International SilverThe commonly used quote is "USD/troy ounce", while domestic users are more accustomed to "RMB/gram". To compare the two at the same scale, it is necessary to handle both weight units and exchange rates simultaneously.

Change the weight unit first

One troy ounce is approximately equivalent to 31.1034768 grams.

So to convert USD/ounce to USD/gram, you can directly divide the international silver price by 31.1034768.

Change currency again

The theoretical conversion value of RMB/g is obtained by multiplying the USD/g by the USD/RMB exchange rate.

The complete formula can be written as:

International silver price x USD/RMB exchange rate ÷ 31.1034768.

For example

Assuming silver is priced at $50 per ounce, the exchange rate between the US dollar and the Chinese yuan is calculated at 7.10.

50 × 7.10 ÷ 31.1034768, approximately equal to 11.41 yuan/gram.

This number is only a unit conversion and does not necessarily mean that silver bar stores will sell at 11.41 yuan.

Why is the retail price of silver bars higher

Physical silver may also involve costs such as processing, branding, logistics, distribution, and inventory, and there may be a bid ask price difference when repurchasing.

The international silver trading price solves the problem of market quotation, and the physical retail price also includes commodity attributes.

Changes in exchange rates can also affect the price of Chinese yuan and silver

Even if the international silver price remains unchanged, as long as the exchange rate between the US dollar and the Chinese yuan changes, the converted price of RMB per gram will also change accordingly.

So when looking at domestic silver, it's best to look at international silver prices and exchange rates together.

USD/oz is a common pricing method for international silver

The international silver market typically quotes in US dollars per troy ounce. The ounce here refers to the troy ounce, and 1 troy ounce is approximately equivalent to 31.1034768 grams. Domestic users are more accustomed to RMB/gram, so if they want to convert international silver prices into RMB prices, they need to do both weight conversion and exchange rate conversion.

A simple formula can be written as: International silver price (USD/ounce) x USD/RMB exchange rate ÷ 31.1034768=theoretical RMB/gram.

Using an example to complete the entire process

Assuming an international silver price of $50 per ounce and a USD/RMB exchange rate of 7.10. 50 × 7.10=355 RMB/ounce, divided by 31.1034768, yields approximately 11.41 RMB/gram.

This result is only a mechanical conversion of units and exchange rates, used to help understand the international price level, and does not represent the actual transaction price of silver bars, silver jewelry, or specific domestic trading products.

Why does the converted price not match the selling price of silver bars

Physical silver bars go through production, transportation, warehousing, sales, and other processes, and the retail price may include processing fees, brand premiums, and channel costs. During the repurchase process, there will also be arrangements for testing and repurchase price differences, so the theoretical conversion price between the store selling price and international spot silver is usually not exactly the same.

If you buy silver jewelry, the proportion of craftsmanship and retail costs is often more significant, and it is more normal for the price to deviate from international raw material quotations.

Changes in exchange rates can also affect the price of the Chinese yuan

Even if the international silver dollar quotation remains unchanged for a day, the exchange rate between the US dollar and the Chinese yuan will change, and the converted Chinese yuan/gram will also change. Conversely, international silver prices have risen, but the strengthening of the renminbi may also offset some of the appreciation in renminbi pricing.

So when comparing "international silver" and "domestic silver", at least the exchange rate factor should be taken into account.

When trading London silver, it's better to look at the terminal dollar quote

Wmax · 威马证券 London silver trades based on USD quotes and corresponding contract rules. The conversion of RMB/gram is more suitable for understanding and horizontal comparison. The actual opening, closing, and calculation of profits and losses are still based on the USD/ounce quotation in the trading terminal.

When converting, it is also necessary to distinguish between "international prices" and "domestic retail prices"

The RMB/gram conversion value is more of a theoretical reference. When actually buying silver bars or silver jewellery, processing fees, brand premiums and buyback spreads also come into play; when trading London silver, USD quotes and margin rules apply instead. All three scenarios relate to silver, yet the same conversion figure cannot simply stand in for each of them. Understanding "unit conversion" and "actual execution price" as separate matters will help you avoid many pitfalls when comparing prices later.

Risk warning: unit conversion is intended only to help you understand different quoting systems; actual trading prices are subject to the real-time quotes of the corresponding market and product.

美元/盎司是国际白银常见报价方式

国际白银市场通常用美元/金衡盎司报价。这里的盎司指金衡盎司，1金衡盎司约等于31.1034768克。国内用户更习惯人民币/克，所以想把国际白银价格换算成人民币价格，需要同时做重量换算和汇率换算。

简单公式可以写成：国际白银价（美元/盎司）×美元兑人民币汇率÷31.1034768＝理论人民币/克。

用一个例子走完整流程

假设国际白银价格为50美元/盎司，美元兑人民币汇率假设为7.10。50×7.10=355元人民币/盎司，再除以31.1034768，得到约11.41元/克。

这个结果只是单位和汇率的机械换算，用来帮助理解国际价格水平，不代表银条、银饰或国内具体交易产品的实际成交价。

为什么换算后和银条售价对不上

实物银条要经过生产、运输、仓储、销售等环节，零售价格可能包含加工费、品牌溢价和渠道成本。回购时还会有检测、回购价差等安排，所以门店卖价和国际现货白银的理论换算价通常不会完全一样。

如果买的是银饰，工艺和零售成本占比往往更明显，价格偏离国际原料报价更正常。

汇率变化也会影响人民币价格

即使国际白银美元报价一天没动，美元兑人民币汇率变化，换算后的人民币/克也会变化。反过来，国际银价上涨，但人民币走强，也可能抵消一部分人民币计价涨幅。

所以比较“国际白银”和“国内白银”时，至少要把汇率这层因素考虑进去。

交易伦敦银时还是看终端美元报价

Wmax · 威马证券伦敦银按美元报价和对应合约规则交易。人民币/克换算更适合做理解和横向比较，真正建仓、平仓和计算盈亏，仍以交易终端里的美元/盎司报价为准。

换算时还要分清“国际价格”和“国内零售价”

人民币/克换算值更像一个理论参照。真正购买银条、银饰时，还会出现加工费、品牌溢价和回购价差；交易伦敦银时，又会使用美元报价和保证金规则。三个场景都和白银有关，却不能拿同一个换算数字直接替代。把“单位换算”和“实际成交价”分开理解，后续比较价格会少很多误区。

风险提示：单位换算只用于理解不同报价体系，实际交易价格以对应市场和产品的实时报价为准。