"Interest in gold has skyrocketed in recent weeks, with the price of one ounce hitting an all time high of $5,600 on January 29 before settling back to just under $5,000 on Sunday. As economic conditions fluctuate and geopolitical tensions rise, more individuals are seeking gold as a secure investment. In this visual explainer, Al Jazeera breaks down how gold value is determined, the prices of gold coins in different markets, and the countries holding the largest reserves."
"The weight of gold and other precious metals like silver and platinum is commonly measured in troy ounces (oz t). One troy ounce is equal to 31.1035 grammes. At $5,000 per troy ounce, 1 gramme of gold is worth about $160, and a standard 400-troy-ounce (12.44kg) gold bar costs $2m. Troy ounces are different from regular ounces, which weigh 28.35 grammes and are used to measure everyday items including foods."
Gold prices have quadrupled during the past decade, attracting investors amid economic uncertainty and geopolitical tensions. One ounce hit an all-time high of $5,600 on January 29 before settling to just under $5,000. Gold value depends on weight measured in troy ounces and purity measured in karats. One troy ounce equals 31.1035 grammes; at $5,000 per troy ounce, one gramme is worth about $160, and a standard 400-troy-ounce (12.44kg) gold bar costs about $2 million. Troy ounces differ from regular ounces, which weigh 28.35 grammes. Pure gold is 24 karats (99.9%), while 22K is 91.6% and 18K is 75%.
Read at www.aljazeera.com
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