Features of a troy ounce of gold

Troy ounce of gold: what is it, where is it currently used, why exactly this measure has become a reference - such questions often arise when the traditional unit of measurement of precious metals is mentioned. The unusual name often evokes associations with either Troy or Trinity. To understand its real origin, you need to study the history of occurrence and weight in grams of troy ounces, and at the same time learn a little more about how to use this unit of measurement.

Troy ounce of gold is a unit of measurement used in banking, jewelry, cosmetology. It has an accurate determination of weight in grams, allows you to get accurate information about the amount of substance. In relation to precious metals, the following designations are used:

• XPD for palladium;
• XAU - for gold;
• XPT - for platinum;
• XAG is for silver.

Troy ounce of any of these metals weighs 31.1034768 grams. This accuracy is very important. The Troy weight system is built on it, which includes the Troy pound. This is the name of the gold-coin British pound, which includes exactly 12 such ounces. And also in this system, a measure of 1/480 of a troy ounce is used - a grain.

It is worth noting that before the advent of this measure of weight, pounds were used in the calculations. They were used in the trade in precious metals and other rare substances: spices, incense. The ancient Roman prototype of the pound - libra - weighed 327.45 g, and its 12th part was called an ounce.

Troy ounce has been used as a measure of weight since the 14th century.... The history of its appearance does not go back to the legendary Troy, but to a completely different city of Troyes in France. It is known to most tourists and travelers as the capital of the Champagne province, where the world famous sparkling wines are produced. In addition, there are many historical monuments from the Middle Ages, and true gourmets visit local fairs to enjoy a special delicacy - sausage based on the giblets of farm animals.

The shopping arcade in Troyes has existed since the 5th century, but they gained particular popularity in the 12th century. It was during this period that a regular fair was organized here, where traders from all over France and from other European countries came. The first mention of the troy ounce in connection with local trade dates back to 1390 in documents. It was then that the 12th share of the pound got its own designation - t oz / ozt. This measure of weight was used in calculating payments for grain, medicine, lapping and spices.

It is interesting that in the XIV century in France there was a relevant tradition to start its own metric system for each major trading city. For example, Toulouse and Celtic pounds were in use. Troyes decided that they were no worse than their neighbors. This is how the troy weight system appeared, the basis of which was the French livre, which corresponded to 1 pound of silver sterling.

It is interesting that, despite its archaic nature, this method of measurement still remains relevant and reliable, its accuracy defies doubts even centuries later. For the first time, a troy ounce is mentioned by such an authoritative source as the Oxford Dictionary. In his 1390 edition, this measure of weight is indicated as the reference for the grain trade. And also it was used in the pharmaceutical industry to determine the dosage of medicines and bulk raw materials.

Ozt was used in the circulation of precious metals due to the fact that coins were minted from silver... After the means of payment received a cheaper composition, the troy ounce continued to be used for trading in precious metals: palladium, platinum, gold and silver. After the First World War, most countries switched over to this system in their calculations. The main calculations were carried out between the USA, Great Britain, South Africa, Australia, Canada, where Anglo-Saxon units of measure have always been in use.

The traditional metric system of the 14th century is still relevant today. The modern sphere of application of the troy ounce is exchange trading. Since 2015, when setting prices for precious metals, electronic trading has been used. Within the framework of the auction, changes occur twice during the day GMT: at 10-30 and 15 hours.

Until that time, from 1919 to 2015, only 5 companies-monopolists in the production and trade of gold bars were engaged in setting prices. Representatives of 13 accredited states were admitted to the auction today, Russia is not included in their number.

The use of a troy ounce makes it possible to unify world prices for gold and silver, palladium and platinum - the main investment metals. Changes in its price affect the assessed value of the so-called metal accounts, within which the invested funds are transferred to precious metals. The weight of coins issued by the central banks of various states is also measured in fractions of ozt.

For example, in the USA, gold coins were minted. Their 50 USD denomination was the benchmark, equal to 1 troy ounce by weight. With a decrease in the amount, the measure was also divided. For example, 1/10 ozt was valued at 5 USD for a gold coin.

In Russia, the Anglo-Saxon measuring system did not take root largely due to the lack of the ability to influence the cost of a troy ounce. This designation is found only in the banking and investment spheres, it is used for internal use.But even when converted into grams, the mass of precious coins minted in the Russian Federation still corresponds to fractions or whole ozt. For example, a three-ruble silver coin weighs 31.5 g and contains 31.1 g of pure noble metal. That is, it fully complies with the definition of a troy ounce.

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