Market Insights · 3 min read
What Is a Troy Ounce?
Precious metals are weighed in troy ounces, a unit distinct from the ounce used for everyday goods. Confusing the two produces a material pricing error.
The unit
One troy ounce equals approximately 31.103 grams. The familiar avoirdupois ounce equals approximately 28.35 grams, so a troy ounce is roughly ten per cent heavier.
Twelve troy ounces make a troy pound, which differs again from the sixteen-ounce pound used in general commerce.
Why it matters in quotations
International benchmark prices for gold and silver are quoted per troy ounce. Quotations expressed per gram or per kilogram are conversions of that figure.
When comparing offers, confirm the unit before comparing the number. A quotation that does not state its unit is incomplete.
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