For the first time in history, a bar of gold has reached a value of one million dollars.
On Friday, gold's spot price exceeded $2,500 per troy ounce, setting a new record. With gold bars generally weighing around 400 troy ounces, this translates to a value of over $1 million per bar.
However, there are some nuances to consider. Gold bars traded in the London market—the global hub for gold trading—typically weigh about 400 troy ounces but can vary between 350 and 430 ounces of pure gold, according to the London Bullion Market Association. For those seeking more affordable options, smaller gold bars are available, including those sold by Costco.
In the first half of this year, central banks acquired a total of 483.3 tons of gold, equating to nearly 40,000 bars, as calculated by Bloomberg using data from consultancy Metals Focus. This surge in central bank purchases, combined with expectations of more accommodating monetary policy from the US Federal Reserve, has fuelled gold's impressive rally this year.
Source: Bloomberg
