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Fineness

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Fineness
A measure of the purity of a precious metal as a unit of 1,000. That is, a fineness measure of 1 means that 0.1% of a substance is a given precious metal, while a measure of 1,000 means that 100% is the metal. Fineness is important to commodities and futures involving precious metals, in which the quality of the underlying metals must be specified in the contract.
fineness
A measure of the purity of a precious metal. Fineness is quoted in parts per thousand, with 1,000 fine being equivalent to 24-karat gold and 583.3 fine being equivalent to 14-karat gold.
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