Why Weight Conversion Matters for Investors
A weight unit converter is an essential tool for commodity investors, especially those dealing in gold and precious metals. Understanding unit conversions helps with:
- Gold investing - comparing prices per gram vs per troy ounce
- Commodities trading - converting between metric and imperial units
- Accurate calculations - avoiding errors in large transactions
- Price comparison - comparing prices from different sellers
Weight Unit Conversion Table
Metric System
- 1 Gram (g) = 0.001 kg
- 1 Kilogram (kg) = 1,000 g
- 1 Metric Ton (t) = 1,000 kg = 1,000,000 g
Imperial & Troy
- 1 Troy Ounce (oz t) = 31.1035 g
- 1 Pound (lb) = 453.592 g
- 1 Troy Ounce is not equal to 1 Avoirdupois Ounce
Important: Gold and precious metals are measured in Troy Ounces, not regular ounces (avoirdupois).
Gold Investment Examples
Scenario 1: Buying Gold Locally
Gold price at $65/gram. You buy 50 grams = $3,250. In troy ounces: 50g divided by 31.1035 = 1.607 oz t. Price per oz t = $3,250 divided by 1.607 = $2,023/oz t.
Scenario 2: Comparing Global Prices
Gold spot price: $2,000/oz t. Convert to grams: $2,000 divided by 31.1035 = $64.30/gram. Compare with local dealer prices to find the best deal.
Tips for Using the Weight Converter
Best Practices
- -Always confirm the unit - is it grams or troy ounces?
- -Calculate total cost - including buy/sell fees
- -Track historical prices - per gram for consistency
- -Use precision - especially for large transactions
Other Commodities Using Weight Units
Silver
Traded per troy ounce, typically $20-30/oz t
Platinum
Per troy ounce, rarer than gold
Agricultural Commodities
Coffee, cocoa traded per pound or metric ton