Definition
The unit gold is priced in: exactly 31.1034768 grams, a little heavier than a regular ounce.
The story
A regular kitchen ounce is about 28.35 grams. A troy ounce is about 10% heavier. So when you see gold at $4,000 an ounce, it's per troy ounce, the standard used for precious metals for centuries.
Why markets watch it
Every gold price you see is quoted per troy ounce.
Connects to
We explain why it moves markets. What you do with it is your call. Commentary and education only. Not financial advice. All terms