Gold bar price hits $1 million for first time in history, will it continue to rise?
2024-08-20
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For the first time ever, the value of each gold bar exceeded $1 million!
The gold market reached that milestone last Friday when the spot price of gold surpassed $2,500 an ounce, a record high. Gold bars typically weigh about 400 ounces, meaning each is worth more than $1 million.
It was also reported that the "Global Gold Demand Trends Report" released by the World Gold Council on July 30 showed that in the first half of this year, global gold demand increased slightly, with global gold demand reaching 2,441.3 tons, a year-on-year increase of 1.3%.
The "Global Gold Demand Trends Report" also shows that the international gold price opened at US$2,062.66 per ounce in the first half of 2024 and closed at US$2,326.32 per ounce at the end of June, an increase of 12.77%.
In the first half of this year, global central banks purchased 483 tons of gold, equivalent to nearly 40,000 gold bars, a year-on-year increase of 5%, boosting the overall demand for gold.
As global economic uncertainty increases, gold's appeal as a safe-haven asset continues to grow, and market demand for gold is also growing.
According to the website of Fortune magazine, as the possibility of the Federal Reserve cutting interest rates continues to increase, the capital market is more optimistic about the rise of gold. The US Precious Metals Exchange previously stated that if global geopolitical uncertainties intensify and global central banks continue to buy gold, the international gold price may reach $3,000 per ounce next year.
(Yangcheng Evening News•Yangcheng News Comprehensive Cailianshe, CCTV News, The Paper, etc.)
