Tuesday, March 27, 2012
Gold bullion bars are traded in set agreed weights to ensure consistency between bullion markets around the world.
Gold weights are formally accepted by bullion markets in kilograms, grams, toy ounces, tolas and taels. The largest bullion bars, known as ‘Good Delivery Bars’ weight 12.5 kilograms, the smallest standardised bars being 5 tolas.
Understanding troy ounces (oz t) – At 31.1034768 grams, a troy ounce is marginally heavier than a standard ounce, as commonly used in cooking and domestic applications. The troy ounce derives from the imperial troy weights system, much of which is based on the Roman Monetary System. The troy ounce was officially defined as the standard measure for coinage in 1527.
Tolas and Taels – A Tolas is the equivalent of 11.6638038 grams and is commonly used in Arab State Gold Markets, acceptable weights for gold bars using the system are 5 and 10 tolas.
Taels are commonly used in the Far East where traditionally the weight of a tael varied widely between different regions until standardisation set the agreed weight equivalent to 50 grams. In Hong Kong and Singapore the Tael continues to be a legal weight measure, while Taiwan still use taels as a measure for precious metals. In other areas, including China and Vietnam, the tael is commonly used as a measure for food.