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In the middle ages, gold, silver and other precious metals were measured by the units of troy ounce and it is this unit of troy ounce of gold that is currently being used in all exchange sites. Even if the price is mentioned as price per ounce of gold, one should understand that it means that the price is relating to the troy ounce of gold and not the regular ounce.
Usually, ordinary scales in groceries are measures to the scale of avoirdupois ounce. One should learn to know the difference between the avoirdupois ounce or the regular ounce and the troy ounce of gold, which is the measurement used for precious metals, such as gold and silver.
It is important to know that the avoirdupois ounce is slightly less heavy than the troy ounce. The latter is heavier by about 9.7%. This relates to the price, as the price per ounce of gold will surely be slightly less than the price of a troy ounce of gold. This becomes quite a complicated matter to the ordinary investor who is trying to buy or sell silver and gold in the auction sites on the internet. All the prices for precious metals are generally in troy ounces, but the price per ounce of gold are the words that are generally used.
While making purchases of gold or silver, the investor must make sure whether he is actually buying a troy ounce of gold or an avoirdupois ounce of gold. There is a difference of 31 grams in case of the troy ounce which is heavier and also contains 480 grains. In contrast, the avoirdupois ounce has 28 grams in it and fewer grains to the tune of 437 grains. All commodity markets generally speak in terms of troy ounce of gold when quoting the price.
It might also be noted that the current price per ounce of gold is the term used in case of spot price, though it means the troy ounce. While calculating the value of scrap gold or silver that you wish to invest, you should calculate the value exactly both for troy ounce and the ordinary ounce.
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References:
http://ounceofgold.net/price-of-1-ounce-of-gold/
http://priceofplatinum.org/platinum-facts/
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