Gold Price Skyrockets To Record High

A gold rush is here.

A gold bar or brick weighing 400 troy ounces worth more than $1 million today.

The precious metal hit an all-time high this week. The spot price for gold closed Tuesday above $2,514, according to data from FactSet. That’s the highest closing price recorded for the commodity to date, Wyatte Grantham-Philips reported for the Associated Press (AP).

The spot price of gold closed Tuesday at just over $2,514 per troy ounce—the standard for measuring precious metals, which is equivalent to 31 grams.

That would make a gold bar or brick weighing 400 troy ounces worth more than $1 million today. This week’s record high means that the price of gold has climbed hundreds of dollars per troy ounce over the last year.

Tuesday’s price is up nearly $620 from this time in 2023.

There are a few factors behind the recent gains. Interest in buying gold often comes at times of uncertainty—with potential concerns around inflation and the strength of the US dollar, for example, causing some to look for alternative places to park their money.

Gold also saw a surge in the early days of the COVID-19 pandemic.

Giovanni Staunovo, a commodity analyst at UBS Global Wealth Management, said the main drivers of recent gold gains have been the weaker U.S. dollar and expectations that the Federal Reserve will cut its benchmark interest rate next month.