There are some nuances to the determine. Whereas gold bars within the London market — the worldwide middle for buying and selling the valuable steel — usually weigh about 400 troy ounces, they’ll include 350 to 430 ounces of pure gold, in response to the London Bullion Market Affiliation. It’s additionally attainable for people to purchase a lot smaller, extra inexpensive bars equivalent to these bought by Costco.
Within the first half of this yr, central financial institution internet purchases of gold stood at 483.3 tons, equal to virtually 40,000 bars, in response to a Bloomberg calculation utilizing figures from consultancy Metals Focus. It’s one of many components that has supported the valuable steel’s blistering rally to date this yr, together with expectations of looser financial coverage from the US Federal Reserve.
(By Jack Wittels)
Learn Extra: Need to capitalize on all-time excessive gold value? You would be in enterprise by 2040!