The value of a gold bar has reached 1 million dollars.
Gold has long been considered a long-term reliable asset economic uncertainty and a hedge against inflation, explaining its growing popularity among investors and central banks.
The catalyst behind the $1 million mark is the rise in the price of spot gold, which has recently risen to over $2,500 per troy ounce (the unit of measurement for the precious metal). This sets a new record high, as first reported by News Bloomberg.
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Announce gold refers to the price at which gold can be bought and sold instantly – “on the spot”. According to London Bullion Market Associationgold bars contain 350 to 430 ounces of pure gold. Meanwhile, investors and everyday shoppers alike have been swallowed up smaller portions at Costcowhere to buy gold in 1oz bars.
Investors have witnessed a 20% increase IN gold prices since the beginning of the year, highlighting a strong appetite for the precious metal in the middle expectations for an interest rate cut from the Federal Reserve.
Historically, as interest rates fall, the allure of gold strengthens, providing an attractive alternative to bonds.
Moreover, central banks around the world, with China at the forefront, are piling up gold reserves in an effort to minimize dependence on the US dollar.
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