400-Ounce Gold Bars Cross $1 Million Mark for First Time

Published on August 20, 2024

A bar of gold can now cost $1 million or more as prices have surged in recent days amid investor expectations that the U.S. Federal Reserve could cut interest rates. Spot gold prices breached $2,500 per troy ounce on Friday and was trading above that level as of 8:00 a.m. EST on Monday. With prices exceeding the $2,500 level, the cost of a 400 oz. London Good Delivery gold bar went beyond $1 million for the first time ever. London Delivery gold bars are investment-grade gold approved by the London Bullion Market Association, a key center for global trade of precious metals. Gold prices have been on an uptrend since the beginning of the year, rising by more than 20 percent. The surge comes amid investor expectations that the Fed would lower interest rates....

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