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Price of Gold Today & Historical Gold Price Charts
View the live gold spot price per troy ounce, gram, and kilogram. You can also see the 24-hour price trend for each weight. Below, you'll find an interactive live gold price chart with historical pricing as well as various historic long term gold price charts.
Popular Gold Bullion
Gold Prices Today and What Investors Must Know
On this gold spot price page, you can find the live gold price in US dollars as well its 21st Century performance versus other currencies. As well you will find many unique long term gold price charts depicting gold price trends over time.
Not only do we provide the live gold spot price, but we also offer a full 24-hour price chart to help make faster investment decisions. You can also make use of our interactive gold price chart, as well as view many of the various gold bullion choices we both actively sell and buy.
Why are investors Buying Gold Bullion?
The following video covers various supply-demand investment reasons as to why more and more global investors are buying and holding physical gold bullion in their investment portfolios.
Get your 100% FREE gold bullion guide there ➩ Gold Buying eBook
Current Gold Prices and Historical Gold Prices
Our interactive gold price chart above allows you to view gold prices for a wide range of periods and custom date ranges. We also provide a “quick view” chart that provides the price of gold today, within 24 hours, for the past month, the past six months, and for a full year.
We are also proud to offer access to both the gold price today, as well as historical gold price charts below.
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Understanding the Gold Spot Price
What is the gold spot price?
Simply put, the fluctuating gold spot price is today's standard price discovery mechanism used to help set and establish the price of a single troy ounce of physical gold bullion.
The gold spot price plays a critical role in gold bullion sales and live gold pricing dynamics, as well as in other investment arenas. You will also notice that during market trading hours, beginning in Asia late Sunday nights and throughout the work week, the gold spot price is not constant – it often fluctuates and changes over the course of trading days. These price fluctuations are usually minor, and should only play a decisive role in ultra-short term investments, not in long-term gold bullion buying.
Quite a few different factors play a role in determining the spot price of gold at any single time, including currency values, the supply and demand of gold bullion and gold derivatives (e.g. futures contracts, ETFs, options), current events affecting the financial markets and the world at large, market speculation, and more.
With that being said, the impact of governments, central banks, big banks, and even major investors can also affect the current (and future) price of gold. For instance, the CME Group's COMEX which mainly dictates ongoing day to day spot prices for gold around the world. This entity openly encourages non-US central banks to actively trade gold futures contracts amongst other various precious metals, FX, and interest rate critical price discovery futures contracts.
As well, suppose the Federal Reserve began buying up private gold, or the European Central Bank started stockpiling gold bullion heavily. This surge in physical gold bullion demand should cause prices to rise. Most gold bullion investors would need fiat currency offers for their gold bullion many multiples higher than today's price points in order to be moved to selling.
In general the higher the demand for gold bullion, the higher the gold spot price will rise. When major investors (e.g. billionaires) begin buying up large quantities of gold bullion, or gold mines, this can also affect the market and gold prices positively.
There is a huge demand from the investor, but there is also a ripple effect as the investor’s actions affect the decisions of other investors. This will also move the live gold price. Again, more demand equates to higher prices. Gold, despite its myriad industrial and adornment, uses in jewelry, is ultimately a monetary commodity (this is why central banks own about 20% of all the physical gold in the world). Basic supply-demand tenants suggest the less of any commodity available and the higher its demand is simultaneous, the more that commodity is going to be worth.
In the short to medium term, gold price dynamics can remain mostly influenced by derivatives traded on the COMEX, LBMA, etc. Contrarily the long term price of gold is typically decided by gold's supply-demand fundamental factors.
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How to Invest in Gold
There are quite a few things you’ll need to know in order to use gold as an investment. One of those is the current gold price, or spot price of gold. You’ll also need to determine how you will be investing. It’s possible to buy physical gold in the form of gold bullion, but you can also invest in ETFs, which are essentially paper certificates that attempt to mimic of a specific amount of gold.
Physical gold bullion is the preferred option for those who are going to buy and hold gold as a hedge against economic uncertainty, while certificates can be a better choice for those looking for a shorter-term investment option (think day trading). In addition, certificate holders will never take physical possession of the gold they own, which can be a drawback for some. In terms of gold bullion, you can invest in gold in the form of gold bullion coins like the Canadian Gold Maple Leaf coins or the American Gold Eagle coin, or in gold bullion bars usually measured in grams, ounces, and kilograms.
