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16 kt gold is 2/3 pure, so the chain would contain 1.8 ounces of pure gold. If you are weighing it using common ounces, you need to multiply by .912 to get the weight in troy ounces, so you have 1.641 Troy Ounces.

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Q: How many ounces of gold are in a 16-karat gold chain that weighs 2.7 ounces?
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