Reading world economic news, we often hear about such a measure of the weight of gold as an ounce. What does this mean? What does this correspond to in our usual units? What is the history of this concept?A troy ounce of gold in grams is 31.1034768. This unit of measurement is also used for other valuable substances: silver, platinum and not only for them. Valuable ingredients in the cosmetics industry are also sometimes measured by weight using this measure.
Despite the fact that an ounce of gold in grams is not a whole, but rather a complex number, it has remained the de facto standard for many centuries. The beginning of this was laid a very long time ago, in the midst of the Middle Ages. In the twelfth century, in the French city of Troyes, fairs took place every year, which attracted a huge number of people, goods, money from various countries. There was a need for a standard unit of measure for precious metals, which would allow for correct calculations when trading, despite the fact that there were coins of different types and different denominations in circulation. In those years, there were no banknotes yet, and coins were often valued based on their exact weight.
But this is not the only ounce of gold known in history. Gramsamounting to 29, 860 was in Russia its own troy ounce. There were other similar units of weight measurement. There was, for example, an ounce of Maria Theresa, which was 31.1025 grams. However, in the gold business, the same unit was always adopted, which was used at the official level. At one time, a whole system of weights was used related to the troy ounce
. The troy grain was 1/480 of it. Twelve of these units made up a pound. It was called a troy, and should not be confused with the usual measure of weight of the same name.
Some governments issue coins in our time, the weight of which is one troy ounce of gold, which in grams is exactly 31, 1034768. As an example you can bring the "Golden Eagle", minted in the United States.
Starting from 1919, the so-called fixing is carried out in London, during which it is determined how much 1 ounce of gold costs. This event occurs twice a day. Representatives of the five largest banking organizations in the world get together and set the price in US dollars per ounce. Starting from the first half of the nineteenth century, the gold standard began to exist. Its essence boils down to the fact that each currency rigidly fixes its price ratio with gold. And all international settlements are thus brought to a single basis. This brings an element of stability to the world economy, however, with the advent of the twentieth century and the outbreak of World War I
this standard began to gradually become obsolete. States carried hugecosts, and this greatly influenced the possibility of establishing a fixed price for gold. The world gradually began to be divided into several economic zones, based on one or another peg of their national currency. The zones of the English pound, the American dollar and gold were formed. After the end of World War II, the American currency finally won this competition. Much in the economy has changed, but the troy ounce in grams is the same value - 31, 1034768. It was used earlier and continues to exist further. When weighing gold, grams are practically not used. Age-old traditions continue in the ounce.
