System reference
- 1 troy ounce (oz t) = 31.1034768 g
- 1 troy ounce = 20 pennyweight = 480 grains
- 1 troy pound = 12 troy ounces = 373.24 g (lighter than 1 lb avdp = 453.59 g)
- 1 troy oz ≈ 1.097 oz avoirdupois
FAQ
Why is gold priced per troy ounce?
Historical convention from medieval European bullion trade. The troy ounce became the standard unit for precious-metals pricing and has stayed that way; spot prices on commodity markets are always per troy ounce.