when the price of gold is said to be us 653 ounce the ounce being referred to is a troy ounce not a standard ounce because a troy ounce is heavier than a standard ounce there are 14 6 troy ounces compared to 16 standard ounces in one pound this pound is not to be confused with a troy pound which is lighter and is made up of 12 troy ounces 53
troy ounce conversionbelow is a quick reference table for converting troy ounces into other common weights investing in precious metalsthe difference between a troy ounce and an avoirdupois ounce is of concern mostly to investors in precious metals gold has historically been seen as the ultimate safe haven although its market price is volatile not least because of its status as an imperishable asset but the age old practice of using gold and silver as a store of wealth has been joined in modern times by two more precious metals most modern investors probably don t want to buy precious metals by the troy ounce and stow them in a safe at home luckily there are modern ways to invest in these metals 