A gold bar is worth $1 million for the first time
Published: Aug. 20, 2024 at 12:36 PM HST|Updated: 13 hours ago
(CNN) – For the first time, a bar of gold is worth $1 million.
Prices for the precious metal hit a record high Friday, soaring to more than $2,500 per troy ounce.
The average gold bar weighs 400 troy ounces.
Crunching the numbers makes one gold bar worth $1 million.
Most gold bars are usually traded internationally by central banks and bullion dealers. They see precious metal as a long-term, reliable store of value during economic turmoil.
When interest rates fall, gold prices tend to rise as bullion becomes more appealing than bonds.
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