There are 31.1035 grams in 1 troy ounce of gold. This is the standard measurement used for precious metals, and is heavier from the avoirdupois ounce (28.3495 grams) used for everyday items.
Gold is measured in troy ounces and not the standard (avoirdupois) ounces used for most other not precious goods such as food, textiles, and other dry goods. Avoirdupois ounces, equal about 28.35 grams, but they are not used for precious metals like gold or silver.
So, if you are considering a gold deal listed in grams, you have to divide the amount by 31.1035 to arrive at the equivalent amount of ounces. The troy was retained as the standard unit of measurement over the avoirdupois ounce to ensure purity standards.
Understandably, you might be wondering why precious metals use the troy ounce, rather than the standard ounce. It is clear that the name troy ounce derives from the French city of Troyes.
Troyes was a hub of commerce in the Middle Ages, and its traders began using the troy ounce as a measure equivalent to 480 grains of barley. Since precious metals were one of the more commonly-traded items, their measurement became associated with this standard.
The traders in Troyes, in turn, likely used measurements held over from Roman times as a backstop for this system. Romans used bronze bars as their currency, and these bars could be split into 12 pieces known as “uncia,” which became the word “ounce.”
Although the Roman system’s mass in grams was closer to the standard system, the uncia format (uncia means “one-twelfth”) stuck as the divisions for troy ounces. Even though our modern system eventually moved to 16 ounces per pound, the troy system retains the 12 ounce-per-pound system.
How much is one troy once of gold worth today?
As of writing this article the price of 1 troy once of gold is $3,345. This year gold price hit an all time high at $3500 in April as investors moved to the safe heaven metal, amid the geopolitical tensions and low interest environment across the globe.
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