The price of an ordinary gold bar exceeded a million dollars for the first time in history – Meduza

The price of a standard gold bar exceeded one million US dollars for the first time in history. Bloomberg drew attention to this on August 19th.

one ounce of gold (31.1 grams) for the first time in history crossed the $2,500 mark on August 16, and at the auction on August 19 it strengthened above it. Therefore, a standard 400-ounce gold bar would be worth over a million dollars.

At the same time, Bloomberg notes that the weight of 400 ounces for a bar is not strictly defined: according to the rules of the London Bullion Market Association, a range from 350 to 430 ounces is acceptable.

Since the beginning of 2024, the price of gold has increased by 20%. The increase in prices is driven by expectations of interest rates in the US, as well as geopolitical tensions in the Middle East, against a background where investors are more willing to buy defensive assets.