What Is a Troy Ounce of Gold?

What Is a Troy Ounce of Gold?

A troy ounce of gold is equal to 14.58 pounds. The troy ounce is a unit of measurement used in the imperial measuring system, which is today used almost solely for weighing and pricing precious metals, such as gold, silver and platinum.

A troy ounce is equal to about 1.1 avoirdupois, or standard, ounces. Though avoirdupois ounces are used in the United States for common grocery items, such as flour and milk, the troy ounce is used worldwide for calculating the value of precious metals. The troy ounce is derived from the troy weights system, a European measuring system that was, with the exception of the specialized use of the troy ounce, abolished in the 19th century.