Greetings to my readers! In France, there is the city of Troyes, famous for its architectural monuments of the Middle Ages, offal sausage and low-alcohol drinks.
Troyes is the historical capital of the Champagne province, which gives its name to the sparkling wines that the whole world drinks. And the city itself also gave its name, but not to wine, but to a unit of measurement of the mass of precious metals. A troy ounce of gold in grams is equal to 31.1034768 and is still used in jewelry, banking and cosmetology.
What is an ounce
Since ancient times, in many places it was customary to measure the mass of a material in pounds, and these pounds were not identical. The Russian pound was equal to 0.41 kg, and the pound sterling (silver coins) was approximately 0.35 kg. According to one version, it was he who later turned into the British pound - a currency that today is more expensive than the dollar or euro.
Ancient Rome also had its own pound - libra (327.45 g). The twelfth part of it was called an ounce.
Briefly about the history of the origin of the troy ounce
The first mention of the troy ounce (denoted as ozt or t oz) dates back to 1390. But the fair in Troyes (Champagne) was known in Europe since the 12th century, and probably appeared around the 5th century. This is how grain, cosmetics, and medicines were calculated (in fractions of a pound).
The words “Troyes” and “Troyskaya” sound different to the Russian ear, but it’s worth looking at the French spelling of the city’s name - Troyes - and the similarity becomes obvious.
What else is measured in troy ounces?
The weight of precious metal coins issued by central banks is measured in fractions of a troy ounce. For example, in the United States, American Eagles have been minted since 1986 - an official means of payment recognized in the world precious metals market. The coins are available in four denominations: 1/10, 1/4, 1/2 and 1 ounce. Based on the Gold Weight Coin Act, the gold content of the coins is guaranteed by the US government. Thus, a gold coin weighing 1 ounce, i.e. 31.104 grams, weighs a total of 33.931 grams. It has a diameter of 32.70 millimeters and a thickness of 2.87 millimeters.
Most modern coins are produced from various alloys that contain one or another proportion of precious metal. In Russia, grams are usually used to indicate the weight of a coin, but the precious metal content always corresponds to a certain fraction of a troy ounce. Thus, the gold commemorative coin “St. George the Victorious” with a face value of 50 rubles, issued by the Bank of Russia, weighs 7.89 grams, the mass of pure gold in it is at least 7.78 grams, which is 1/4 troy ounce. And the silver “St. George the Victorious” with a face value of 3 rubles weighs 31.5 grams, the mass of pure silver in the coin is at least 31.1 grams, i.e. approximately one troy ounce.
How many grams of different products fit in a faceted glass. Memo Read more
Types of ounce
In addition to mass, in Rome they measured in ounces:
- area: 1 oz - 2400 roman sq. feet, that is 29.9 m²;
- length: 1 oz - 1/12 Roman foot - 0.0246 m;
- capacity (volume): 1 oz - 1/12 sextary - 0.0372 mugs.
As a measure of mass, the ounce existed in many countries in Europe and beyond and was equal to various numbers of metric grams. Discrepancies have survived to this day.
ounce can mean not only t oz, but also other varieties:
- fl oz - fluid ounce (there are English and American, both are approximately 30 ml);
- oz at - avoirdupois ounce, derived from the trade pound (one oz at - about 28 g).
Avoirdupois ounce - troy ounce: what are the differences?
When measuring precious metals and not only similar units of scales can be used, differing not only in name. 1 troy ounce is not equal in weight to an avoirdupois - an “ordinary” ounce, which is almost 10% lighter than the English scale measure. How to recognize them?
Averdupois weighs 28.3495 g and does not belong to the troy measurement system. It is considered an English unit of scale, and is still used for weighing goods in the UK and US even in 2017. European states traditionally adhere to the troy system of weights and measures as a unit of calculation for gold and other valuable elements.
How many grams are in one ounce of gold
The Troy, also known as gold coin, pound weighed 373.2417 g (the same as 87.5 Russian zolotniks).
A troy ounce (1/12 pound) is equal to 31.1034768 g - this unwieldy number is often shortened to 31.1035, which is a joy to remember when trying to remember it.
One kilogram contains 32.1507 ozt of gold.
Online converter
Converting values to decimal mentally is not easy. For our convenience, there are online calculators and converters that allow you to enter indicators in different units of measurement and get the result without lengthy calculations. Here is one of them:
https://www.convert-me.com/ru/convert/weight/
What is a troy ounce and how is it designated?
A troy ounce is equal to approximately 31.1 grams. Its exact weight is 31.1034768 grams. The official designation for a troy ounce is oz t. In stock quotes, the symbol X is used to denote it: XAU - an ounce of gold, XAG - an ounce of silver, XPT - an ounce of platinum, XPD - an ounce of palladium.
How to use Western recipes correctly? More details
Measure in different countries
Until the 20th century, which greatly unified the units of measurement of mass, length and other parameters, residents of different countries used their own measures, different from those preferred by their neighbors. This complicated trade even then, and modern man is even more confused in the diversity. If you came across an ounce in fiction or historical literature, it could be:
- 1/8 German mark (Germany until the end of the 19th century);
- 1/12 pound (Italy);
- 1/16 trade pound (Portugal and Spain);
- 1 doubloon (South America);
- 3 ducat coin (Sicily);
- 1 liang, also known as tael (China).
Brief historical excursion
In ancient times and the Middle Ages, the main unit of mass measurement was the pound. In many countries it corresponded to different weights. So, in Russia it was 0.41, in Britain - 0.35, and in Ancient Rome - 0.32745 kilograms.
