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Gold Trading and Market News
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Apr 19, 2017 - Gold prices end at 1-week low as dollar recovers - MarketWatch
Measure of precious metals
A troy ounce is generally used for measuring the weight of precious metals, such as gold, silver, platinum, palladium and so on. Most of the trading websites provide the spot price of these precious metals in terms of this measure. Of course, you can also have it converted and shown in other measures, such as gram and kilogram, ounce, or pennyweights. One troy ounce is equal to 31.1034768 grams and one kilogram is equal to nearly 32 troy oz. However, one should differentiate between this measure and the ordinary ounce, which is also known as the avoirdupois ounce. is slightly greater in value than the ordinary ounce, and one troy ounce is the equivalent of 1.09714 avoirdupois ounce.
Difference from the Avoirdupois ounce
The given measure was first derived from the Roman monetary system of weight and it has still been retained as a measure of weights, in order to have a common measuring standard for precious metals and gunpowder. Very often, we also find websites that offer the prices of precious metals mentioning the weight in ounce, but this should be normally taken to mean as the avoirdupois ounce, but in case of measures of gold, silver, and any other gemstones, then it is most probable the Troy that they are referring to.
It is important to know this difference in commodity markets, especially when buying gold or silver bars or coins at many auctions and online sites. If you are paying for an ounce, then what they probably mean is that you are paying for a troy ounce. Hence, you should get the weight of an equivalent amount and not the weight of the common ounce. The weight of the common ounce is equivalent to only 28.34 grams, and hence one should not get cheated and get a lesser amount of the precious metal.
Relation to Grains
Another form of measurement for precious metals is grains and here too we see a difference between the two ounces. In case of the common avoirdupois ounce, the equivalent is only 437.5 grains while in the case of the Troy measure, it is equal to 480 grains. Another measure to be known is the Troy Pound, which contains 12 troy ounces in it, whereas it contains 18 avoirdupois ounces in it, as the latter is lighter and takes more amount to equal a troy pound. Thus, in case of the ounce, the troy ounce is greater in weight than the avoirdupois ounce, but in case of pounds, the troy pound is lesser in weight than the avoirdupois pound, as the former has lesser number of troy ounces in it.
Want more information about gold and other precious metals? Visit our guide to Precious Metal.