A Gold Bar Reaches $1 Million: Record High Prices Push Historic Milestone
On August 29, 2024, gold prices hit $2,500+ per troy ounce for the first time, pushing the value of a 400 oz "Good Delivery" gold bar to $1 million. This benchmark bar, widely used in international markets by central banks, measures 10.70 x 3.72 x 2.03 inches and is governed by London Bullion Market Association (LBMA) standards, including a minimum fineness of 995.0 parts per thousand.
Key Data:
- 400 oz Good Delivery bar: valued at $1,000,000
- 1 kg bar: valued at $80,697
- Half kg bar: valued at $40,336
- 1 oz bar: valued at $2,510
- iPhone 14 Pro Max (for size comparison): valued at $1,099
The Good Delivery bar's stringent requirements ensure its acceptability in global trade, while smaller bars are accessible to consumers, often sold through retailers like Costco, which reported selling up to $200+ million in gold bars monthly as of August 2024.
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