However, in all instances, it is crucial that you know the gold price per ounce, the historic gold price trends, and have access to a gold price chart so you can plot the movement of gold’s value not merely right now but over longer term time frames.
The following illustrates how gold bullion prices (ask or buy price and bid or sell prices float just above and often just below respectively to the dynamic gold spot price). There are brief instances of time in which both gold bullion's bid and ask prices can both float above the gold spot price (e.g. Fall 2008).
Frequently Asked Questions about the Gold Price
What is the spot price of gold?
The gold spot price is basically the cost of a single troy ounce of gold at any given moment in time. The spot price of gold is set by different authorities in different areas. For instance, in the UK, the LBMA sets the spot price of gold. In the US, it’s done mostly through New York (COMEX). There are many other gold markets around the world, and all of them set the same price. The gold price in different worldwide markets is set based on a single value and then translated into a different currency.
Is the gold rate in the US different from the gold rate in other countries?
Yes, the price of gold, specifically the spot price of gold, will be different from one market to another, but only marginally so. You’ll actually pay the same regardless of your market. While there is a 24-hour gold market, it’s closer to Forex than the stock market in terms of performance. However, with that being said, there is usually a very close correlation between the gold rate for one market and the gold rate for another.
This all said, since the year 2000 gold has performed better vs some fiat currencies like the Argentine peso vs other stronger less rapidly debasing fiat currencies like Swiss francs or New Zealand dollars for instance. See various annual price performances of Gold vs Fiat Currencies below.
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GOLD vs FIAT CURRENCY KEY
Gold vs USD = Gold vs US dollars, Gold vs dollar
Gold vs ARS = Gold vs Argentine pesos
Gold vs AUD = Gold vs Australian dollars
Gold vs BRL = Gold vs Brazilian real
Gold vs CAD = Gold vs Canadian dollars
Gold vs CHF = Gold vs Swiss francs
Gold vs CNY = Gold vs Chinese yuan, Gold vs yuan, Gold vs renminbi
Gold vs EUR = Gold vs euros
Gold vs GBP = Gold vs pound sterling, Gold vs British pounds
Gold vs IDR = Gold vs Indonesian rupiah, Gold vs rupiah
Gold vs INR = Gold vs Indian rupee, Gold vs Rupee
Gold vs KRW = Gold vs South Korean won, Gold vs won,
Gold vs JPY = Gold vs Japanese yen, Gold vs yen,
Gold vs MZN = Gold vs Mozambican metical, Gold vs metical
Gold vs NZD = Gold vs New Zealand dollars, Gold vs NZ dollars
Gold vs RUB = Gold vs Russian ruble, Gold vs rubles
Gold vs TRY = Gold vs Turkish lira, Gold vs lira,
Gold vs ZAR = Gold vs South African rand, Gold vs rand
Why do I need to know the past and current price of gold?
By knowing the current price of gold and comparing that with historical gold prices, you can determine whether there is an uptrend, downtrend or if gold’s value is remaining static. Based on this, you can then determine if now is a good time to buy (when prices are low but demand is expected to go up), a good time to sell (if prices are high but expected to go down), or a good time to hold your gold bullion assets for the interim. However, this does require considerable analysis of the historical price of gold and access to accurate gold price charts and historical gold price information.
How do we calculate the price of gold per ounce?
We calculate the current price of gold using an industry-leading live data feed to ensure that you always have the accurate information needed to make sound gold bullion buying or selling decisions.
Why does gold price history matter?
Paying attention to gold price history is crucial for a number of different reasons. Primarily, gold price history is important for determining the current trend. Too many new gold buyers rely on the gold spot price and immediate fluctuations to determine whether they should buy or sell. However, gold is best acquired and held in a longer term fashion, and gold price's history helps you determine whether the overall trend is up, down or flat. Only by analyzing gold price history can you make an accurate determination of movement and then choose to take action or wait.
Is the gold spot price the cost I’ll pay to buy an ounce of gold?
