Value of gold bar hits $1 million for first time ever

For the first time ever,🔯 a single gold bar is worth $1 mill♌ion, thanks to a surge in prices.

Gol🐲d 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 weig🥃h 400 ounces.

The recent highs are a first for the preciou𝐆s 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 a🔯bove the $2,400-🤡level for the first time in April.

A JPMorgan report published last month said geopolitical risks, inflation hedging and interest ra🌺te outlooks have helped feed the gains that gold prices have posted this year.

JPMorgan researchers said they exp💦ect gold to see average prices of $2,600 per ounce by th🦂e end of 2025. 

“The direction of travel is still higher over the coming quarters, forecasting an average price of $2,500/oz in the fourth quarter of 2024 and $2,600/oz in 2025, with risk still skewed toward an earlier overshoot,” Gregory Shearer, JPMorgan’s head of base and precious metals strategy, said in the mid-July 

Other metals also posted gains on Tuesday. Spot silveওr rose ꦰ1.3% to $29.87 per ounce, platinum gained 1.2% to $964.55 and palladium was up 1.4% at $944.75.