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The price of a standard gold bar has exceeded $1 million for the first time in history. This milestone was achieved due to a significant increase in the price of gold on world markets. This was reported by pravilamag.ru with reference to Bloomberg.
On August 16 of this year, the spot price of a troy ounce of gold set a new historical maximum, exceeding $2.5 thousand. And already on August 19, gold quotes continued to grow, having consolidated above this mark.
It is worth noting that a standard gold bar usually weighs about 400 troy ounces (approximately 12.5 kg), which explains its current cost of $1 million. However, according to the rules of the London Bullion Market Association, the weight of bars can vary in the range from 350 to 430 ounces (from 10.9 to 13.4 kg).
Since the beginning of 2024, the price of gold has increased by 20%, and in the last week alone it has shown an increase of 3.3%.