Precious metals like gold and silver are weighed using the Troy system where there are 12 Troy ounces in a Troy pound and each oz. consists of approximately 31.1 grams. Most other items in English-speaking countries are weighed using the Avoirdupois system where there are 16 Avoirdupois ounces in each Avoirdupois pound and each oz. consists of approximately 28.35 grams. Consequently, a Troy pound = 373.2 grams and an Avoirdupois pound = 453.6 grams. So, an ounce of gold is heavier than and ounce of iron, but a pound of iron is heavier than a pound of gold.
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