Troy ounce of gold in grams of 31,1034768, possibly rounding to 31.1035 grams

The story of the Trojan ounce

, a special non-metric measure of weight in the international market purchase and sale of gold, so-called Trojan ounce. In connection with this, many often have questions about how much is an ounce of gold in grams, and why it is called so. The concept of "Trojan ounce", which translated into English. "Troy ounce", was made in the Middle Ages in the French city of Troyes, which is famous as the largest shopping center in Europe. A variety of currencies at the merchants gather on the fair from different countries makes some confusion and led to the emergence of the standard measures of weight, and then was asked to take the French livre. Since time is measured in grams of an ounce of gold it has become popular.

Use of non-metric measures the weight of

This value is indispensable primarily for banking and jewelry spheres of activity in the measurement of the weight of platinum, gold, silver, and determining their value. precious metals market and now has resorted to the use of Trojan measures considered "royal" as a reference. Many bullion coins come out into the light, weighing an ounce or fraction of it - half, a third, etc. In some countries, still 1 ounce of gold is useful as a weight of coins:.. For example, the American gold eagle and buffalo, Maple Leaf, minted in Canada, the Chinese panda, gold bar in Australia. Today, the cost per ounce of gold is set according to the London fixing, which is standard for one gram of metal. It should be noted that the fixing is listed in the three major currencies: the euro, the pound sterling and the dollar, but since the latter is a global currency, an ounce of gold in grams and its price is measured in US currency. Establishment occurs twice a day at 10:30 and 15:00 London time. So, in the English measuring system 1 ounce is equal to 28, 3,945,231 grams. The essence of this process is to determine the equilibrium price at a specified point in time in accordance with the current supply and demand, which involved five leading market participants: Scotia Mocatta, Société Générale, Barclays Capital, Deutsche Bank, HSBC. The cost of an ounce of the precious dynamically changing. Thus, over the last decade, it has grown from 500 to 2000 dollars.

Conversion Troy ounce

The word itself represents 1/12 -.. "One twelfth," ie, one pound is equal to twelve ounces. Translating grams per ounce, it should be extremely accurate to a thousandth of especially when bank calculations. Some believe that the Trojan gold measure is approximately 31 grams and is most often used when calculating this number. In fact, an ounce of gold in grams is 31, 1034768, possibly rounding to 31, 1035 grams, and is denoted by the symbol Ozt. Ounces of precious metals: gold, silver, platinum and palladium - denoted XAU, XAG, XPT, XPD, respectively. Historically, this measure is related to the mass of gold coins, which since ancient times has been fairly easy to trade. Given the centuries-old history of the Trojan measure the precious metal measurement, efficiency and optimality of its use, we have a long time we use it.