Start with the unit and fineness
Gold is commonly quoted in dollars per troy ounce of fine metal. One troy ounce is exactly 31.1034768 grams and differs from an ordinary ounce. The indicative fine-gram value is the ounce price multiplied by USD/TRY and divided by 31.1034768. That calculation is not a dealer or bank commitment to trade. Fabrication, distribution and the institution’s bid-ask policy are separate. Establish whether a displayed quote refers to fine gold or to a particular retail product.
Worked example: ounce, currency and purity
For an arithmetic illustration, use gold at $3,000 per ounce and USD/TRY at 40. The fine-gram value is 120,000 ÷ 31.1034768, or approximately TRY3,858.09. A hypothetical ten-gram bar with 995/1000 fineness contains 9.95 grams of fine gold, worth approximately TRY38,387.99 at that reference. These are not current prices. Multiplying gross weight by a fine-gold quote ignores purity. Jewellery may also require separate treatment of stones, fittings and workmanship.
| Price | What does it represent? | Comparison check |
|---|---|---|
| Theoretical fine gram | Ounce × USD/TRY ÷ 31.1034768 | Synchronised metal and FX quotes |
| Dealer ask | Amount paid to buy gold | Fineness, weight and added costs |
| Dealer bid | Amount received when selling | Buyback terms and spread |
Why gram gold can rise when the ounce falls
The lira reference is a product of two prices. If the ounce falls 5% while USD/TRY rises 8%, the new value is 0.95 × 1.08 = 1.026 times the old one, a 2.6% increase before other effects. Simply adding the percentages gives an approximation. A stronger lira can likewise offset a rising ounce. Separating the ounce move, currency move and local product premium helps identify which component drove a change.
Use the bid when estimating sale proceeds
If a dealer sells at TRY4,000 and buys at TRY3,900, an immediate round trip loses TRY100 per gram, or 2.5% of the purchase cost. The bid must rise about 2.56% to reach the original TRY4,000 outlay. This example excludes commissions; add them when applicable. Check whether the dealer buys products sourced elsewhere and whether packaging or assay requirements affect the quote.
Compare the same product at the same time
A live gold quote combined with yesterday’s FX close is not a consistent live reference. Record both timestamps and whether each input is a bid, ask or midpoint. Align weight and purity, and avoid ranking fabricated jewellery as though it were the same product as a standard bar. Finally confirm the executable quote and buyback terms. The method explains price differences; it does not predict the next move.
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Sources and further reading
Numerical examples are illustrative scenarios, not company data, bank offers or current tax rates.
This content is general information and financial education. It is not personalized investment advice or a recommendation to buy or sell.