Let’s get to know about “Gold Unit” and “Gold Standard”

“Gold” is a desirable thing for people for sure. Especially in the present time where the price of gold reaches 30,000 baht per Baht. In the last 5 years, the price of gold was only 19,000 baht per Baht. Its price rose for about 11,000 baht compared to the past. Gold units and gold standards are something that the new buyers need to know before buying.

What is the Gold Unit?

When buying gold no matter if it is a gold bar or gold ornament, the gold will be measured and we need to buy it in Baht units. However, there are also other units that are used in gold measuring like gram or oz. The gold unit will be used differently among countries all over the world. 

  • Gram (g) is the global gold unit that many countries use, including Thailand. No matter the unit that is used, the gold needs to be measured and have gram units at first. 
  • Baht is widely used in Thailand. For example, 1 baht is equal 4 dime or 100 satang. A dime and a satang is used to call the gold that is less than 1 baht.
  • Troy Ounces or Ounces (Oz) is mainly used in setting the gold price in the world gold market. It is also used in English Speaking countries such as England, USA and Australia. 
  • Tolar is used in India, Singapore, Pakistan and other countries in the Middle East.
  • Tales is used in China, Hingkong and Taiwan.
  • Chi is used in Vietnam
  • Don is used in Korea.

In the past, there was a unit called Fuang. 1 Fuang equals half of the dime which is called Hoon. Hoon is less than a dime such as 10 Hoon equals 1 dime.

What is the Gold Standard?

The percent of the gold or pure gold can be divided into 2 types, one is 96.5% pure gold and the other is 99.99%pure gold. These 2 types are used for different usage. 

  • 96.5% pure gold is strong enough to be made as a gold ornament. This 96.5% pure gold has a variety of weight to buy from 0.6 gram to 5 baht or 10 baht. This kind of gold is the most popular in Thailand.
  • 99.99% pure gold is weaker than 96.5% pure gold. Since it is almost 100% pure of gold, it is not widely used in making gold ornaments but it is often resale in kilograms.

The reason why the gold bar is heavy and has a better price in purchasing is because it is not complicated to make. It can be pulled directly into a mold and have almost the whole weight of gold in it. On the other hand, gold ornaments will lose some gold weight in the procedure to make it and it has to count the weight of the borax. 

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