The term refers to a standard unit of gold bullion, specifically one troy ounce in weight. This measurement is frequently employed when dealing with gold coins, rounds, and bars, providing a consistent and readily understood reference point for valuation and trading. For example, a widely recognized gold coin often contains this exact quantity of the precious metal.
The prevalence of this weight stems from its ease of standardization and divisibility. Its convenient size facilitates both individual investment and larger-scale transactions. Historically, this quantity has been associated with stable value and served as a reliable store of wealth. Its portability and liquidity further contribute to its enduring appeal as an investment vehicle.