NEW YORK (AP) - The gold rush is here. The precious metal hit an all-time high this week.
The spot price of gold closed above $2,514 on Tuesday, according to FactSet data. This is the highest closing price ever recorded for the commodity. Here's what you need to know.
What is the price of gold today?
The spot gold price closed Tuesday at just above $2,514 per troy ounce - the standard for measuring precious metals, which is equivalent to 31 grams. That would mean a gold bar or bar weighing 400 troy ounces is now worth more than $1 million.
This week's record high means that the price of gold has climbed hundreds of dollars per troy ounce over the past year. Tuesday's price is nearly $620 higher than it was at this time in 2023.
Why is the price of gold rising?
Several factors are behind the recent gains.
Interest in buying gold often arises in times of uncertainty - for example, in the context of potential concerns about inflation and the strength of the US dollar, which have led some to look for alternative places to park their money. Gold also saw a sharp rise in the early days of the COVID-19 pandemic.
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