For the first time in history, the price of a gold bar has surpassed $1 million, driven by record-high spot prices and rising demand. On Friday, gold’s spot price shot up to over $2,500 per troy ounce, setting a new all-time high. With most gold bars weighing approximately 400 troy ounces, their value now exceeds a million dollars each.
Gold bars vary in weight, generally ranging between 350 and 430 troy ounces on the London market. Additionally, smaller bars are available for those seeking more affordable options.
One major factor behind this surge is the increased buying activity by central banks. During the first half of the year, central banks purchased 483.3 tons of gold—equivalent to nearly 40,000 gold bars—according to a report by Metals Focus. This substantial demand, along with expectations of a more flexible monetary policy from the US Federal Reserve, has fueled the rapid rise in gold prices.
Source: Bloomberg, knews.kathimerini.com.cy