What Is a Troy Ounce? || Precious Metals #shorts
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What Is a Troy Ounce?
What Is a Troy Ounce? || Precious Metals #shorts
A troy ounce is a unit of weight used primarily in the precious metals industry to measure the weight of gold, silver, and other precious metals. It is slightly heavier than a regular ounce, with one troy ounce equaling 31.1035 grams, while one regular ounce equals 28.3495 grams.
It's worth noting that the price of precious metals, such as gold and silver, is typically quoted in dollars per troy ounce. So, when you hear the price of gold quoted as, for example, $1,800 per ounce, it means $1,800 per troy ounce.
The term "troy" comes from the city of Troyes in France, where this unit of weight was first used in the Middle Ages. In Troyes, merchants measured 480 grains of barley to equal a troy ounce, and 12 troy ounces equaled one troy pound.
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