A Gold Bar Is Now Worth Around $1 Million

The price of gold reached over $2,500 per troy ounce on Friday, hitting a record high.

The price of a gold bar has reached a new milestone.

The price of gold reached over $2,500 per troy ounce on Friday, hitting a record high.

The average gold bar weighs 400 troy ounces, which puts the worth of the precious metal to around a million dollars. Spot gold prices have increased over 20% year to date.

Higher gold prices can be a sign that investors expect the Federal Reserve to cut its benchmark rate soon. However, that is not set in stone as the fed works to fight inflation.

When interest rates fall, gold prices tend to rise as it becomes more appealing than bonds.