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- Troy ounces are used for specific reasons1234:
- Measuring weights of gems and precious metals: One troy ounce is equal to 1.097 standard ounces, making it around 10% heavier.
- Standard unit of measure for quoting prices in the precious metals market: Gold, silver, platinum, and palladium are quoted per troy ounce.
- Ensuring accurate weight and purity standards for trading: The troy ounce helps maintain consistency in the precious metals market.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Troy ounces are used to measure weights of gems and precious metals. One troy ounce is equal to 1.097 standard ounces, making it around 10% heavier. The name dates back to the 16th century French town of Troyes, which was an important trade center that standardized the troy ounce as 480 grains of barley.www.investopedia.com/terms/t/troyounce.aspThe troy ounce is the standard unit of measure for quoting prices in the precious metals market. For example, gold, silver, platinum, and palladium on the global market are quoted per troy ounce. This standardization facilitates the trading of precious metals on international markets and exchanges.learn.apmex.com/learning-guide/science/what-is-a …A troy ounce is a specialized unit of measure used for weighing precious metals like gold, platinum, and silver. It differs from a standard ounce and is equivalent to approximately 31.1 grams. The troy ounce is the standard unit of measurement in the precious metals market, ensuring accurate weight and purity standards for trading.mineralsbase.com/troy-ounce/The troy ounce is the only unit of measure from the troy weight system that we still use, and it remains the standard at most sovereign and private mints. This is because the troy ounce helps ensure purity and weight standards are consistently met.blog.providentmetals.com/the-origin-of-the-troy-oun… - People also ask
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