Ounce /Troy Ounce

A troy ounce is the standard unit of weight used internationally for measuring and pricing precious metals — gold, silver, platinum, and palladium — equal to 31.1035 grams. The troy ounce derives its name from Troyes, a medieval French trading city where this weight standard was historically used for precious metal transactions. It is distinct from the common avoirdupois ounce used for everyday goods (which equals 28.35 grams) — a troy ounce is approximately 10% heavier than a regular ounce. All global precious metal spot prices — London Gold Fix (LBMA), COMEX gold futures, and MCX gold futures benchmarks — are quoted in US dollars per troy ounce for international reference. In India, gold is domestically priced in rupees per 10 grams — converting between the international troy ounce price and the Indian 10-gram price requires dividing the dollar-per-troy-ounce price by 3.11035 (to get dollars per gram) and then multiplying by 10, and then applying the prevailing USD/INR exchange rate and applicable import duties. For Indian gold investors monitoring international gold price movements, understanding the troy ounce convention is essential for accurately translating global price changes into domestic MCX and jewellery market price implications. MCX gold futures contracts specify delivery in kilograms of 995 purity — but the underlying pricing reference is the international LBMA troy ounce price converted through the USD/INR spot rate on the expiry date.