Every gold, silver, platinum and palladium quote in the futures market is per troy ounce, and a troy pound is twelve troy ounces rather than sixteen. Confusing the two units produces a 9.7% error, which in metals is a very expensive rounding mistake.
Kilogram conversions matter for anyone comparing with Asian markets, where metal is often quoted per gram or per kilo: one kilogram is 32.1507 troy ounces.
Example: gold at $2,400 per troy ounce is $2,400 / 31.1035 = $77.16 per gram, or $77,161 per kilogram. A COMEX contract of 100 troy ounces holds 3.11 kilograms of metal.
Related: gc, silver-futures, good-delivery-bar, contract-multiplier