Do you have any idea how heavy a single gold bar is? For many years, gold remains a staple in the global economy. However, there’s still so much to learn about this commodity.
The answer might come as a surprise, but there’s a whole lot more complexity involved in this.
How Does It Work?
We all know what a gold bar looks like. But not many people know how much each bar weighs. That’s because different countries use varying weight units when determining the weight of a gold bar.
So, here’s a breakdown of the different weight units used for gold bars.
- Gram: This weight unit is universal and several countries use this unit of measurement.
- Troy Ounce: This unit of measurement is often used in the USA, UK, Australia, and other English-speaking countries.
- Tola: This is commonly used in Middle Eastern countries and in the Indian sub-continent.
Different Gold Bar Weights
Let’s take a closer look at the different sizes of gold bars that are being sold in the market. The gold bars are usually categorized as either large or small.
- Small Gold Bars
With the small gold bars, you’ll find up to 50 different weights, from only 0.3 grams up to 1,000 grams. If you want to use the Troy ounce unit of measurement, the weight will be gauged between 1/10 of an ounce and 20 ounces. Generally, the 1,000g of weight is being used widely.
- Average Size Gold Bars
There seems to be a bit of discrepancy in the weight and size of the gold bars. It’s because of this why several International agencies rely on certain standards. In this case, they would deal with the gold bars in 400 Troy ounces or around 25 lbs.
Despite that, they put a leeway on the weight and that most of the International agencies trade gold between 350 ounces and 430 ounces. Based on the guidelines set by US Mint, these gold bars have a measurement of 7 inches x 3 5/8 inches x 1 3/4 inches.
- Large Gold Bars
The large bars are also grouped into three different categories. With these bars, the most common weights are 3,000 grams, 400 oz., and 100 oz. Some gold investors and refiners may request for a particular bar to be made according to their preferred weight.
It’s important to understand that the cost of gold bars will vary depending on certain factors. One of the biggest factors is the gold’s reverse relationship with foreign currencies including the US dollar.
So, if the other factors are affected, the market value of gold will either increase or decrease. As a result, the cost of gold bars will also fluctuate.
It’s clear that there are several things that people need to know about gold bars when it comes to determining their weight. By considering all of the factors mentioned above, you should already have a slight idea of the gold bar’s weight and value.