Calculate gold rate in euros
The gold rate is calculated worldwide in US dollars per ounce or also called troy ounce.
The troy ounce is still mainly used today to indicate the weight of precious metals (gold, silver, platinum).
According to today's definition, a troy ounce weighs exactly 31.1034768 grams.
To convert the gold rate in euros, you first need the gold rate in US dollars.
We take the date from 02/08/2008. Here the troy ounce was traded at 918 US dollars and 1 euro was worth 1.45 US dollars. Now you divide the 918 US dollars by the number of grams of an ounce and then divide this result again by the 1.45 US dollars and you get the gram price in euros.
Example: 918 US dollars: 31.1034768 grams = 29.51 US dollars per gram: 1.45 US dollars per euro = 20.35 euros per gram
The troy ounce is still mainly used today to indicate the weight of precious metals (gold, silver, platinum).
According to today's definition, a troy ounce weighs exactly 31.1034768 grams.
To convert the gold rate in euros, you first need the gold rate in US dollars.
We take the date from 02/08/2008. Here the troy ounce was traded at 918 US dollars and 1 euro was worth 1.45 US dollars. Now you divide the 918 US dollars by the number of grams of an ounce and then divide this result again by the 1.45 US dollars and you get the gram price in euros.
Example: 918 US dollars: 31.1034768 grams = 29.51 US dollars per gram: 1.45 US dollars per euro = 20.35 euros per gram