Gold has long been considered a reliable asset during economic uncertainty and a hedge against inflation, explaining its rising popularity among investors and central banks.
The climbing price of spot gold, which has recently soared to over $2,500 per troy ounce, is a catalyst behind the $1 million milestone for a single gold bar.
Investors have witnessed a 20% increase in gold prices since the beginning of the year, highlighting a strong appetite for the precious metal amid expectations of an interest rate cut by the Federal Reserve.
Central banks around the world, with China at the forefront, are amassing gold reserves in an effort to minimize dependence on the U.S. dollar.
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