For the first time in history, a single gold bar has reached the milestone value of $1 million. This occurred when the spot price of gold surged past $2,500 per troy ounce.

Typically, gold bars weigh around 400 troy ounces, making each worth over $1 million at the current price level.

The increase in gold prices is influenced by several factors, including significant purchases by central banks, which have accumulated nearly 483.3 tons of gold in the first half of 2024 alone.

Additionally, expectations of more lenient monetary policies from the U.S. Federal Reserve have contributed to the metal’s price rally​.

Gold bars vary slightly in weight, usually ranging from 350 to 430 ounces in the London market, the global hub for gold trading.

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