No, you will not pay the gold spot price. The spot price does not apply to physical bullion investors, and does not include any dealer premiums or other charges. When you buy bullion from a dealer, you’ll pay a markup, which can vary from one dealer to another. Dealers buy at or slightly over the spot price from mints, and then add on premium to ensure they are able to make a profit and maintain their business. However, the spot price of gold is important to know because it allows you to determine whether or not you’re paying a fair price with the dealer you ultimately choose. The amount between what the gold dealer paid, and what you’re paying is the dealer’s gross profit margin which is intended to help them cover their costs of doing business.
What is the ounce of gold price?
The gold spot price is typically reflecting a troy ounce of gold.
The spot price is the value of one troy ounce of gold on the over the counter market. However, understand that gold is not always sold by the ounce, although that is one of the most common methods. Gold can also be sold by the gram and by the kilo (kilo bars are generally thought of for banks, governments and financial institutions due to the significant cost here). So, by knowing the gold price by the ounce, you know the baseline of what you’ll typically pay for one troy ounce of .999 fine gold from a bullion dealer (plus that dealer’s and various gold mint markups for business costs).
By shopping around with different gold dealers, you’ll find different prices which reflect varying markup amounts.
How does the gold bar price vary from the ounce of gold price?
The gold bar price will vary depending on the amount of gold in the bar. If the bar contains one ounce of gold, the price will typically be slightly less per ounce than the gold price for government guaranteed and minted gold bullion coins or other similar gold bullion collectible items. However, if the gold bar contains more or less gold, the price will vary mostly depending on overall weight. For instance, a one gram gold bar will not cost the same as a ounce gold bullion bar or a one kilo gold bar.
Make sure to know the exact amount of gold bullion contained in any gold bar or gold coin before purchasing or selling to ensure that you are indeed getting a fair price.
What currency are gold prices per ounce offered in?
The US dollar is the standard for international trade, and gold is always traded in US dollars. Even if you’re buying in another nation, the gold dealer will likely have paid for the gold bullion in a close equivalent amount of US dollars, and then simply translated the price to the currency of the nation in question. For instance, a dealer might offer an ounce of gold in British pound sterling, and you might pay for that gold in British pounds; however, the dealer often originally paid for many of their gold bullion product inventory in US dollars. All gold transactions hinge on the value of the US dollar, no matter where the sale is taking place around the world.
Below is a large percentage change illustration of how various national currencies have lost value to gold bullion in this 21st Century Gold Rush thus far.
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Is today’s gold price the same in all nations?
Today’s gold price is ultimately the same in all countries around the world. The gold spot price is converted into other currencies. So, while you might pay more of a particular currency for an ounce of gold in another area of the world, the actual value in US dollars would be the same. If today’s gold price were different in various areas, there would be an opportunity for arbitrage, and that is not acceptable in the gold market, unlike other financial markets like the Forex.
What Factors Affect the Gold Price?
Spend any amount of time studying gold prices and you’ll notice that it changes quite frequently.
It can change by the minute in some instances. It is important to understand the various factors that affect the gold price so that you can study gold price charts including gold price history for a longer period to determine whether now is the right time to make your move.
This applies whether you’re buying, selling or holding gold. Let’s consider some of the most important factors that affected the gold price over recent years.
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What common factors influence the gold price?
The gold price is affected by a very wide range of factors. This is due to the nature of gold – it’s both a store of value, and a commodity. For instance, supply and demand will affect the gold price in the USA, as well as around the world. If a new gold mine opens and the supply suddenly exceeds demand, then prices should fall. If a gold mine is exhausted and demand remains high, prices should rise. However, other factors that affect gold bullion prices include mint fees, fluctuations in currency, the state of the world’s economy and geopolitical challenges. So, there might be plenty of gold available, but if an unstable situation prevents a mine from transporting the gold out of the country, prices could go up. If the currency in one country becomes devalued to a significant extent, the local price for gold could rise as well.
Does gold fluctuate too much to make it worth the time of an ordinary investor?
While you’ll find major players investing in gold constantly, from big banks and governments to investors like George Soros, it is not too volatile for the ordinary investor to use. By knowing the spot price of gold and historic gold prices, you can track the movement of the metal and make smart investing decisions. Many ordinary investors choose to put a percentage of their wealth into gold simply to protect it from paper dollar devaluation.
