Hi Hills,
Standard Lot Size Of Gold Is 100 oz. & Standard Margin For The Same Is 4% While GCI Charges 1% Going By Their 1:400 Leverage & Prices Quoted On The Screen Is For 1 oz.
Since everybody here is familiar with Metric.....it would be nice to see what 1 oz is in grams....
1 oz. = 28.3495 grams.
SG
Although 1 oz = 28.3495 gram for all conversions, in case of Gold and Silver, 1 oz means 1 Troy Ounce, not the common Ounce,
1 troy ounce = 31.1034768 grams
Thus, Troy Ounce is heavier than common ounce by about 9.71%.
Although the definition does not make any difference to trading, this explanation is given for those who want to convert the international price(per Ounce) of gold or silver to our common unit in India, the Tola (10g) or the metric unit gram.
-Anant