How Much Is a Gold Bar Worth?
Gold has been a mythical substance of lore and aspiration since mankind first laid eyes on it. To this day it remains more than just something dragons wish to covet but is the barometer by which many modern currencies are measured. When it comes to investing in gold, there are many factors to consider.
What Is a Gold Bar?
A gold bar is metallic gold that has been refined and cast or minted into a shape. That shape is often the typical rectangular bar shape, but can also be round, square or a rod.
What Affects the Price of Gold?
A minted gold bar can vary not only in size and weight but also in market value. Gold prices are dictated by many factors but mainly by the following areas:
- Economic climate: Overall, gold rarely fluctuates much in value and is considered a safe haven investment. When the market is down, or even during times of financial crisis, investors tend to buy gold, which can increase both its value and price.
- Supply and demand: The value of physical gold may go up or down depending on how much is currently available. As supply and demand would suggest, the less there is of something, the more it will cost.
- Inflation: The U.S. dollar’s value decreases as inflation rates get higher. However, gold isn’t necessarily directly tied to the dollar, so you could possibly use it to hedge against inflation.
How Much Does a Gold Bar Weigh?
Though gold bar weight classifications typically break down into either grams or ounces, to help account for global units of measurement, the 1-ounce gold bar is what is used to calculate live gold prices. There is also a troy ounce, which is the unit used when measuring precious metals. With troy ounces, 12 ounces equal one pound. Given these conversions, a 1-pound gold bar would be currently worth $21,880.08.
Current Gold Bar Price by Weight
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How To Buy a Gold Bar
If you are looking to buy a physical gold brick, or some other variation of gold bullion, which is considered 99.5% pure gold, then you may want to look into working with reputable gold dealers, such as the following:
- American Precious Metals Exchange (APMEX)
- Buy Gold and Silver Coins (BGASC)
- JM Bullion
- Metal Metals Exchange
- SD Bullion
When it comes to gold, there are many different ways to invest. Here are the options:
- Physical metal: When you purchase physical gold, you have possession of the gold itself — though you may pay a gold dealer to store it for you.
- Futures: A gold future is a contract to purchase a quantity of gold at an agreed price on a future date.
- ETFs: An exchange-traded fund is made up of a group of assets and is purchased from an exchange or a broker. Gold ETFs are backed by physical gold and intended to reflect its market price.
- Mining stocks: Purchasing shares of companies that mine gold is another way of investing in gold indirectly, without buying physical gold.
- Gold IRAs: A gold IRA allows you to invest in gold for your retirement account, while regular IRAs do not allow you to hold physical gold for retirement.
Gold Bars vs. Other Types of Gold
As there are many different types of physical gold you can buy or invest in, here is a list of common forms of gold you may run into:
- Bar: Minted gold that is cast in the shape of a bar.
- Bullion: General term for gold in a bar, coin or round form that is at least 99.5% pure.
- Coin: Government sanctioned gold minted into coins that can be used for currency.
- Ingot: Pouring molten gold into a mold to form a gold bar.
- Round: Non-government sanctioned gold coins, but still made from gold, so they do have value.
Final Take: Reasons To Buy Gold
Gold has a pretty solid track record as a physical asset. Whether it’s buying minted bars or putting your money in gold ETFs, most financial advisors would consider gold a safe haven investment. As gold isn’t necessarily tied to the U.S. dollar, inflation also has less of an effect on how far your purchasing power will go.
FAQHere are the answers to some commonly asked questions about gold bars.
- How much is a gold bar worth in 2023?
- Gold bars are priced by weight, typically ounces or grams, and this price is also affected by the market. As of Feb. 23, 2023, the price of 1 gram of gold is $58.62 whereas a gold bar that weighs a kilogram would fetch close to $60,000.
- How much is a 1-pound gold bar worth?
- Though typically not measured by pounds, seeing as 12 troy ounces equals a troy pound, and taking the current value of an ounce of gold as of Feb. 23, 2023, into account, a 1-pound gold bar would be worth $21,880.08.
- How much is a 1-kilogram gold bar worth?
- As of Feb. 23, 2023, a 1-kilogram gold bar is worth $58,621.70. However, the price does fluctuate daily.
- What are the different types of gold you can buy?
- Physical gold takes on many forms, but the most common valuable commodities include jewelry, gold bars, gold coins, gold bullion or gold rounds.
- How is gold measured?
- The two standard gold bar weight classifications are grams and ounces. The 1-ounce gold bar is what is used to calculate live gold prices.
- There is also a troy ounce, which is the unit used when measuring precious metals. With troy ounces, 12 ounces equal one pound.
Amber Barkley contributed to the reporting for this article.
Data is accurate as of Feb. 23, 2023, and is subject to change.
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- Gold Price. "Gold Price."
- Gold Bars Worldwide. "DEFINITIONS: BAR TYPES."