Gold is a “store of value” investment. This means that while the gold price might change daily, or even hourly, the value of the gold does not. It protects the money you put into it. This is more important during challenging economic times than it is during the course of normal events. For instance, when markets are performing well and times are good, the gold market price will typically drop or hold steady at a lower point. This is a good time to put money into gold and hold it. Eventually, the economic cycle should come full circle and a recession should set in. When this happens, the price for gold rises, and you’re able to safeguard your wealth. Imagine if you did not put your money into gold. When inflation hits, your money is worth less than it was. However, if that money is in gold, then it should hold its value against the inflated fiat money.
In the end, gold can fluctuate a great deal. However, savvy investors understand that this is not a short-term investment. Gold is not similar to the stock market. You don’t buy and sell gold bullion quickly in order to make a profit and then move on to the next investment option.
You buy gold bullion and then hold it as a hedge, an insurance policy, and as a long term store of wealth. This allows you to avoid losing money during fluctuations of the price of gold. Even if you decided to use gold the same way as you would stocks, the amount of movement per day in the market (volatility) is very similar but typically less than what you would experience on the stock market for individual equity prices in terms of daily percentage movements.
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Does the gold market operate 24 hours per day around the world?
Yes, gold is bought and sold at all hours of the day and night, all around the world. You can get the current gold price per ounce at midnight or sunrise, lunchtime or any other time you need it.
Gold is traded 24 hours per day to ensure that all comers have access to this investment market, including banks, governments, other financial institutions, and investors just like you. The market is active around the clock to guarantee that you can always get an accurate gold price per ounce.
How frequently does the gold ounce price change?
Spend any time studying gold price history or a current gold price chart, and you’ll notice that the gold price changes, and it can do so frequently. The market opens at 6 PM EST and closes at 5:00 PM EST, and operates from late Sunday night when the gold derivative markets open in Asia to late Friday evening when they close in the west. There is a one hour window daily where the market closes on weekdays.
The frequency of these price changes will depend on what events are affecting the live gold price. For instance, breaking news usually has an immediate impact on the market, but other factors can include order flow, supply and demand, mine closures, investor decisions and many others.
Below is a chart reflecting intraday average gold price percentage movements over a recent 5 year timespan with higher gold prices having occured mostly overngiht in Asian trading and conversely lower gold price movements during western trading hours.
The chart to follow will give you a breakdown of this same east vs west gold price bias, in which the gold price tends to go up overnight in Asian trading versus sideways and or down during western trading hours (LBMA fix AM and PM. The eastern gold price bias upwards remains empirically clear with 1970 to 2018 market data and basic mathematics.
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⬇ A brief EXPLANATION of the EAST vs WEST Compounding Daily Gold Price Manipulation Ongoing since the Middle 1980s ⬇
Understanding Gold Investment Options and Pricing
What is the difference between numismatic value and gold bullion value?
Once you start investing in gold, you’ll quickly learn that not all investments are created equal. For instance, you can invest in both historic gold coins and in modern gold bullion coins. With the former, the gold bullion price is only part of the cost you’ll pay. Older gold coins also have some numismatic value – they’re collector’s items. So, the price paid for a historic gold coin will usually be significantly higher than what you’d pay for a gold bullion coin freshly struck from the mint.
What is a sovereign gold bullion coin?
Many governments around the world mint modern gold coins for collection, and they are legal tender for use in those nations. With that being said, you’re not going to come across many people attempting to pay for their groceries with a Gold Eagle or a Gold Krugerrand coin.
Sovereign gold coin prices are based on gold bullion prices, but also have some seigniorage premium or numismatic value attached. These may be new gold coins, such as the Gold Krugerrand (South Africa), or the Canadian Gold Maple Leaf, or they could be historic coins, such as the Saint Gaudens gold coin. The Saint Gaudens gold coin is one of the most collected gold coins every made by the US Mint.
The rarer the coin and the better its condition, the higher its numismatic value. This is added to the gold price to determine the overall value of the coin. Gold coins with high numismatic value are not particularly good for new investors, as a great deal of their value is based on sentiment, and can vary depending on the market. If you are interested in purchasing similar gold coins for investment purposes, it is typically best to opt for newer sovereign gold bullion coins rather than historic and rare gold coins.
The following chart shows how during the financial crisis the seigniorage and premium charged for modern 1 oz American Gold Eagle coins divurged and spiked over 20% above the then fluctuating gold spot price. In the fall of 2008, it was common to see modern 1 oz gold coins minted by the US Mint selling for $1,000 oz USD a piece while the gold spot price hovered around and even below $800 oz USD.
