Gold Price per Ounce UK in GBP Sterling
|Week Change||£-31.75 (-3.17 %)|
Gold Price Per Ounce
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What is a Troy Ounce of gold
The troy ounce (T/Oz) is a unit of imperial measure. Gold is commonly measured in troy ounces which are used to weight and price precious metals such as gold silver and platinum. The troy weights system originated in the French city of Troyes and was the basis for the Medieval British coinage system introduced by Henry II. A troy ounce contains 31.1035 grams of 24 carat pure gold and there are approximately 32.15 troy ounces in a kilogram.
The gold troy ounce is one of the most commonly purchased unit sizes of gold. As well as being a highly flexible size, it is very easy to track the performance of your gold against the global market price of gold which is displayed in troy ounces (T/Oz). As well as being highly flexible and easy to track, troy ounce units of gold are very easy to store due to their relatively small physical size.
Investors looking to buy troy ounce units of gold have the option to buy 1oz bars or 1oz coins. Gold bullion bars are pure 24ct gold with a fineness of 999.9. Alternatively, investors can buy 22ct or 24ct coins. 24ct gold coins such as Canadian Maples, like bars, are pure gold with a fineness of 999.9. The most common way to buy gold in one troy ounce units is to buy 22 carat gold coins such as 1oz krugerrands and 1oz gold Britannias. Both coins contain another alloy other than gold making them harder wearing than pure 24ct gold coins but still contain exactly one troy ounce of gold or 31.1035 grams of pure gold.