(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.
Furthermore, the recent surge in the price of gold can be attributed to global economic uncertainties and geopolitical tensions, leading investors to seek safe-haven assets like gold to protect their wealth.
Copyright 2024 CNN Newsource. All rights reserved.
