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For the first time, the value of a gold bar has reached $1 million. This milestone was achieved Friday as gold's spot price soared above $2,500 per troy ounce, setting a new record. Gold bars, typically weighing around 400 troy ounces, now exceed this seven-figure threshold.
The weight of gold bars can vary, with most in the London market containing between 350 and 430 ounces of pure gold. Smaller, more affordable gold bars are also available for purchase.
Central banks have significantly influenced this surge. In the first half of the year, they bought 483.3 tons of gold, equivalent to nearly 40,000 bars, according to Metals Focus. This robust demand, coupled with expectations of looser US Federal Reserve monetary policy, has contributed to gold's sharp increase in value.
Source: Bloomberg
