XAG / ZAR

XAG is the ISO 4217 code that denotes one troy ounce of silver, the primary unit used in global commodity markets for spot, futures, and options trading. The code allows silver to be quoted alongside other currencies and precious metals, making it easy for investors, brokers, and exchanges to price and settle transactions in a standardized way.

Silver is not issued by any nation; the XAG designation is maintained by the International Organization for Standardization (ISO) and is used internationally. Because it is a commodity rather than a legal tender, there is no smaller sub‑unit, and the “currency” is simply the troy ounce of the metal. A quirky note for traders: XAG often appears in the same ticker lists as gold (XAU), and both are sometimes referred to as “white gold” and “yellow gold” respectively.