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1 Ounce of gold is equal to how much gold, only gold? -

Gold is a very familiar asset class in general and financial markets Forex market in particular. IN market forex, gold is second only to major currency pairs in terms of popularity in trading. The product portfolio of all forex brokers has this type of asset.

Researching units of gold is an essential task, which is extremely important for the buying and selling of gold in the population (spot market) and the gold trading strategy of investors in the market. forex school.

In this article, we will discuss in detail the types of units of gold and how to convert from international units to units in Vietnam market.

Before going into the gold unit, we will review how gold is traded in the spot market in Vietnam and in the forex market.

Trade gold on Vietnam spot market and forex market.

  • Vietnam spot market

In Vietnam, gold is sold in gold shops, jewelry shops, which can be owned by private businesses, households or gemstone companies such as SJC or PNJ …

Consumers (investors) come to those stores to buy gold and pay in cash. When the price of gold increases, they sell it and receive a profit from the price difference.

  • Trade gold on the forex market

Contrary to the spot market, in the forex market, investors are allowed to buy and sell gold through arbitrage contracts (CFDs). Research What is CFD?

That is, they will also spend cash to invest gold, but do not directly own gold in hand. The buyer cannot hold the gold and the seller doesn't need to deliver the gold. Profit or loss depends on the fluctuations of gold prices in the market. If the price of gold goes up, the buyer is profitable, the seller is at a loss and vice versa.

Unit of gold in Vietnam market

The official unit of gold in Vietnam's jewelry industry is the amount (tael) or tree. In the financial world, the quantity unit is used as a specialized word, but in these classes of people or everyday life, people often use the word “golden tree”.

The amount of gold weighing 37.5 grams. The spot gold price at the time of writing this article is VND 46.6 million / tael (bought in) and VND 47.3 million / tael (sold). The buying price is the price that stores accept to buy gold from investors (or the price that investors will sell), the selling price is the price that investors pay when buying gold.

Because the value of a large amount of gold, in tens of millions of dong, the market divided the amount of gold and used the unit of measurement as “only”.

1 thread of gold = 1/10 of the amount of gold, inferred there is a weight of 3.75 grams.

In addition, there are lower units such as gold dung, gold cups or zem gold.

The relationship between gold units is as follows:

1 tael (tael) = 1 tree = 10 only = 37.5g

1 only = 10 centimeters = 3.75g

1 stool = 10 cups = 0.375g

1 cup = 10 zem = 0.0375g

International gold unit

In the world, gold is calculated in troy ounces, which can be abbreviated as ounces and denoted as ounces. 1 ounce of gold has a weight of 31.103476 grams.

On the market, gold price is listed in US dollars, the current gold price is 1653.36 USD / ounce.

For the forex market, gold can be quoted in many different currencies such as US dollars, euros, pounds … and the following symbols: XAU / USD, XAU / EUR, XAU / GBP ….

For example: pair of XAU / USD is quoted: Bid 1653.36, Ask 1653.56, with Bid being the selling price (matching price when the investor places a sell order) and Ask being the buying price (matching price when placing a buy order). Bid price of 1653.36 means 1 ounce of gold = 1653.36 USD. Research Price What is Bid, Ask?

  • Convert international gold units to domestic gold units
  • 1 ounce gold = 31.103476g
  • 1 amount of gold = 37.5g

Inferred, 1 ounce of gold = 0.829426 amount of gold or 1 amount of gold = 1,20565 ounce of gold.

  • Converting international gold price USD / oz to domestic gold price VND / tael

Gold price (VND / tael) = gold price (USD / oz) x 1,20565 x USD / VND exchange rate.

For example: international gold price is 1653.36 USD / oz. USD / VND exchange rate = 22,500.

Gold price (VND / tael) = 1653.36 x 1,20565 x 22,500 = 44,850,903 VND / tael.

Golden age

Gold age is another term for the pure gold content in a gold sample. Gold age is a measure of the quality of gold. Pure gold is gold with no impurities or the percentage of impurities only accounts for 0.01%.

Gold content is calculated in Karat units (symbolized as k). According to international convention, pure gold (99.99% content, also known as Gold 4, No.9) is 24k gold. In Vietnam, people often call it 10-year-old gold.

For example: 75% gold is 18k gold or 7.5-year-old gold.

Based on the age of gold, the market is divided into two categories: gold and western gold.

  • Gold us: is 24k gold (99.99%). However, in Vietnam market, 98.5% or 98% gold types are also classified as gold.
  • Western gold: is 18k gold (75%) but lower grade gold such as 68% or 61% is also called western gold. This gold is often used to make jewelry more popular than gold.

Although classified in the same group, gold with high content costs more than low gold. Gold traded on the international market is 24k gold.

Hopefully, after this article, you will calculate the value of gold in different units and can easily convert from international gold units to domestic gold units. To trade gold more effectively on the spot or forex markets, you should carefully study the nature of this type of asset because the level of gold volatility is not inferior to forex or stocks.

You have just read the article: “How much gold, 1 ounce, is gold?”

Author: Tin Nguyen

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