The milestone was reached on Friday when the spot price of the precious metal exceeded a record $2,500 per troy ounce. Since 400 ounces is the average weight of a gold bar, each of these would be worth over $1 million.
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According to the London Bullion Market Association, gold bars traded worldwide weigh approximately 400 troy ounces, but can contain as much as 350 to 430 ounces of pure gold. Cheaper, much smaller bars, such as those offered by Costco, are also available.
Using data from the consulting firm Metals Focus, Bloomberg calculated that central banks bought a net 483.3 tonnes of gold in the first half of this year, or almost 40,000 bars. This, together with expectations of a looser monetary policy from the US Federal Reserve, has contributed to the explosive rise in precious metals this year.
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FAQ
What is the average weight of a gold bar?
Although they can weigh between 350 and 430 ounces, a typical gold bar weighs about 400 troy ounces.
Why is gold so much more expensive now?
The main reasons for the price increase are the extensive gold purchases by central banks and the expectation of a looser monetary policy by the US Federal Reserve.
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