Conversion of measurements
Gold is normally measured in a troy ounce which is a little more than an ounce but you can convert 1 ounce of gold in grams. The troy ounce is about ten percent more weight than the ordinary avoirdupois ounce. One gram is equal to .03215 troy ounces. One troy ounce has 31.103 grams in it, whereas one ounce equals 28.3495231 grams.
Measuring the purity
It can be rather confusing to know all the gold measurements. One should also know about the purity of gold and how it is measured. The fineness of gold is usually measured in parts fine. Sometimes, it is also represented in karats and also in percentage of gold. Karat has to be distinguished from carat, as the latter is a measure of weight for precious gems and stones, whereas karat is used to measure the purity of gold. Though the measure of 1 ounce of gold in grams will help you to calculate the price of gold, you need the measures for purity too.
Different units of measurement
For instance, the karat refers to the ratio of gold which is found in a sample, such as in a coin or a bar. Pure gold has 24 karats and is represented as such. Hence the percentage of purity would be represented by the number of karats in the sample divided by 24. Hence, if it is said that a piece of gold has purity of 96.5 %, then it means that there are 23.16 karats in it. However, there is also a minimum amount of karats that must be present in a sample, in order to call it gold. This can also differ from country to country. For instance, in the United States, the sample must be at least 10k in order to be acceptable as gold, whereas the most popular in this country is 14k. These are usually used in jewelry, such as earrings and bracelets. In other countries, like France and Switzerland, the lowest allowed standard for terming a sample as gold is 18k, whereas the UK accepts 9k gold.
Some jewelers also use pennyweights in order to measure gold, and in this case , apart from knowing about 1 ounce of gold in grams, you also need to know that 20 pennyweight equals 1 troy oz. The gold jewelry also uses abbreviations, which one must know, in order to make the correct calculations of the value of the gold. Troy ounces are shown as OZT, whereas Oz signifies ounce. Apart from this, GR signifies grain, while DWT shows pennyweight and Gm shows grams.