What is a troy ounce?
A troy ounce is the standard weight used to price gold and silver worldwide, equal to about 31.1 grams.
It is heavier than the ordinary ounce used for food, which is about 28.35 grams. World gold and silver prices are quoted in US dollars per troy ounce, so local prices are worked out from that number and the exchange rate.
Example
Gold price per ounce
If gold is $3,100 an ounce, one gram of pure gold is about $99.67 (3,100 ÷ 31.1).
General information only, not financial advice.