assay

assay definition - business

assay

A test to determine the purity of gold, silver, or other precious metals. Metals used for delivery of futures contracts must be assayed to verify that they meet standards established by the exchange on which the contracts trade.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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