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Grams per ounce of gold
The traditional unit of weighing gold is in troy ounce, which is the Anglo-Saxon system, and this is provided in various trade market websites. But if you wish to know the price in grams or you want to know how many grams per ounce of gold are present, you can also calculate this from these websites. One troy ounce has 31.1034807 grams in it. You can see the price of a troy ounce, or alternatively, the price of one gram, one kilogram and so on. The prices are also provided in all the currencies of the world, to facilitate trading in various parts of the world.
Other commonly used gold weights include pennyweights, tolas, which are used in the Indian subcontinent, taels which are a Chinese weight, kilograms and one metric ton.
Just because you have a coin of gold which is of purity 22K and if it weighs 1 ounce, you cannot claim that you have an ounce of gold, because of the presence of an alloy metal in the coins, which is not gold. But if it is pure 24k gold, then you can say that it is an ounce of gold. So if you want to calculate the grams per ounce of gold, then in a 24 k gold one ounce coin, you can say there are 33 grams and for a 22k ounce of gold, it would be about 31 grams or so.
In order to understand the various forms of investment in gold, the investor needs to understand various terminology used in the gold market. For instance, coins can be bought which is legal tender. This means that the coins are issued by the national monetary authority and can be used as a medium of exchange and is acceptable in paying off debts. On the other hand, numismatic coins are those that are a collector’s delight, as they might be antique coins and coins that are rare nowadays, more known for their condition and beauty in addition to their intrinsic value. The premium for these kinds of coins is more than the ones on ordinary bullion coins.
The investor must also be aware of premiums on coins. After knowing denominations such as troy ounce and grams in an ounce of gold, he needs to be informed that the price he has to pay for coins or bars will be more than the spot price of current price of an ounce of gold.
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