In “Making Money,” Strategic Intelligence editor Jim Rickards discusses whether gold has the potential to replace the U.S. dollar as the world’s primary currency.
The price surge meant that for the first time in history, a single gold bar was worth $1 million.
The 400 troy ounce gold bar has reached the $1 million mark after the price of the precious metal surpassed $2,500 per troy ounce. However, not all gold bars weigh 400 ounces.
The recent highs are a first for the precious metal.
The gold bars were presented at the German Central Bank in Frankfurt am Main, central Germany, on August 23, 2017. (Photo by ARNE DEDERT/dpa/AFP via Getty Images/Getty Images)
Spot gold was up about 1% at $2,563 an ounce as of 10:45 a.m. ET, beating the all-time high it hit on Friday. London’s gold price benchmark hit an all-time high of $2,521.55 an ounce in a Tuesday morning auction, according to the London Bullion Market Association.
Click here to get FOX Business on the go
Friday marked the first time that spot gold prices topped $2,500. Gold prices surpassed $2,400 for the first time in April.
JP Morgan report Published last month He said geopolitical risks, inflation hedging and interest rate outlooks have driven gold prices higher this year.
State Street SPDR Gold ETF
Cocoa prices continue to rise. What’s causing the rising costs?
JPMorgan researchers said they expect the average price of gold to reach $2,600 an ounce by the end of 2025.
A “Fine Gold” mark is placed on a 500-gram gold bar arranged by Gold Investments Ltd. bullion dealers in London on May 21, 2024. (Photographer: Chris Ratcliffe/Bloomberg via Getty Images/Getty Images)
“We remain directional in price over the next few quarters, forecasting averages of $2,500 per ounce in Q4 2024 and $2,600 per ounce in 2025, but risks remain skewed toward an early overshoot,” Gregory Shearer, head of base and precious metals strategy at JPMorgan, said in a mid-July report.
iShares Silver Trust ETF
Precious metals buyer benefits from Costco bullion rush: ‘I think this will save us money’
Other metals also rose on Tuesday: Spot silver rose 1.3% to $29.87 an ounce, platinum rose 1.2% to $964.55 and palladium rose 1.4% to $944.75.
Reuters contributed to this report.
