Gold price

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Is the price of gold that you see posted on the world markets based on one OUNCE or one TROY OUNCE?

It makes a difference and I can't seem to find a definitive answer.

Troy weight is used to measure precious metals.

1 troy ounce = 31.1034768 grams.

12 troy ounce=1 troy pound

Avoirdupois weight is used to measure potatoes, tomatoes and such.

1 ounce avoirdupois = 28.349523 grams approx.

16 ounces avoirdupois = 1 pound avoirdupois


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