Strategic Intelligence editor Jim Rickards discusses whether gold could replace the U.S. dollar as the world’s favored currency on ‘Making Money.’
Gold recently hit record highs, with a single gold bar now worth $1 million, marking a significant milestone in the precious metal’s value amid a surge in prices.
Gold Bars Hit the Million-Dollar Mark
Gold bars weighing 400 troy ounces reached the million-dollar mark as the price of gold surpassed $2,500 per troy ounce. This recent peak in value represents a historical milestone for gold as its worth continues to rise.
Gold bars are presented at the German Central Bank in Frankfurt am Main, central Germany on Aug. 23, 2017. (Photo by ARNE DEDERT/dpa/AFP via Getty Images / Getty Images)
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.
The Rise of Gold Amid Economic Uncertainty
The surge in gold prices to record levels reflects the current economic uncertainty and market volatility globally. Investors often turn to gold as a safe-haven asset during times of crisis, which is further driving its value.
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Reuters contributed to this report.
Strategic Intelligence editor Jim Rickards discusses whether gold could replace the U.S. dollar as the world’s favored currency on ‘Making Money.’
Gold recently hit record highs, with a single gold bar now worth $1 million, marking a significant milestone in the precious metal’s value amid a surge in prices.
Gold Bars Hit the Million-Dollar Mark
Gold bars weighing 400 troy ounces reached the million-dollar mark as the price of gold surpassed $2,500 per troy ounce. This recent peak in value represents a historical milestone for gold as its worth continues to rise.
Gold bars are presented at the German Central Bank in Frankfurt am Main, central Germany on Aug. 23, 2017. (Photo by ARNE DEDERT/dpa/AFP via Getty Images / Getty Images)
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.
The Rise of Gold Amid Economic Uncertainty
The surge in gold prices to record levels reflects the current economic uncertainty and market volatility globally. Investors often turn to gold as a safe-haven asset during times of crisis, which is further driving its value.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Reuters contributed to this report.