One twelfth of every pound was called an ounce. They calculated not only mass, but also area, length, and volume. Many of these units of measurement still exist today. An example is the American and English fluid ounce (“fl oz”), which is approximately 30 milliliters, and the so-called avoirdupois ounce (“oz at”), which is approximately 28 grams.
By the 14th century, the history of the famous fair in the city of Troyes (the historical capital of the French province of Champagne) already spanned more than 9 centuries. It was here that a special Troy pound appeared, named after the city. It was used to measure the weight of goods such as medicines, cosmetics, spices, grains, etc.
Thus, the province of Champagne is famous not only for its medieval architectural monuments, sparkling wines and gastronomic delights, but also for its special pound. In the 20th century, it became the basis for one of the main units of measurement of the mass of precious metals.
This is interesting.
Until now, in literature or historical chronicles, the word “ounce” can be understood as 1 Chinese tael, 3 Sicilian ducats, 1 South American doubloon, 1/16 of a Portuguese or Spanish trade pound, 1/12 of an Italian pound or 1/8 of a German mark.
But only an ounce, equal to 31.1034768 grams, is a universal international unit of measure for the weight of gold, silver and other precious metals, as well as products and coins made from them.
How much is 1 ounce of gold worth?
The cost of a 999 gold unit for 81 years (1919–2015, excluding war and post-war years) was determined by the London fixing established on the London Interbank Exchange. In 2015, the evaluation system underwent changes - electronic auctions are now held. The new price is set twice daily (at 10:30 and 15:00 GMT).
Until 2015, the price of gold was determined by 5 companies - the main traders and producers of gold bars in the world. Currently, 13 banks from different countries are participating in the auction, including Canada, South Africa, China, Switzerland, the USA and France. In Russia, there are no organizations accredited to participate in interbank trading.
Since the rate changes every day, it is best to track its fluctuations using a live chart.
Gold | RUB | 1 oz
USDRUB*PL1 chart! provided by TradingView
Gold | USD | 1 oz
Schedule PL1! provided by TradingView
Ounce in troy weights and measures
Gold, as the most popular of metals, is often measured using this unit. But the union is not the only “troy” measure of its kind - there are troy pound and grain. The smallest weight is gran, which means “grain” - 64.79892 mg. A troy ounce is 480 times larger in grams.
How much does a troy pound weigh? It is 12 times the value of an ounce, and if rounded to whole numbers, it is equal to 373 g.
Unlike other units of measurement in the system, the ounce is used constantly to measure gold. Today, not a single banking institution that sells elite gold coins can do without it. When weighing medications, pharmacists use the same units in grams as in the troy counting system.
The cost of an ounce of gold in 2014-2015
The year 2013 was remembered among traders and participants in international trading for the sharp fall in the gold rate. Most analysts associate this with the events in Cyprus (a financial crisis related to the country’s debt obligations, which arose against the backdrop of a significant tilt of the state economy in an offshore direction). And indirectly this is the consequences of the 2008 World Economic Crisis. Then, in just 1 day, the price of gold fell by almost 28% (to 1,350 US dollars per ozt).
In 2014, there was a gradual stable increase in the exchange rate up to 1400 USD. July 2015 was marked by the fact that the rate collapsed again to its 5-year low (to 1080 USD), which was caused by a tightening of US monetary policy (we are talking about an increase in the interest rate). But then, as expected, the rate rapidly went up.
The coronavirus pandemic also had a significant impact on the price, as demand for XAU increased sharply (as the most stable asset for investors). July 2021: the rate exceeded the 2000 USD mark for the first time in history.
At the beginning of 2021, the rate is 1700 USD.
INTERESTING! The current analyst forecast indicates that the XAU price chart will gradually increase. Therefore, it is not worth selling gold assets until 2025–2027.
Why is it important to distinguish between troy and regular ounces?
The names can be confused, but these measures have different meanings. A regular ounce weighs 28.35 grams. Using a simple mathematical formula, you can determine that the weight of a troy is 9.7% more than usual. The difference may seem insignificant. But if we are talking about trading, where the transaction amount, taking into account leverage, can be 1000 XAU, then the difference would be 1 kg of gold. And this is a huge difference in the estimated value of assets! On exchanges, a trader’s income can be generated from a purchase/sale difference of only 0.5%.
There are unscrupulous sellers who sell scrap precious metals, indicating its weight in ordinary ounces. If the buyer does not clarify this nuance, he may overpay the same 9.7%.
Gold bars
Areas of application of the troy ounce other than the precious metals exchange
In addition to stock trading, the measure is used in the following areas:
- Jewelry industry. In many countries, jewelry stores indicate the weight of products exclusively using ozt.
- Banking. When assessing the weight of ingots and describing them, the mass is always indicated exactly by ozt (or fractional parts of it).
- Production of cosmetics and pharmaceutical products. Used to indicate the specific gravity of a particular component.
Calculator for conversion to t oz
You can use online calculators to convert weight. They are mostly available on stock exchange websites. Also, this “tool” is integrated into the interface of Metatrader 4 and 5 versions (the program through which a trader conducts trading on the exchange). There are programs for PCs and mobile phones where this calculator is integrated with the current gold rate.
(function() { var qs,j,q,s,d=document, gi=d.getElementById, ce=d.createElement, gt=d.getElementsByTagName, id=”calconic_”, b=”https://cdn .calconic.com/static/js/"; if(!gi.call(d,id)) { j=ce.call(d,"script"); j.id=id; j.type="text/ javascript"; j.async=true; j.dataset.calconic=true; j.src=b+"calconic.min.js"; q=gt.call(d,"script")[0]; q.parentNode. insertBefore(j,q) } })();
