For the first time in history, a gold bar is worth a million dollars, thanks to rising precious metal prices.
On Friday, the price of gold reached over $2,500 per ounce, setting a record, and with the average gold bar weighing 400 ounces, its value now stands at a million dollars.
Gold prices have increased by more than 20% since the beginning of the year, as central banks, led by China, are buying gold to reduce their reliance on U.S. dollars.
Central banks and investors view gold as a long-term, reliable store of value during times of economic turmoil. This is because when interest rates fall, gold prices tend to rise, making bars more attractive than bonds.
Investors also consider gold a hedge against inflation, as gold bars retain their value even when many prices are rising.