Aqueous dispersion containing a metal oxide powder with a fine fraction and a coarse fraction, in which--the metal oxide powder is silicon dioxide, aluminum oxide, titanium dioxide, zirconium dioxide, cerium oxide or a mixed oxide of two or more of the aforementioned metal oxides,--the fine fraction is present in aggregated form and has a mean aggregate diameter in the dispersion of less than 200 nm,--the coarse fraction consists of particles with a mean diameter of 1 to 20 .mu.m, --the ratio of fine fraction to coarse fraction is 2:98 to 30:70, and--the content of metal oxide powder is 50 to 85 wt. %, referred to the total amount of the dispersion. The aqueous dispersion is produced by a process comprising the steps:--production of a fine fraction dispersion by dispersing the pulverulent fine fraction in water by means of an energy input of at least 200 KJ/m3?, and--introducing the coarse fraction in the form of a powder into the fine fraction dispersion under dispersing conditions at a low energy input. Process for the production of molded articles using the dispersion.