Gold is a precious yellow metal. The chemical symbol of Gold is ‘Au’ which is the short form of Latin word “Aurum” which means ‘Glowing Dawn”. Its weight is usually expressed internationally in Troy Ounce (Oz) and the currency is denoted as “XAU”. The standard weight in which gold is quoted in the international markets is Troy Ounce weighing 31.1035 gms and must have a minimum purity /fineness of 995. The purity of gold is generally described in three ways as under:
| PERCENT | FINENESS | KARATS | Comments |
| (Parts of gold per 100) | (Parts of gold per 1000) | (Parts of gold per 24) | |
| 99.99 Percent | 999.9 Fine | 24 Karat | Pure Gold |
| 99.95 Percent | 999.5 Fine | 24 Karat | Pure Gold |
| 99.90 Percent | 999.0 Fine | 24 Karat | Pure Gold |
| 99.50 Percent | 995.0 Fine | 24 Karat | Pure Gold |
| 99.00 Percent | 990.0 Fine | 24 Karat | Minimum allowed for Pure Gold |
| 95.83 Percent | 958.3 Fine | 23 Karat | Western India |
| 91.67 Percent | 916.7 Fine | 22 Karat | Indian Subcontinent |
| 87.50 Percent | 875.0 Fine | 21 Karat | Arabic Countries |
| 75.00 Percent | 750.0 Fine | 18 Karat | Standard International Karatage |
| 58.33 Percent | 583.3 Fine | 14 Karat | USA |
| 41.67 Percent | 416.7 Fine | 10 Karat | Minimum in USA |
| 37.50 Percent | 375.0 Fine | 9 Karat | Minimum in UK |
| 33.33 Percent | 333.3 Fine | 8 Karat | Minimum inGermany |
The gold conversion factors are as below:
| 1 Gram | Troy Ounce |
| Pure gold | 0.0321507 |
| 999.9 | 0.032148 |
| 999 | 0.032118 |
| 995 | 0.031989 |
| 1 Troy Ounce | Gram |
| Pure Gold | 31.1035 |
| 9999 | 31.1061 |
| 999 | 31.1351 |
| 995 | 31.2607 |
Related posts:
Awesome article.Much thanks again. Keep writing.