Troy ounce
Also called Troy oz
The unit used to price gold and silver around the world, equal to 31.1035 grams; world gold prices are quoted in US dollars per troy ounce.
A troy ounce is the weight unit for precious metals on world markets, equal to 31.1035 grams. When you see gold “at so many dollars an ounce”, it means a troy ounce. To compare with an Indian rate, convert to grams and rupees, then add import duty and GST. Read the worked example in gold price in India vs the international price.
Questions people ask
How many grams are in a troy ounce of gold?
31.1035 grams. A troy ounce is heavier than the everyday ounce of about 28.35 grams used for food, so don't mix the two when converting gold prices.
How do I convert the gold price per ounce to rupees per 10 grams?
Divide the dollar price per troy ounce by 31.1035, multiply by 10, then multiply by the rupee-dollar rate. That gives the world price in rupees before Indian customs duty, GST and making charges.
Why is gold priced in troy ounces?
It is the long-standing unit of the international bullion market, used for gold, silver and other precious metals. India quotes prices in rupees per 10 grams instead, which is why a conversion is needed.
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