Gold is one of the most popular precious metals in the world. It is used for many purposes such as gold jewellery, in medicine and electronics. Gold is also an essential part of the world over economy, and has an established global market.
Gold has been used as a currency in many countries in history. In the past, many countries had adopted the Gold Standard, which meant their official currency was gold. Although that standard was abolished, gold has retained its importance in the global economy. It is seen as a good investment that should be a part of every portfolio.
The value of gold depends on its weight, and there are many types of gold weights that are used for trading, or investment. The most common type is a gold bar. A Gold Bar is a gold ingot available in many sizes, and weights. They can be specified into tow major categories. One category includes gold bars made through casting. This is a procedure in which, gold is melted, and is poured into different moulds to give them a specified shape.
The next category is that of minted bars. Minting is the process of hand cutting gold blanks according to exact measurements. When the bars are minted or casted, their weight is engraved on the top, so that it is known exactly what its value is. When weighed in grams, sixteen weights are available internationally, which range from five hundred gram to point third of a gram. In ounces, eight weights are available, from twenty ounces to below one ounce.
There are many different weights of these gold bars. Central banks usually hold gold in the form of four hundred oz bars. These bars are allowed to vary between three fifty, and four thirty oz, and are of around 99.5 percent purity. The most widely traded gold weights in the world are the kilo bars. It is the most popular kind to be used by traders, and investors, as it does not sell at a high premium, and thus can be cheaper than other alternatives. Apart from these, there are gold weights of a tone, 1 tola, or 10 tolas.
In London, the market deals in the London Good Delivery gold bullion bar. This gold bar is the most important gold bullion in the world, and it weighs four hundred oz. Loco London is the de-facto standard for bullion spot trading all around the world. This means that the physical bars will be passed from buyer to seller in a transaction.
Gold bars can be denominated in different weights around the world. Internationally, they are weighed in grams while in many English speaking countries including the UK; they are mostly weighed in ounces. In the Asian and Middle Eastern region, they are mostly weighed in tolas.
Nowadays, gold has become an increasingly attractive investment as gold prices are rising, and have reached their all time high this year. When prices rise, this brings profits to gold investors and sellers.
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