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The price of gold on a certain day in 2004 was $315 per troy ounce. how much did 1.00 g of gold cost that day? (1 troy ounce 31.03 g.)

User Dplass
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1 Answer

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Final answer:

1.00 g of gold would have cost about $10.15 on that day.

Step-by-step explanation:

On a specific day in 2004, the market value of gold stood at $315 per troy ounce. To ascertain the cost of 1.00 gram of gold on this particular day, it is necessary to convert the given price per troy ounce into a cost per gram.

Since 1 troy ounce is equivalent to approximately 31.03 grams, the conversion factor is derived by dividing the price per troy ounce by this conversion factor:

Cost per Gram= Price per Troy Ounce / Grams per Troy Ounce

Substituting the provided values:

Cost per Gram = $315 / 31.03

Cost per Gram = $10.15

Therefore, on the specified day in 2004, the cost of 1.00 gram of gold was approximately $10.15. This calculation ensures precision in determining the per-gram cost, taking into account the standard conversion factor for troy ounces to grams. The result reflects the cost of a gram of gold at the given market price, offering a concise representation of the value of gold on that specific day in 2004.

User Aaron Jordan
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