Troy ounce and what is measured in it, application in stock trading
The Trinity ounce is a unit of mass that is used when weighing quite a few materials.
1 Trinity ounce corresponds to 31.1034768 grams; it is this value that is officially used when converting ounces to the usual measure of scales and vice versa.
We can say that one kilogram contains 32.15074656862798 troy ounces or one ounce, which as a percentage is about 3.11% of 1 kilogram.
In stock trading, this unit of measurement is used when trading assets such as gold, silver, platinum and palladium.
For example, today the price of gold on the exchange is 1836 US dollars per 1 troy ounce; it is easy to calculate that at exchange prices, 1 gram of precious metal of purity 9999 costs 59.03 US dollars.
The situation is similar with silver, only in this case the price for 1 troy ounce is already 21.65 dollars, and one gram of silver costs only 0.70 US dollars:
It should be noted that this is not the only feature you will encounter if you decide to trade precious metals on an exchange. All transaction volumes when trading precious metals have a universal size, which is expressed in lots.
For example, 1 lot of XAU/USD gold is equal to 100 troy ounces, that is, the price for 1 lot will be 183,600 dollars, and for silver it is already as much as 500 ounces, the cost of one lot will be 10,825 US dollars.
The fact that stock quotes are expressed in ounces rather than grams has absolutely no meaning; you trade volume and only track price changes, no matter what the selected asset is measured in.
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Another thing is if you buy and sell precious metals in real life, then you will have to constantly recalculate the exchange quote into grams, dividing the existing price values:
1836/31.1034768 = $59.03
In this case, you will receive the exchange price for 1 gram of gold or other precious metal.