Gold Standard Bullion Price Exceeds One Million Dollars for the First Time in History

The price of a gold standard bullion has surpassed one million US dollars for the first time in history, according to Bloomberg.

On August 16, the spot price of gold exceeded $2,500 per troy ounce (31.1 grams) for the first time, and during the auction on August 19, it solidified above that mark. Thus, the standard 400-ounce gold bullion became worth more than one million dollars.

At the same time, Bloomberg notes that the weight for the 400-ounce bullion is not strictly defined. According to the rules of the London Bullion Market Association, an acceptable range is between 350 and 430 ounces.

Since the beginning of 2024, gold has increased in value by 20%. The rise in prices is attributed to expectations of lower interest rates in the US, as well as geopolitical tensions in the Middle East, which have led investors to be more willing to purchase defensive assets.