The price of a bar of gold has reached a million dollars for the first time, driven by soaring prices for the precious metal. Spot gold prices surged past $2,500 per troy ounce on Friday, hitting a record high.
Read more;
Bawumia promises perks for creative arts
Ghana Police Service refutes Militia Training in Kwahu ahead of elections
With the average gold bar weighing 400 troy ounces, the math brings the value to a million dollars. Bloomberg News first reported this milestone in gold bar pricing.
Spot gold prices have increased by over 20% year to date, reflecting investor expectations that the Federal Reserve may soon cut its benchmark interest rate.
Central banks, particularly in China, are also buying gold to reduce reliance on US dollars. Both central banks and investors consider gold a reliable store of value during economic turmoil, as falling interest rates make gold more attractive than bonds. Additionally, investors view gold as a hedge against inflation, betting that bullion will maintain its value as prices rise.
However, not every gold bar weighs exactly 400 ounces, and gold bars are typically traded internationally by central banks and bullion dealers, not individuals.
