How do you convert the gold price completly?

Question

If the average gold price of August 1988 was 431.31 ($US/ounce), how can I convert it to South African rand/kg? Please show all your work.

Answer 1

One troy ounce equals 31.1 grams, so 1 Kg = 32.15 troy ounces

Unfortunately, I can't find any USD to ZAR historical exchange rates prior to 1996, when it was about 4.5 rands to the dollar.

Using that data (and the exchange rate should be close), $431 times 32.15 gives US$13856.62 per Kg of gold.

13856.62 times 4.5 gives 62354.92 rands per Kg.