Gold bars are million-dollar assets, as they typically weigh 400 troy ounces or more. This price increase is due to factors such as massive gold purchases by central banks and expectations of looser policy from the US Federal Reserve.

The milestone was reached on Friday when the spot price of the precious metal exceeded a record $2,500 per troy ounce. Since 400 ounces is the average weight of a gold bar, each of these would be worth over $1 million.

Also read: Borderlands 4: Check out release date, game description, gameplay and trailer

According to the London Bullion Market Association, gold bars traded worldwide weigh approximately 400 troy ounces, but can contain as much as 350 to 430 ounces of pure gold. Cheaper, much smaller bars, such as those offered by Costco, are also available.

Using data from the consulting firm Metals Focus, Bloomberg calculated that central banks bought a net 483.3 tonnes of gold in the first half of this year, or almost 40,000 bars. This, together with expectations of a looser monetary policy from the US Federal Reserve, has contributed to the explosive rise in precious metals this year.

Also read: Who is Lunden Roberts? Everything about Hunter Biden’s secret relationship and her daughter Navy

FAQ

What is the average weight of a gold bar?
Although they can weigh between 350 and 430 ounces, a typical gold bar weighs about 400 troy ounces.

Why is gold so much more expensive now?
The main reasons for the price increase are the extensive gold purchases by central banks and the expectation of a looser monetary policy by the US Federal Reserve.