Until now, in many countries of our planet, a troy ounce is the main measure of the weight of precious metals (for example, silver and gold). And the concept of “ounce” appeared since the days of Ancient Rome, when the function of money was fulfilled by bronze coins, either whole or cut into 12 parts. These parts - each of them were called ounces.
What it is?
The measure of the weight of precious metals was called “Troy” from the French town of Troyes, in the vicinity of which grandiose fairs were held until the 12th century, where goods from all over Europe flocked. In order to be able to trade and pay somehow for goods, they launched the “international” unit of weight of precious metals, the basis of which was French livery, which is equal to the price of a troy pound of silver. Thus, it was then that the popularization of a troy ounce began (1/12 of a pound of the same name). Let us consider in more detail what a modern ounce of gold represents and what its role is today.
You should know that there are other weight measures of ounces other than troy. Therefore, do not confuse with the Troy pharmacy the eponymous unit of weight, common in Russia in the old days, or ounces of Maria Theresa and Averdupois, which are also measures of precious metals that are still significant in individual states. They all differ in weight. And for gold in our time, mainly used is either a troy measure of weight in ounces, or metric in grams
If somewhere the phrase “ounce of gold” is mentioned, then this means exactly a troy ounce, and not some other.
Compare the troy pound and the modern metric weight system.
What is equal?
One ounce of a ternary measure of weight contains 31.1035 grams.In some cases, this indicator is rounded to a value convenient for calculation: 31.1 or 31.1035 grams. Consequently, on the contrary, to determine how many troy ounces are contained in 1 gram of gold, you should take the reciprocal of the weight of 1 ounce in grams: 1 / 31,1035. In terms of ounces, the figure is 0.0322.
That is, 1 gram of gold corresponds to 0.0322 troy ounces.
Often there is a need to indicate the weight in larger weight units, for example, when transporting large batches of gold bars or similar products from it. In such cases, they resort to weight in kilograms and even tons. And then to translate these measures of weight into the Troy system, you just need to know how many ounces are contained in 1 kilogram of gold. Knowing the weight of 1 kilogram of gold in ounces, it is easy to calculate their amount in 1 ton.
Calculation is quite easy, based on the weight of one ounce of gold in grams.
- 1 ounce of gold in the Ternary system is equal, as already explained above, to 31.1035.
- Therefore, 1 kg of gold contains 32.1507 ounces, if you calculate the ratio of 1 kg of gold to the weight of 1 ounce. Naturally, the calculation of the initial values is taken in grams (1000 / 31,1035).
- How many troy ounces are contained in 1 ton (1000 kg) of gold is even easier to find, based on the previous calculation. You can calculate the result without computing, multiplying the number of troy units of weight contained in 1 kg (32.1507) by the number of kilograms contained in a ton of gold (1000). The result is a weight equal to 32,150.7 troy units (32,1507x1000).
Someone may have a completely logical question of why this ancient French system has retained its relevance so far. You can replace it in full with a more modern metric system - it would be less of a headache for jewelers, financiers, and industrialists involved in the extraction and marketing of precious metals. On this we can answer this way: in some developed countries, the traditions of measuring not only gold and silver according to such a system, but also other products are firmly maintained. In addition, the world banking and jewelry communities believe that the old French measure of gold and other precious metals, combined with calculations to determine their value, is the most convenient.
That is why no one is going to change anything in the near future.
The weight of gold contained in the accepted weight standards, in terms of grams, is quite stable. Only its value changes, depending on the economic and political processes on a global scale. Twice a day, the London fixing determines the value of gold, and it is precisely one unit of the described French measure of weight, that is, note, the price is set not not 1 gram of gold, but 31.10348 grams. The cost is set for three currencies: dollar, pound sterling and euro.
Where is it used?
A troy weight measure for measuring gold is fundamental in jewelry and banking. It is used to accurately determine the weight of precious metals and calculate the value of gold bullion. In addition, a troy ounce is often used in areas as far from gold and precious metals as pharmacy and cosmetics.
You can learn more about troy ounces from the following video.
