industry continues to use the troy system of measurement to ensure purity standards and common measurements are maintained. If you are shopping online, be sure to look for a seller that uses troy ounces.
4. Millesimal Ounce
One ounce of gold is usually measured in grams. This system is referred to as troy ounces and was developed as a standard to make it easy for people across the globe to trade.
However, there are a few other units of measurement for small amounts of gold, including pennyweights and grains. Pennyweights were first used in the 15th century and are equivalent to 1/20th of a troy ounce.
Fineness or purity is an important factor for both investors and buyers. It measures the percentage of gold in a piece.
Pure gold is too soft and malleable for many everyday uses, so it’s mixed or alloyed with other metals to add strength and wear resistance. It also does not tarnish, making it useful for solid-state electronic devices like calculators and GPS systems.