One Ounce of Gold in the World; Two Numbers That Set Its Price in Iran

Today we learn exactly what one troy ounce of gold is, and how that single number builds gold's price in Iran too. We learn what a troy ounce is, and why it differs from the everyday ounce. Because every global gold headline moves this one worldwide unit. A troy ounce is close to thirty one grams of pure gold. Global gold is benchmarked in London auctions, always priced in dollars. That dollar figure first converts into the price of one gram of pure gold. Then it is multiplied by Iran's dollar rate and the karat factor for the local price. Here are today's ounce, Iran's dollar rate, and eighteen karat gold, side by side. Suppose the ounce is four thousand two hundred dollars and Iran's dollar is one hundred eighty thousand toman. One gram of eighteen karat gold then comes out near eighteen million two hundred thousand toman. Eighteen karat gold in Iran traded near nineteen million seventy four thousand toman today. The small remaining gap is the market premium and the making charge. Do not confuse the ordinary ounce with the troy ounce, they differ by about nine grams. Do not watch only the global ounce, Iran's dollar rate alone can move the price too. Take one thing from this lesson, Iran's gold price is always built from two independent numbers. Now you have the answer, the global ounce and Iran's dollar together set the price. A new lesson is waiting tomorrow.