For the first time ever, a single gold bar is worth $1 million, thanks to a surge in prices.
Gold bars weighing 400 troy ounces hit the million-dollar mark after the price of the precious metal climbed above $2,500 per troy ounce. However, not all gold bars weigh 400 ounces.
The recent highs are a first for the precious metal.
Spot gold was up about 1% to $2,563 per ounce as of 10:45 a.m. ET, surpassing a previous record hit on Friday. London’s gold price benchmark hit an all-time high of $2,521.55 per ounce at a morning auction on Tuesday, the London Bullion Market Association said.
Friday marked the first time gold had recorded spot prices above $2,500. Gold prices previously rose above the $2,400-level for the first time in April.
A JPMorgan report published last month said geopolitical risks, inflation hedging and interest rate outlooks have helped feed the gains that gold prices have posted this year.
JPMorgan researchers said they expect gold to see averag