Question: what is a troy ounce of gold?
Answer: A troy ounce is a little heavier, with a gram equivalent of 31.1. ... 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.