As anyone who’s ever watched The Lord of the Rings knows, gold is a precious metal. It’s so precious that it’s measured in a special unit known as the Troy Ounce.
But what exactly is a Troy Ounce, and how many grams are in an ounce of gold?
For the uninitiated, a Troy Ounce is a unit of measurement specifically used for weighing precious metals. This measurement method derives its name from the French city of Troyes, an important trading center for precious metals in medieval times.
One Troy Ounce equals 31.1 grams, meaning it’s a little heavier than a regular ounce, which measures 28 grams.
So if you’re ever lucky enough to find yourself possessing an ounce of gold, you can be sure it’s worth a pretty penny.
How Many Grams are in an Ounce of Gold?
As aforementioned, 1 oz of gold equals 31.1 grams. This statement, however, is accurate when dealing with a 999.9 fine gold bullion.
This is also known as a pure gold bar. If the gold is less pure, the gram count will be lower. The term ‘karat’ describes gold’s purity or refinement.
All it takes is a karat scale, and you can figure out the ratio of gold within an item. Generally, gold bar weight is often described as troy ounces or pounds.
The most common standard is 400 troy ounces, equal to 27.3 pounds. However, exceptions lie in the 1-kilogram brick, which weighs in at 32.15 troy ounces, or 2.2 pounds.
It would also help to remember that the most popular size is one troy ounce. However, a gold bar doesn’t necessarily have to be huge.
You can come across one-gram gold bars, which are affordable. They are also good for people who want to venture into the gold business.
One gram gold bars are also a good choice for those who want to save their money on precious assets to avoid inflation.
24k Gold
The highest purity gold you will find is 24k gold, the purest form of gold you can buy. 24k gold is 99.9% pure gold.
This percentage means that there are only a few parts per million impurities in this type of gold.
22k Gold
22k gold is still quite pure, but it contains more impurities than 24k gold. 22k gold is 91.7% pure gold, with the other 8.3% made up of a combination of silver, copper, and zinc.
18k Gold
18k gold contains a higher percentage of impurities than 22k or 24k gold. 18k Gold is 75% pure gold, with the other 25% made up of a combination of metals like silver, copper, nickel, and zinc.
14k Gold
14k gold contains even more impurities than 18 karat gold. 14 karat gold is 58.5% pure gold, with the other 41.5% made up of metals like silver, copper, nickel, and zinc.
10k Gold
10 karat gold contains the least amount of gold out of all the types listed here. 10 karat gold is 41.7% pure gold, with the other 58.3% made up of metals like silver, copper, nickel, and zinc
Now that you know more about the different types of gold and how they are measured, you can decide which type of gold is right for you. Keep in mind that the higher the karat number, the higher the price per ounce, and the greater the value.
So, if you are looking for an investment piece, you may want to purchase 24 karat gold, but if you are looking for something to wear every day, 18 or 14 karat gold jewelry may be a better option.
Is Gold Sold by the Ounce or Gram?
Which is it? An ounce or gram? When it comes to gold, it can be a bit confusing. Gold is typically sold by the ounce, but it can also be sold by the gram.
So, which one is it? Well, both. It all depends on what you’re buying. If you’re buying gold bullion, you will determine its value by the ounce.
But if you’re buying gold coins or jewelry, it’s usually sold by the gram. If you are into coins, however, it would be the best research on how to get the best 1oz gold coin to ensure you make sound decisions in your investment.
The same goes for jewelry. So, now you know. The next time someone asks you whether gold is sold by the ounce or gram, you can confidently say ‘Both!’
What is a Troy Ounce of Gold?
A Troy ounce of gold is a unit of measurement in the precious metal industry. The Troy ounce is heavier than the standard ounce, and it is also a bit larger.
Although the Troy ounce is not an official unit of measurement, it is still widely used in the gold market. A Troy ounce of gold equals 31.1 grams and is often used to price gold bullion and other precious metals.
The ancient city from which this form of measurement derives its name was famous for its wealth and abundance of gold.
Today, the Troy ounce is still associated with wealth and luxury, making it a popular choice for those looking to invest in gold.
Summary
Gold is a valuable resource used for centuries as currency and jewelry. Gold is measured in troy ounces, which are different from regular ounces.
A troy ounce of gold is worth more because it is heavier and contains more pure gold. If you’re looking to invest in gold, be sure you know the difference between troy and regular ounces to get the most value for your money.
And if you’re selling gold, make sure you’re quoting prices in troy ounces!
