Historic First! Gold bar price reaches $1 million, gold sector sees a general rise
Last Friday, the spot gold price broke through $2500 per ounce, and the price of gold bars reached a milestone of over $1 million for the first time. Global central banks net purchased 483.3 tons of gold in the first half of the year, enhancing the attractiveness of gold as a safe-haven asset. At the same time, market optimism towards gold was boosted by expectations of a Fed rate cut, with the international gold price expected to reach $3000 per ounce next year. On Monday, the gold sector of the US stock market generally rose
According to the Zhitong Finance and Economics APP, last Friday, the price of spot gold exceeded $2500 per ounce, hitting a historical high again. Gold bars typically weigh around 400 troy ounces, meaning each gold bar has reached a milestone of over $1 million. Of course, there are slight differences in the data.
According to the London Bullion Market Association, in the global precious metals trading center of London, gold bars typically weigh around 400 troy ounces, but the pure gold content can also range from 350 to 430 ounces. In addition, there are smaller gold bars available for individual purchase with lower total prices, such as those sold at Costco (COST.US).
Based on calculations from Metals Focus data cited by foreign media, in the first half of this year, global central banks net purchased 483.3 tons of gold, equivalent to nearly 40,000 gold bars. This is one of the factors supporting the strong rally in gold prices this year, along with the expected loose monetary policy of the Federal Reserve.
With increasing global economic uncertainty, the attractiveness of gold as a safe-haven asset continues to strengthen, and market demand for gold is also growing. This historic price breakthrough once again highlights the important position of gold in the global financial markets.
According to Fortune magazine's website, as the possibility of a Fed rate cut continues to increase, the capital markets are taking a more optimistic view on the rise of gold. The U.S. precious metals exchange previously stated that if global geopolitical uncertainties escalate and central banks continue to buy gold, the international gold price could reach $3000 per ounce next year.
On Monday, the U.S. gold sector collectively rose in the stock market. By the closing bell, Gold Fields (GFI.US) rose by 2.45%, Barrick Gold (GOLD.US) rose by 2.54%, Newmont Mining (NEM.US) rose by 1.95%, Kinross Gold (KGC.US) rose by 2.07%, and Harmony Gold (HMY.US) rose by 2.63%