It’s very easy to ask how much does a gold bar cost, but it’s much complicated to answer the question. One of the ways, for example, to calculate the price is to calculate by the spot price of 400 to a gold brick of 400oz.
Another way, you should a bit more calculative to find out the answer. Let’s do it for you. If it’s $1,320.25 for one ounce of gold today, so a gold brick of 438.9 ounces will cost (438.9 X1, 230.25) =$539956.725.
Thus, it’s very complex to calculate fading out the price of a gold brick. But, we’ll do it with some other interconnected information.
Standards of Gold Bar
When it comes to the standards of gold bar, you’ll find some different options out there. One of them is the 400oz that’s that the most used and accepted one and you might have seen this in movies. Also, banks use this standard and the Fort Knox uses this standard to store gold.
We know, you’re eagerly waiting to know how much KGs are equal to 400oz. Yes, it’s equal to 12.5 kilos of gold when you look for the question of how much does a brick of gold cost of a single gold bar or brick.
So, you can calculate how much does a kilo of gold cost from the above cost. And it’s $43, 196.538. In addition, it’s worth a total more than 500k with inconsistency and it depends on the deal of the day.
Besides, you’ll also find a single kilo gold bar with a standard of up to 99.99% purity. The individual buyers usually purchase these bars for investment and storage.
Factors That Manipulate The Gold Bar Price
If you get back to a century ago, you’ll find it was just $20 for one ounce of gold. But, these days, gold is being graded from $1200 to $1900 for the same amount. As a result, it’s a large change in simple terms for gold price over the last century.
Although it’s not gold or gold bar that has become expensive, the currency has quoted to depreciate gold so much. For example, the US dollars have lost their value up to 97% since 1913.
Highest Price of One-Ounce Gold Ever
It was August of 2011 when the gold had its highest price of $1,900/oz. But, it actually was not the nominal high in true terms. It’s because it was $850/oz on January 1980 that’s still a highest if you adjust the inflation.
According to the inflation calculation of the government, the price in 1980 of $850 just has been translated in 2011 to $2,475. And it was $2,708 in the last year, 2018.
So, you now know how much does a gold bar cost, which is just an estimate. It’s because the cost depends on many factors like the trade rate of the day and quality of the gold as well.
The biggest reason for driving up of gold price tends of money printing in against of gold. With the same amount of gold, traders can make more units of currency.