Gold Weights Explained

By Jack Wagon

The most liked and used, precious metals of the world is gold. There are many uses of gold in jewellery making, in medicine and also in electronics. There is a major role of gold in the economy of the world, and it has a very huge international market.

Gold has been used as a currency in many countries in the history. In the past, many countries had adopted the Gold Standard, which meant their official currency was gold. Although that standard was abolished, gold has retained its importance in the global economy. It is seen as a good investment that should be a part of every portfolio.

The importance of gold is dependent on its weight. There are many measurements of gold weights that have been in use for the purpose of trading and investment as well. One of the most common types of gold is a gold bar. A lump of gold that is available in different weights and sizes is known as a gold bar. The gold bars can further be divided into two types. One type of gold bar is made by the process of casting. For making gold bars through casting, the gold is first melted and then is poured into different types of casts, to give it a specific shape.

The other type of gold bars is the minted bars. In the process of minting, the pieces of gold are cut into exact measurements with hand. The weights of the gold bars are always written on the top of the gold bars, so it is easier to know the weight. The weight of gold in grams is available in sixteen weights globally, that has a range from five hundred grams to one third of a gram. For weights in ounces, there are sixteen measurements, which range from twenty ounces to below one ounce.

The gold bars have many different types of weights. The central banks normally keep gold in the form of four hundred oz bars. The gold bars kept at the central bank may vary from three fifty to four thirty oz; the purity of these gold bars should be 99.5 percent. The most popularly gold bar weight that is used around the world for the purpose of trading is the kilo bars. It is inexpensive and cannot be sold at a high premium as compared to the other options, and therefore, it is very popular among the traders and the investors. The other popular gold weight measurements are ton, 1 tola and 10 tolas.

In London, the market deals in the London Good Delivery Gold bullion bars. This gold bar is the most important gold bullion in the world, and it weighs four hundred oz. Loco London is the de-facto standard for bullion spot trading all around the world. This means that the physical bars will be passed from buyer to seller in a transaction.

There are many different denominations of gold all over the world. Normally, they are measured in grams internationally, but in many other countries, mostly the English speaking countries like the UK, gold is usually measured in ounces. While in the Asian and Middle Eastern countries, they are measured in tolas.

Nowadays, gold has become an increasingly attractive investment as gold prices are rising, and have reached their all time high this year. When prices rise, this brings profits to gold investors and sellers. - 30448

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