Gold Bullion Hits $1 Million for First Time

A gold bullion has hit $1 million for the first time ever, coming after the spot price of the precious metal topped $2,500 an ounce, an all-time high.

Gold bullion bars typically weigh about 400 ounces, meaning each one is worth more than $1 million.

There are some nuances to that number. While gold bullion bars on the London market — the world’s center for trading the precious metal — typically weigh about 400 ounces, they can contain 350 to 430 ounces of pure gold, according to the London Bullion Market Association.

In the first half of this year, central banks bought 483.3 tons of gold, or about 40,000 bars, according to Bloomberg calculations using figures from consulting firm Metals Focus.