The ounce (abbreviated oz; apothecary symbol: ℥) is a unit of mass used in most British derived customary systems of measurement. The common avoirdupois ounce (approximately 28.3 g) is 1⁄16 of a common avoirdupois pound; this is the United States customary and British imperial ounce. It is primarily used in the United States to measure packaged foods and food portions, postal items, areal density of fabric and paper, boxing gloves, and so on; but sometimes also elsewhere in the Anglosphere.
Besides the common ounce, several other ounces are in current use:
✓ The troy ounce of about 31.1 g is now only commonly used for the mass of precious metals such as gold, silver, platinum, palladium, rhodium, etc.
✓ The ounce-force is a measure of weight, that is, force.
✓ The fluid ounce is a measure of volume.
Historically, a variety of different ounces measuring mass or volume were used in different jurisdictions by different trades.
HOW IS GOLD PRICE PER OUNCE DETERMINED?
Many factors influence the spot price of Gold. Gold prices change every few seconds and there are an unlimited number of components that play a role in the price of Gold. Some of the reasons for changes in Gold prices include:
✓ Current events
✓ Market speculation
✓ Currency values
✓ Supply and demand
✓ Buying power
Large entities and governments typically have substantial buying power and can impact the price of Gold per ounce and the Gold market. If a government makes a large Gold purchase, their demand for the product could affect Gold markets immediately. Supply and demand determines prices for commodities and the price of Gold is no exception. For investors who buy and sell Gold regularly, staying current with fluctuations in the market is crucial to financial success.