Global gold prices, as one of the most important economic indicators, always attract the attention of investors and analysts. In this regard, a correct understanding of the units of measurement and how gold prices are calculated, especially in the Iranian market, is of great importance. The Troy ounce, which is equivalent to 31.1034768 grams, is considered the main pricing unit in the global gold market.
Formula for Calculating Gold Prices in Iran
The price of gold in Iran is not determined solely by the global ounce. To determine the value of each gram of 18-carat gold, the exchange rate of the dollar to the toman and the gold purity must also be considered. The result of this formula is only the "theoretical value of the metal" and is not necessarily the same as the final market price or the price of jewelry pieces.
For example, if the price of each ounce of gold is $2400, the theoretical value of one gram of pure gold is calculated as follows:
The value of one gram of pure gold in dollars = 2400 ÷ 31.1034768 = 77.1618 dollars
This number relates to the pure gold content, and the price of a small physical ingot may include additional costs such as minting and packaging.
Quotation and Gold Prices in the Domestic Market
In the Iranian gold market, "quotation" usually means the price of one mithqal of 17-carat gold with a purity of 705. Therefore, the theoretical value of the quotation is calculated using the following formula:
Theoretical quotation = ounce price × dollar rate ÷ 31.1034768 × 0.705 × 4.6083
However, it should be noted that this formula is only an estimate, and the actual price may be influenced by various factors. Factors such as exchange rates, transportation costs, and supply and demand in the market can affect this price.
Ultimately, a correct understanding of how gold prices are calculated and their impact on the domestic market can help investors and buyers make better decisions and take advantage of market fluctuations.
