Gold hits record high, meaning gold bars worth over a million dollars
Newsflash: the gold price has hit a new alltime high.
Spot gold has risen over its previous record high, set last Friday, to trade at $2,513.79 per ounce this morning.
This extends its recent gains, as gold has been lifted by expectations of cuts to US interest rates starting in September.
Falling interest rates support the gold price, as they make alternative assets such as bonds and cash reserves – which pay interest – less attractive.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, says:
The recent demand boom can be put down to growing expectations that the US Fed is set to cut interest rates in the coming months. Add in central bank buying, demand for portfolio hedges, and global uncertainty; it’s been a recipe for strong demand over the year.
Gold has now risen almost 22% so far this year. And it may have further to rise, with investment bank UBS forecasting prices could reach $2,600 an ounce by the end of 2024.
At current levels, a standard bar of gold is worth one million dollars.
With gold bars typically weighing about 400 ounces, that would make each one worth more than $1 million.
Gold Bars Are Worth a Million Dollars for the First Time
The common 400 troy ounce (12.4 kg) gold bar is worth a million dollars nowhttps://t.co/LFHfax50Yx
— Amit Paranjape (@aparanjape) August 20, 2024
“}}”
Gold Bars Are Worth a Million Dollars for the First Time
The common 400 troy ounce (12.4 kg) gold bar is worth a million dollars nowhttps://t.co/LFHfax50Yx
— Amit Paranjape (@aparanjape) August 20, 2024
“,”elementId”:”f5b5ad3a-c66a-42be-a066-e60d0e71d913″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Update: Hang on, make that $2,521.36…. the rally continues….
“,”elementId”:”c7c9ddb5-b85f-49cb-a7ed-e53171c9274f”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1724141241000,”blockCreatedOnDisplay”:”04.07 EDT”,”blockLastUpdated”:1724141547000,”blockLastUpdatedDisplay”:”04.12 EDT”,”blockFirstPublished”:1724141269000,”blockFirstPublishedDisplay”:”04.07 EDT”,”blockFirstPublishedDisplayNoTimezone”:”04.07″,”title”:”Gold now over $2,520″,”contributors”:[],”primaryDateLine”:”Tue 20 Aug 2024 04.12 EDT”,”secondaryDateLine”:”First published on Tue 20 Aug 2024 02.48 EDT”},{“id”:”66c430b28f08dc0eb7d2399f”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Newsflash: the gold price has hit a new alltime high.
“,”elementId”:”247b54a9-858b-4042-90fa-3f44dbc2e221″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Spot gold has risen over its previous record high, set last Friday, to trade at $2,513.79 per ounce this morning.
“,”elementId”:”d82d9f91-d525-41dc-a1bd-4d0e16736d77″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
This extends its recent gains, as gold has been lifted by expectations of cuts to US interest rates starting in September.
“,”elementId”:”aba6cd89-a245-40f3-b9e0-8dc6ad2a2c57″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Falling interest rates support the gold price, as they make alternative assets such as bonds and cash reserves – which pay interest – less attractive.
“,”elementId”:”383c6003-8d91-4026-b074-6fae6d12d2b8″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Matt Britzman, senior equity analyst at Hargreaves Lansdown, says:
“,”elementId”:”ca9ebe15-1bb6-4378-9e8b-2cd6bd6b4464″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”
\n
The recent demand boom can be put down to growing expectations that the US Fed is set to cut interest rates in the coming months. Add in central bank buying, demand for portfolio hedges, and global uncertainty; it’s been a recipe for strong demand over the year.
\n
“,”elementId”:”2993ac98-b30c-47f4-825e-e94fc9a004d5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Gold has now risen almost 22% so far this year. And it may have further to rise, with investment bank UBS forecasting prices could reach $2,600 an ounce by the end of 2024.
“,”elementId”:”8ce4ad17-7f59-49af-ba86-d2c3714a0659″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
At current levels, a standard bar of gold is worth one million dollars.
“,”elementId”:”21bd44be-5cfe-4730-a357-778a8461413f”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
“,”elementId”:”1f279175-c62b-4af5-afdd-8edf7fc86f3f”},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”
\n
With gold bars typically weighing…
Read More: Gold price hits record high; global markets rally on ‘soft landing’ hopes –