Gram and 10-gram pricing in gold trading
Gram and 10-gram pricing is how retail gold is quoted in India, Europe and much of Asia; divide the troy-ounce price by 31.1035 to get the price per gram.
Also called Price per gram, Per 10 grams, Gold rate
Outside the trading screen, gold is mostly priced per gram or per 10 grams. India’s official rates, most European dealers and most Asian jewelers quote this way; the “gold rate today” that millions search for is a per-10-gram figure in rupees. Because the international price is per troy ounce, converting means dividing by 31.1035 for a gram, or by 3.11035 for 10 grams, then applying the exchange rate.
How it applies to gold trading
At $4,000 per troy ounce, one gram of fine gold is $4,000 ÷ 31.1035 = $128.60, and 10 grams is $1,286. A retail 10-gram 24K rate in local currency will sit above that conversion by the import duty, sales tax and dealer margin of the country, and a 22K rate will be about 8.3% below the 24K figure. Tracking the gap between the local retail rate and the converted international price shows whether local demand is strong (local premium) or weak (local discount), a signal physical-market analysts watch closely for India and China.
For XAUUSD traders the conversion mostly matters when relatives or news reports quote gram prices, or when a gram-based price move is being compared with a dollar-per-ounce move.
A common mistake
Dividing by 28.35 (the ordinary ounce) instead of 31.1035. The result is about 10% too high per gram.
See also: Troy ounce, Tola, Karat, Import duty.
Frequently asked questions
How do I convert the gold price per ounce to per gram?
Divide by 31.1035. At $4,000 per troy ounce, a gram is about $128.60 and 10 grams about $1,286, before local taxes, duties and premiums.
Why is the local 10-gram gold rate higher than the converted international price?
Import duty, sales tax and the dealer’s margin are added on top, and the exchange rate used may differ from the interbank rate. A local premium above that signals strong physical demand.