The troy ounce of gold, in grams this will be how much?

Reading the world economic news, we often hear about such a measure of the weight of gold, like an ounce. What does this mean? What does this correspond to in the usual units? What is the history of this concept?

The 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 cosmetic industry are also sometimes measured by weight with the application of this measure.

Despite the fact that an ounce of gold in grams is not a whole, but rather a complex number, it has for many centuries been the de facto standard. The beginning of this was laid very long ago, in the midst of the Middle Ages. In the twelfth century fairs took place in the French city of Troyes every year, to which a huge number of people, goods, money from various countries were flocking. It was necessary to have a standard unit of measurement of precious metals, which would allow us to carry out correct calculations for trade, despite the fact that in the course of the coins were different types and different dignities. In those years there were no banknotes yet, and coins were often estimated based on their exact weight.

But this is not the only ounce of gold known in history. In grams of 29,860 there 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 used, which was used at the official level.

At one time, a whole system of weights associated with the troy ounce . The Troy Gran was 1/480 of it. Twelve of these units were a pound. It was called Troiskish, and it should not be confused with the usual weight measure under the same name.

Some states produce in our time coins, the weight of which is one troy ounce of gold, in grams the component is exactly 31.1034768. As an example, the "Golden Eagle" minted in the USA can be cited.

Since 1919, in London, the so-called fixing is performed, during which it is determined how much is 1 ounce of gold. This event occurs twice a day. Representatives of the world's five largest banking organizations come together and set the price in US dollars per ounce.

Since 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 ratio at a price with gold. And all international calculations are thus brought to a common basis. This brings an element of stability to the world economy, however, with the onset of the twentieth century and the outbreak of World War I This standard has gradually become obsolete. States incurred huge costs, 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 binding of their national monetary unit. Formed zones of the English pound, the US dollar and gold. After the end of World War II , the American monetary unit finally won in this competition.

Much of the economy has changed, but the troy ounce in grams is the same amount - 31.1034768. It was used earlier and continues to exist further. When weighing gold, grams are practically not used. In an ounce, centuries-old traditions continue.