400-Ounce Gold Bar Surpasses $1 Million Amid 32% Price Surge

Aug 20, 2024, 04:45 PM

The price of a standard 400-ounce gold bar has reached a historic milestone, now valued at over $1 million. This marks the first time in U.S. history that a gold bar has surpassed this valuation. The surge in gold prices is attributed to economic uncertainty and its role as a hedge against inflation, making it increasingly popular among investors and central banks. Over the past year, the value of a gold bar has increased by 32%, with spot gold prices closing above $2,500 per ounce, setting a new all-time high. Year-to-date, gold has risen by 23%, outpacing the S&P 500's 18% increase.