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How do I compare the current price of gold?
Gold is sold in many different forms, and when comparing or tracking the live gold price, you must ensure that you’re comparing “apples to apples”. For instance, you might find gold offered in both ounces and in grams.
Obviously, the price for each would be different because the weights are not the same. The volume of gold in each option differs. So, comparing the price for a troy ounce of gold to the price of gold per gram would not do you much good.
Instead, make sure you’re tracking and comparing troy ounces to troy ounces (the standard for gold bullion weights in the US and many other international markets). You also need to remember that even with freshly minted sovereign gold coins like the Australian Kangaroo Gold coin, the price will be higher than the spot price of gold. Again, this is due to the seigniorage and slight premium of the coin on top of the cost of the gold contained within it.
Other Forms of Gold Investment
When you check a gold price chart, you may be tempted to put your money into something other than the physical metal. There are plenty of choices out there, but they may not measure up to your expectations.
What’s the difference between gold futures and bullion?
Gold futures contracts are really nothing more than promissory notes. They promise that the individual or organization in question will buy or sell a specified amount of gold at a specific time in the future (hence, the name). These contracts may be for a few months down the road, or they may be for years ahead. There are several challenges here.
For instance, the gold price you’ll pay will be significantly higher than buying just a single ounce (most futures are for 100 troy ounces), and the chance for the price of gold to change between the time you buy your futures contract and when you actually take delivery is high. While there is potential for the price to go up, meaning you’ve saved money, there’s an equally good chance that the price might go down, meaning you’ve paid too much.
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Are gold futures the same as buying physical gold?
While gold future prices will be similar to the gold bullion price, it is important to understand that gold futures contracts are not the same as owning the physical precious metal gold bullion. While you can technically buy a gold futures contract rather than an actual physical ounce of gold, you’ll ultimately pay more for your purchase in the end. The number of “good delivery” bullion products available in this manner is very limited, and you’ll not only pay the gold bullion price, but also a host of additional fees and charges before you can take delivery of a minimum of 100 oz gold per contract.
Is a gold ETF the same thing as buying physical Gold Bullion?
No, they’re not the same at all. There are actually crucial differences between bullion and ETFs.
Yes, you can invest in gold ETFs if you prefer to perhaps trade in the short term. However, it is important to understand that gold ETF exposure will not provide you with actual gold bullion that you can own and hold outside the financial system. Gold ETFs also always continuously charging fees which can eat into your investment capital over the years. You can find some of those fees, when you learn about the best ways to buy physical gold bullion.
While most gold ETFs are supposedly backed by gold, you will likely not pay the gold bullion price nor receive any gold bullion at all for your investment. They are priced very differently, and they trade on the market in a completely different manner than physical gold, as well. They’re also affected by other forces, so they may not make a good investment choice for your specific situation. If you’re considering an ETF rather than physical bullion, think long and hard about it. Most investors prefer owning the actual physical precious metal itself. Gold ETFs often obstruct investors from many of the best safe haven aspects which actual gold bullion offers.
In the following chart, you will see a comparison of the gold spot price vs the most popular yet dubious gold bullion price tracking ETF called GLD. You can see the the price of GLD is diverging further from the ongoing gold spot price as the years progress.
While GLD supposedly represents 1/10 of an ounce of physical gold it does so minus handling and fund fees - hence GLD's price is always declining with time versus the 1/10 oz of gold it supposedly represents.
One share of this equity will continue to be less valued versus real 1/10th oz gold bullion coins. You could of course instead just buy and own your gold bullion outright and bypass day trader synthetic gold derivatives.
Finally, refer back to the eBay Gold Eagle coin price premium chart above to see how those most popular gold bullion coins performed during the 2008 financial crisis (e.g. trading around $1,000 USD oz each while the gold spot price hovered around $800 USD oz).
Yet GLD at the time was still trading for less the than 1/10th the spot price of gold. Effectively GLD holders at the time got no premium appreciation for choosing the correct asset class for they choose the arguably worst vehicle in terms of safe haven factors.
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Why is the price of gold lower if I don’t use a credit card?
