Search Investopedia

Troy Ounce

Filed Under » , ,
Dictionary Says

Definition of 'Troy Ounce'

A unit of measure for weight that dates back to the Middle Ages. Originally used in Troyes, France, the troy ounce was used when dealing with precious metals. One troy ounce is equal to 31.1034768 grams.
Investopedia Says

Investopedia explains 'Troy Ounce'

The troy ounce is the only measure of the troy weighting system that is still used in modern times. It is used in the pricing of metals such as gold, platinum and silver. When the price of gold is said to be US$653/ounce, the ounce being referred to is a troy ounce, not a standard ounce. There are 14.58 troy ounces in one pound.

Related Definitions

  •

    Precious Metals

    A classification of metals that are considered to be rare and/or have a high economic value. The higher relative values of these metals are driven by various factors including their ...
    Read More »

  • Silver

    An element commonly used in jewelry, coins, electronics, and photography. Silver has the highest electrical conductivity of any metal.
    Read More »

  • Bullion

    Gold and silver that is officially recognized as high quality (at least 99.5% pure), and is in the form of bars rather than coins.
    Read More »

    • Platinum

      A chemical element, precious metal and commodity used primarily in jewelry, electronics and automobiles. Platinum futures are traded through commodities contracts on the New York ...
      Read More »

    • World Gold Council - WGC

      A nonprofit association of the world's leading gold producers, established to promote the use of (and thus demand for) gold through marketing, research and lobbying. Headquartered in ...
      Read More »

    • Gold Fix

      The twice-daily act of setting gold prices by the five members of The London Gold Market Fixing Ltd. This rate is used as a benchmark for pricing the majority of global gold products and ...
      Read More »

    • Gold Reserve Act Of 1934

      An act that took away title to all gold and gold certificates that were held by the Federal Reserve Bank. The Gold Reserve Act of 1934 made the trade and possession of gold a criminal ...
      Read More »

    • Silver Certificate

      Former legal tender (paper currency) issued by the U.S. government beginning in 1878. A certificate represented a stated amount of silver bullion purchased or held by an investor. These ...
      Read More »

Articles Of Interest

Sponsored links
Hot Definitions
Partner Links
Suggested Definitions