Gold weight is calculated in “Troy measurements.” Although it may seem logical to credit ancient Greece with deriving this system, \"Encyclopedia Britannica\" states this was the \"traditional system of weight in the British Isles based on the grain...[the] name supposedly derives from the city of Troyes in France, site of one of the major medieval fairs.\"
Gold Per Gram In Troy Weight
One gram of gold equals 0.0321507466 troy ounces (1g= .03215 troy oz.), or 1 Troy oz. = 31.1g. These units are originally derived from the Troy pound which is equivalent to 12 troy ounces.
Gold Per Gram Value (Equation)
To calculate the base value of gold per gram, divide the current price of raw gold per ounce by 31.1, and divide that value by twenty-four, multiplied by the gold karat weight (price of raw gold per oz./31.1/24 x karats = base value of gold per gram).
Gold Per Gram Formula In Action
To see the above formula in action, we will substitute values current on the NYSE as of April 21, 2009 at 11:15AM EST.
raw gold= $886.15
of gold grams in one troy oz.= 31.1
highest karat weight= 24k karat value equated for= 24k
886.15/31.1/24 x 24 = 28.49
As of the above time and date, the price of gold per gram was equal to USD28.49
Steady Investment Historically
Gold prices are measured against currency and are calculated daily on the major global stock exchanges allowing gold values to fluctuate. However, due to the unreliant nature of this precious metal relative to the currency it is measured against, gold values have risen steadily over the last decade increasing by 150 percent since the start of the new millenium.
Tracking Gold Prices Per Gram (and other weights)
For current market values of gold per gram (or other weights) in multiple global currencies, visit http://www.goldprice.org/gold-price-per-gram.html. Live, real time updates of gold and precious metal values from the NYSE (per ounce) can be found at http://www.kitco.com/charts/ and an informative precious metal/gem weight and value calculator is located at http://www.goldcalculator.com/.