One of the biggest areas of misunderstanding between gold buyers and their customers stems from the confusion between a troy ounce and a regular (imperial) ounce.
Traditionally all precious metals are weighed in troy ounces, and the Gold Price per Ounce you see advertised everywhere is also talking about a troy ounce.
So what’s the difference? The simple answer is about 10%
Officially 1oz of gold weighed on your kitchen scales equals 0.911458333 of a troy ounce.
To demonstrate the difference (and also to assist those of us without jewellers’ scales in calculating the value of our gold) we’ll present the latest gold prices twice daily below in both troy and imperial ounces.
Gold Price per Troy Ounce 2nd August 2011
| 24 Carat | 22 Carat | 18 Carat | 14 Carat | 9 Carat | |
| 10-30 am | £995.02 | £912.04 | £746.27 | £580.40 | £373.13 |
| 3-00 pm | £1,005.80 | £921.92 | £754.35 | £586.68 | £377.18 |
Gold Price per Imperial Ounce 2nd August 2011
| 24 Carat | 22 Carat | 18 Carat | 14 Carat | 9 Carat | |
| 10-30 am | £906.92 | £831.28 | £680.19 | £529.01 | £340.09 |
| 3-00 pm | £916.74 | £840.29 | £687.56 | £534.74 | £343.78 |
Remember, these prices are based on the London Fixed Daily prices as explained on our Current Gold Prices page. The prices are intended as a guide in the trading of gold on the commodities markets. You’re unlikely to reach these prices from gold buyers as they will obviously have to factor in a percentage for their profit and smelting costs.
Tags: gold price, gold price per ounce, gold price per troy ounce