What's behind this week's gold rush

A gold rush is here. The precious metal hit an all-time high this week.

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The spot price for gold closed Tuesday above $2,514 (U.S.), according to data from FactSet. That’s the highest closing price recorded for the commodity to date.

Here’s what you need to know:

What is the price of gold today?

The spot price of gold closed Tuesday at just over $2,514 per Troy ounce — the standard for measuring precious metals, which is equivalent to 31 grams. That would make a gold bar or brick weighing 400 Troy ounces worth more than $1 million today.

This week’s record high means that the price of gold has climbed hundreds of dollars per Troy ounce over the last year. Tuesday’s price is up nearly $620 from this time in 2023.

Why is the price of gold going up?