Some of us are surprised to learn that Gold and other precious metals) are valued in troy ounces.
“What Is a Troy Ounce?
“A troy ounce is a unit of measure used for weighing precious metals that dates back to the Middle Ages. Originally used in Troyes, France, one troy ounce is equal to 31.1034768 grams, according to the U.K. Royal Mint.1
“One standard ounce (also known as an avordupois ounce) is used to weigh other commodities such as sugar and grain. A standard ounce is slightly less than a troy ounce, at 28.35 grams.
“The troy ounce is to this day the standard unit of measurement in the precious metals market to ensure purity standards. The troy ounce is often abbreviated to read “t oz” or “oz t.”