Gold Prices Are Higher Than Ever. Here's How Much a Costco Gold Bar Purchased in 2024 Is Worth Today. A one-ounce Costco bar is worth $870 more now than it was a year ago.
By Sherin Shibu Edited by Melissa Malamut
Key Takeaways
- Gold prices hit new highs this week, reaching $3,500 per ounce for the first time on Tuesday and closing at $3,593.20 per ounce on Wednesday.
- Costco members who purchased gold bars for $2,679 last year could see the same bars worth around $3,500 today.
- Costco sells up to $200 million worth of gold bars every month.
Gold is hitting record prices this week, reaching above $3,500 per ounce for the first time on Tuesday and then hitting another milestone on Wednesday: $3,593.20 per ounce. Goldman Sachs predicted this week in a research note that gold prices could increase above $4,000 per ounce by mid-2026.
"Gold remains our highest-conviction long recommendation," Goldman Sachs stated in the note. In April, JPMorgan also predicted that gold prices would rise above $4,000 per ounce by the second quarter of next year.
And the effects are being felt far beyond Wall Street.
Wholesale retailer Costco, which sells up to $200 million worth of gold bars per month, began selling the commodity in 2023 when gold was at an average closing price of $1,943, per Macro Trends.
According to CNBC, in September 2024, a one-ounce Costco gold bar cost $2,679. If a Costco shopper held onto their purchase this year, the same bar would be worth $3,549 this month, a gain of $870.
Costco gold bar. Photographer: Clark Hodgin/Bloomberg via Getty Images
Experts told ABC News that rising gold prices signify elevated economic uncertainty. In an environment of slow hiring and inflation above the Federal Reserve's 2% target, investors are seeking low-risk investments, such as gold.
"The probability of an economic slowdown has greatly increased, and people naturally look for a safe haven asset," Duke Business School Professor Campbell Harvey told the outlet.
Related: Are Costco's Platinum Bars a Good Investment? Here's What Experts Say.
Gold has gained more value than alternative investments, like purchasing company shares on the stock market, according to the outlet. Gold prices have risen by more than 42% this year, greater than a 9% gain in the S&P 500, a 6% rise in the Dow Jones Industrial Average, and a 10% spike in the Nasdaq over the same time period.
Costco had approximately 137 million members in 2024, up from 128 million in 2023, per Statista estimates.
