The price of the gold bar reached the highest level of 1 million dollars

For the first time in history, a gold bar hit a million dollars, Bloomberg reported. The highest price was reached late Friday, when the spot price of the precious metal exceeded $2,500 per troy ounce.

Gold bars usually weigh 400 troy ounces (12,441 grams), so each one is worth a million dollars.

There are some nuances in the price, Bloomberg says. Gold on the London market, the global center for trading the precious metal, usually weighs about 400 troy ounces but can contain 350 to 430 ounces of pure gold, the London Bullion Market Association said. It is also possible for people to buy much smaller and more affordable bars like those sold by Costco.

Since the beginning of the year, the price of the precious metal has increased by more than 20%.

Heavy selling is one of the factors driving the precious metal’s rise this year, along with expectations of a more accommodative monetary policy from the US Federal Reserve.

In the first half of this year, net purchases of gold by central banks reached 483.3 tons, equivalent to 40,000 bars, according to Bloomberg calculations based on data from consulting firm Metals Focus.

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