1/12.
Actually, precious metals (gold, silver, platimun, & palladium) are measured in troy weight. One troy ounce is about 1.097 (avoirdupois - what we normally use in the U.S.) ounces, and one troy pound is 12 troy ounces. Therefore, one pound of gold (troy) is equal to about .824 pounds (avoirdupois). One pound of gold weighs only .824 times as much as a pound of feathers....or lead.
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Gold is normally measured in troy ounces. As such, one troy ounce of gold is equal to 31.103 grams.
To be more accurate, gold is normally measured in troyounces. As such, one troy ounce of gold is equal to about 31.1 grams.