It is commonly used in the world of finance, particularly in the commodities market, as a unit of measurement for the trade of precious metals such as gold and silver.
In the financial realm, the use of metric tons has become a standard for the exchange of precious metals like gold and silver. In simpler terms, one metric ton is equivalent to 1,000 kilograms or 32,151 troy ounces. This unit of measurement allows for more efficient and precise trade in the commodities market. So, when discussing the trade of precious metals, it's important to understand the significance of metric tons. It's a key aspect of the finance world that cannot be overlooked.
