In the middle ages, gold, silver and other precious metals were measured by the units of troy ounce and it is this unit of troy ounce of gold that is currently being used in all exchange sites. Even if the price is mentioned as price per ounce of gold, one should understand that it means that the price is relating to the troy ounce of gold and not the regular ounce.
Ordinary scales are calibrated in ounces or what is known as the avoirdupois ounce. There is a difference between the avoirdupois ounce, which is the ordinary ounce, and the troy ounce, which is what is used for measuring gold, silver, and platinum and so on.
It is important to know that the avoirdupois ounce is slightly less heavy than the troy ounce. The latter is heavier by about 9.7%. This relates to the price, as the price per ounce of gold will surely be slightly less than the price of a troy ounce of gold. This becomes quite a complicated matter to the ordinary investor who is trying to buy or sell silver and gold in the auction sites on the internet. All the prices for precious metals are generally in troy ounces, but the price per ounce of gold are the words that are generally used.
Hence, you must find out what you are actually getting when you buy the gold, a troy ounce or an avoirdupois ounce.To be more precise, a troy ounce is about 31 grams and contains 480 grains of gold, whereas an avoirdupois ounce is only 28 grams and contains 437 grains of gold in it. All over the world, the troy ounce of gold is the measurement that is commonly accepted in all commodity markets.
It might also be noted that the current price per ounce of gold is the term used in case of spot price, though it means the troy ounce. While calculating the value of scrap gold or silver that you wish to invest, you should calculate the value exactly both for troy ounce and the ordinary ounce.
Ordinary scales are calibrated in ounces or what is known as the avoirdupois ounce. There is a difference between the avoirdupois ounce, which is the ordinary ounce, and the troy ounce, which is what is used for measuring gold, silver, and platinum and so on.
It is important to know that the avoirdupois ounce is slightly less heavy than the troy ounce. The latter is heavier by about 9.7%. This relates to the price, as the price per ounce of gold will surely be slightly less than the price of a troy ounce of gold. This becomes quite a complicated matter to the ordinary investor who is trying to buy or sell silver and gold in the auction sites on the internet. All the prices for precious metals are generally in troy ounces, but the price per ounce of gold are the words that are generally used.
Hence, you must find out what you are actually getting when you buy the gold, a troy ounce or an avoirdupois ounce.To be more precise, a troy ounce is about 31 grams and contains 480 grains of gold, whereas an avoirdupois ounce is only 28 grams and contains 437 grains of gold in it. All over the world, the troy ounce of gold is the measurement that is commonly accepted in all commodity markets.
It might also be noted that the current price per ounce of gold is the term used in case of spot price, though it means the troy ounce. While calculating the value of scrap gold or silver that you wish to invest, you should calculate the value exactly both for troy ounce and the ordinary ounce.
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