Spot Price Converter
Convert live precious metal spot prices between troy ounces, grams, pennyweights, and kilograms. Select a metal below to see today's price in every unit, updated automatically from live market data.
Per Troy Ounce
$2650.00
Per Gram
$85.20
Per Pennyweight (dwt)
$132.50
Per Kilogram
$85199.41
Weight Unit Reference
- Troy Ounce — The standard unit for precious metals. 1 troy oz = 31.1035 grams.
- Gram — Common for jewelry and small bullion. 1g = 0.03215 troy oz.
- Pennyweight (dwt) — Used by jewelers and goldsmiths. 1 dwt = 1.5552g = 1/20 troy oz.
- Kilogram — Used for large bars and institutional trading. 1 kg = 32.1507 troy oz.
- Pound (lb) — The standard unit for base metals like copper and nickel. 1 lb = 14.5833 troy oz = 453.592g.
Troy Ounce vs Regular Ounce — What's the Difference?
A troy ounce is heavier than a regular (avoirdupois) ounce. One troy ounce equals 31.1035 grams while one regular ounce equals only 28.3495 grams — a difference of about 10%. This matters significantly when calculating precious metal values.
All precious metal spot prices — gold, silver, platinum, palladium — are quoted in troy ounces. All bullion coins (American Eagles, Maple Leafs, Krugerrands) are weighed and sold in troy ounces. When you see "gold price per ounce" on financial news, it always means troy ounces.
The troy weight system dates back to medieval Europe and the trading city of Troyes, France. It remains the universal standard for precious metals worldwide despite being largely replaced by metric measurements elsewhere.
Understanding Spot Price
Spot price is the current market price for immediate delivery of a metal — the raw commodity price before any manufacturing, distribution, or dealer markup. It's set by global commodity exchanges, primarily COMEX in New York and the London Bullion Market Association (LBMA).
Spot price changes constantly during market hours, driven by currency movements, inflation expectations, geopolitical events, industrial demand, and investor sentiment. After-hours prices are set by futures markets and international exchanges in London and Hong Kong.
When you buy physical bullion, you always pay spot price plus a premium — the dealer's markup covering minting, distribution, and profit. When you sell, you receive spot price minus a spread. Knowing current spot price in your preferred unit lets you evaluate any buy or sell offer instantly.
Frequently Asked Questions
How often does spot price update?
During market hours (roughly 6am–5pm ET on weekdays) spot prices update every few seconds on exchanges. This tool refreshes prices every 30 minutes from live market data — sufficient for calculating values and evaluating deals, though not suitable for active trading.
Why is gold priced per troy ounce but copper per pound?
Precious metals have been traded by troy weight for centuries — it's an entrenched convention. Base metals like copper and nickel are traded in much larger quantities where per-pound pricing makes more practical sense for industrial buyers. This tool shows copper and nickel in per-pound spot price and converts accordingly.
What is pennyweight (dwt) used for?
Pennyweight is used primarily by jewelers and scrap gold buyers in the United States. Many gold buying shops quote prices in dollars per pennyweight rather than per gram or troy ounce. One pennyweight equals 1/20 of a troy ounce or approximately 1.5552 grams. Knowing this conversion prevents you from being confused by dwt pricing at jewelry counters.