Price of a single gold bar surpasses $1 million for the first time

The gold price has reached a historic milestone, with the value of a single gold bar surpassing 1 million dollars for the first time. This is due to the recent surge in gold prices, which hit over 2500 dollars per troy ounce (31.1 grams) last Friday and has remained above this record level since then.
 

Gold price on August 20, 2024, around 1:15 PM
 
On the London metal market, the primary global hub for gold trading, gold bars typically weigh around 400 troy ounces. Given the current gold price, this means that a single bar is now worth over 1 million dollars, equivalent to approximately 910,000 euros.
 
Several factors are driving the rising gold price. One of the key reasons is the substantial purchasing of gold by central banks. In the first half of this year, central banks worldwide added 483.3 tons of gold to their reserves. These purchases reflect the central banks' need to strengthen their reserves amid economic uncertainty.

Notably, younger investors are showing increasing interest in gold. This group places less value on holding cash, especially in a climate of rising inflation, and instead opts for gold as a means of safeguarding their assets. This shift indicates a change in investment strategies, with traditional assets like gold gaining renewed attention.
 
Recent developments in the gold market highlight how global economic and geopolitical dynamics can impact the value of traditional assets. As the gold price continues to rise, the metal maintains its essential role in the portfolios of both institutional and individual investors, reaffirming its status as a safe haven in times of uncertainty.