Troy Ounce Silver Price vs Silver Price per Ounce Importance
Difference Between Silver Price per Troy Ounce and Silver Price per Ounce
Troy ounce silver price and silver rate per ounce stands different always because weights of both measurement units vary. That’s why Understanding the difference between the measurement units is crucial. Above mentioned troy ounce silver price and silver rate per ounce are of 24 karat category silver or fine silver.
When you are dealing in precious metals it is crucial and plays a pivotal role in making the right decision. Precious metals are always weighed in troy ounce instead of standard ounce globally.
Why is it important to understand Troy Ounce Silver Price vs per Ounce Silver Price?
It’s important to understand because in the market for precious metals you might interact with a kind of seller who can make their deals attractive by offering them in ounces (avoirdupois ounces) instead of Troy Ounces which is the actual measure for precious metals and they can trick you into losing your lot of money.
Troy Ounce vs Ounce: Explore the Difference
Concept of troy ounce and ounce could be more confusing for a new trader or investor in the market of precious metals. Troy ounce differs in weight from the regular ounce which is for measurement of regular goods instead of precious metals like silver and gold.
The Troy ounce is 2.75 grams heavier in weight than the standard ounce. For instance in terms of exact measurement one Troy Ounce is equal to 31.1034768 grams as per U.K Royal Mint and one Standard Ounce which is also known as “avoirdupois ounce” is equal to 28.35 grams in terms of weight.
In comparison to the British pound, 1 British pound (GBP) is equal to 14.583 avoirdupois ounces and 12.696 troy ounces approximately.
History of Troy Ounce
The clue of the history is in the name of this measurement unit “troy ounce” which leads us to its origin city, an ancient city named “Troy” which was located where modern day Turkey is. It is believed by researchers that the “Troy Weight” system was developed in that region around the 8th century BCE.
Modern day usage of the Troy ounce for the measurement of precious metals was officially adopted by England during the rule of Henry II in the 15th century for measurement of precious metals.
History of Ounce
History of standard ounce which is also called “Roman Ounce” can be traced back to ancient civilizations like Egypt, Mesopotamia and Greece but Roman Empire played a significant role in the development and standardization of weights
In 14th century England, King Edward III standardized the avoirdupois system as the official system of weights and measures for trade and commerce. The avoirdupois pound, which contains 16 avoirdupois ounces, became the standard unit of weight for most commodities.
For detailed insight about silver rates in Pakistan and in international market you can visit home page of silverrates.com.pk or click on provided links in the text.