Gold dealers work with tight margins. Because the spot price of gold is common knowledge and readily available, dealers cannot put too much markup on their products, particularly with investment grade bullion rather than numismatic coins. If a dealer accepts credit cards, then he or she must pay fees to the credit card companies. Those fees must be worked into the gold coin prices they charge, meaning that they would be higher than competitors who do not accept credit or debit cards. You’ll get the best gold price per ounce by paying with a check, ACH, bank transfer or similar means. This results in a significant savings over paying with a credit card.
Why do gold bullion coins with face value cost more than gold bullion bars?
There are quite a few different bullion coins out there that have legal tender face values within the country they are struck or minted. in other words, these are sovereign gold bullion coins, and they are legal tender within their country of origin.
However, their value is actually mostly based on the fluctuating price of gold, and not on their legal tender face value. For example, a 1 oz Gold American Eagle coin has a $50 USD legal tender face value yet it is actually worth many times more than the face value due to the amount of physical gold cointained within the coin. Thus when you buy such government gold coins, you’ll pay the raw physical gold price plus any seigniorage price markup applied by the government mint and price premiums added by the gold dealer, rather than just the face value of the coin.
What are the best options if I’m new to buying gold and just want to amass a store of value?
If you’re new to the world of investing in gold and are simply trying to build your nest egg without worrying about collectability, there are quite a few different options that can work. In this instance, your best choices would be gold bullion coins or gold bullion bars. They are not collectible items, and their value is tied directly to the price of gold. Bars are generally the most cost-effective way to buy gold, followed by bullion coins.
For instance, if you compare a Gold American Eagle to a one ounce gold bar, both contain the same amount of gold. However, the cost for the Gold American Eagle coin will typically be higher than the bar due to its numismatic value. You can save a considerable amount of money per ounce of gold when buying standard bars and bullion coins over numismatic coins. With that being said, you may actually pay more for fractional bars than with one ounce and one kilo options simply because it costs mints more to make fractional (smaller) items.
However, if you are interested in the art or collectability of other options, then you might consider actual coins. You can find many current options on the market, minted by the United States Mint, Royal Canadian Mint, British Royal Mint, South African Mint, Australian Perth Mint and numerous other mints.
Is the price of gold I’m quoted going to be the price I pay?
Gold prices change, and they can change quickly, even by the minute. This makes the prospect of buying gold a little nerve-wracking for some investors new to the process. You might wonder if the price you’re quoted will be the gold price you pay if the prices fluctuate up and down constantly.
The good news is that gold bullion dealers "lock in the price" when you’re order is placed, so that will be the price of gold you pay regardless of what occurs afterwards. If you’re buying gold online, then you can lock the price in at the checkout page. Then, you’ll have a specific amount of time to make your purchase and keep the current price of gold. If you take too long, the lock-in is removed, and you’ll pay the new price of gold instead (if the gold prices changes during that time frame).
However, understand that not all gold dealers offer online price lock-ins and purchasing options, so verify this before making any purchase decisions.
How do current gold and silver prices relate to one another?
While silver prices are far lower than gold prices, it can sometimes appreciate substantially. Savvy investors should compare the current gold and silver prices to determine the gold silver ratio at the moment. Depending on the results of that investigation, they may purchase gold bullion, silver bullion, or both.
Will I get a better gold price per ounce from a local dealer?
There’s a lot to be said for shopping locally. However, if you’re interested in saving money and getting the best possible price for an ounce of gold, the Internet is generally the best bet.
Online gold bullion dealers often have lower overhead costs and deal in bulk, so they are able to offer a lower markup on their coins, rounds, and bars. This translates to savings for you.
Additionally, online gold bullion dealers generally provide more up to date live gold prices and information on other precious metals, whereas a local shop may or may not be current. Add to that the fact that most local coin shops specialize in numismatic options (collectible coins) rather than in bullion coins or bars, so you may be out of luck if you want just an investment-grade option. In the end, it can be more riskier to buy from a local coin shop.
What are the differences in grams and ounces when applied to gold bullion?
All gold prices are based on troy ounce basis. However, you’ll find bars available in gram sizes, as well as kilograms. Understanding how a troy ounce breaks up into these other forms is important to ensure that you’re getting a good deal. A troy ounce is 31.103 grams. So, a one-gram bar is only a very small fraction of a troy ounce. There are 32.151 troy ounces in a kilogram bar. It’s also important to understand that a troy ounce is different from a standard ounce. A standard ounce is actually 28.35 grams, so a troy ounce is slightly heavier.
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