Commodity Unit Value Converter
Convert a quantity of gold, silver, copper or crude oil into dollar value using a unit price, with weights in grams, ounces, kilograms or pounds.
Detailed guide
What it is, how to use it, how to read the numbers, common mistakes, a worked example, formulas, and FAQs.
What this calculator is
Commodities are quoted in different units: precious metals per troy ounce, copper per pound and crude oil per barrel. That makes a quick answer to "what is this worth?" awkward when your quantity is in kilograms or grams. This converter takes the commodity, the quantity and your unit, converts the quantity into the unit the market uses, and multiplies by the reference price to give a dollar value. Traders, students, scrap sellers and anyone reading market news use it to sanity-check a position size or a quote. The prices come from delayed free feeds and are not tradeable quotes, so the result is a notional value: a number for planning and comparison, not what a dealer or exchange would pay.
When to use / who it helps
- You hold a quantity in kilograms or pounds and need the value in the unit the market quotes.
- You are comparing the notional value of a barrel of oil with a quantity of metal.
- You want the price per gram of a precious metal from the per-ounce quote.
- You are checking a scrap-metal or bullion quote for plausibility before negotiating.
- You are studying commodity markets and want to see how unit choices change the numbers.
How to use
Steps
- Choose the commodity from the list; each is quoted in its own unit, shown in brackets.
- Enter the quantity. For crude oil this is barrels; for metals it is a weight.
- For metals pick the unit: grams, troy ounces or kilograms (and pounds for copper).
- Read the value, which is the quantity converted to the market unit and multiplied by the reference price.
- For precious metals, read the per-gram price and troy ounce count to see the conversion.
- Refresh later if you want a newer quote, since the feed can be delayed.
How to interpret results
- The value is notional, based on a reference price, and a dealer would normally pay less after margins, purity testing and fees.
- Troy ounces for precious metals show how much of the quoted unit you actually hold.
- The unit price line confirms which price was used; always check it matches the unit the market uses.
- Copper values are computed in pounds, so a kilogram quantity is divided by 0.45359237 first.
- Oil is simple: value equals barrels times price per barrel, with no purity or weight conversion.
Common mistakes & gotchas
- Treating a troy ounce as an ordinary ounce. A troy ounce is 31.1035 g and an ordinary ounce is 28.3495 g.
- Using kilograms for oil, which is quoted per barrel, not per weight.
- Reading the delayed reference price as a live trading price.
- Forgetting that pure bullion differs from jewelry or scrap, whose value depends on purity.
- Ignoring premiums, fees and taxes on top of the commodity price when buying physical metal.
Worked example
Worked example — 500 lb of copper and 1 kg of gold at illustrative prices
- Copper is quoted per pound. At an assumed $4.50 per lb, 500 lb is worth 500 × 4.50 = $2,250.
- 1 kg of gold is 1,000 g ÷ 31.1034768 ≈ 32.1507 troy ounces.
- At an assumed $2,000 per troy ounce, 32.1507 × 2,000 ≈ $64,301.
- The per-gram price is 2,000 ÷ 31.1034768 ≈ $64.30.
Result: Illustratively, 500 lb of copper is about $2,250 and 1 kg of gold about $64,301; use the live feed values for a current estimate.
To load the form's own demo values, tap Try example above the Calculate button.
How to calculate / formula
Precious metals: value = troy ounces × price per troy ounce, with troy oz = grams ÷ 31.1034768. Copper: value = pounds × price per pound (1 lb = 453.59237 g). Crude oil: value = barrels × price per barrel.
Frequently asked questions
What is a troy ounce?
A unit of mass of exactly 31.1034768 grams used for gold, silver, platinum and palladium. It is about 10% heavier than an ordinary ounce.
Why is copper priced per pound?
The futures contract that sets the reference price is quoted in US dollars per pound, so this tool converts other weights into pounds first.
How is oil converted?
Crude oil is quoted per barrel, which is 42 US gallons, so the value is simply the number of barrels times the price per barrel.
Are these prices tradeable?
No. They come from delayed reference feeds and are not offers to buy or sell.
Why does a dealer pay less than this value?
Dealers deduct refining or handling costs, testing fees and a margin, and prices for small quantities usually carry larger premiums.
Can I convert to another currency?
The value is shown in US dollars. Use the currency converter on the site to translate the result at a rate you choose.