If you bought a gold bar at Costco last year, here is what it's worth now
Gold hit $4,000 per ounce for the first time on Tuesday
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Gold prices surpassed $4,000 for the first time on Tuesday as the record-breaking rally that has seen market prices for the precious metal surge over the last year continues to chug along.
Long considered a safe haven asset to hedge against economic uncertainty, gold has risen as investors deal with concerns about the U.S. economy due to the impact of tariffs on inflation, as well as signs of a weakening labor market and expectations of a Federal Reserve rate cut.
An investor who bought a 1-ounce gold bar at Costco a year ago would have paid $2,621, and that investment would be worth $4,041 as of Wednesday. That amounts to a one-year gain of about 54%, or $1,420 in dollar terms.
Gold futures closed at $4,004.40 per ounce on Tuesday.
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Gold has been on a record-setting run over the last year. (Mike Segar / Reuters Photos)
"Background factors are much the same as before, in terms of geopolitical uncertainty, with the added spice of the (U.S.) government shutdown," StoneX analyst Rhona O'Connell said.
"The latter is not impeding strong equities but nonetheless there will be a degree of risk mitigation via bullion."
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Spot gold prices hit a record high of $3,578 on Wednesday. (Chris Ratcliffe/Bloomberg via / Getty Images)
Standard Chartered said it expects gold to rise further amid a growing demand for the safe-haven asset due to the elevated uncertainty over tariff policies as well as rising concerns over the Fed's independence.
President Donald Trump is attempting to fire Fed Governor Lisa Cook, citing mortgage fraud allegations raised by his ally, FHFA Director Bill Pulte.
Cook has sued to block her termination, arguing that Trump's attempt to remove her doesn't meet the threshold required for a "for cause" removal.
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President Trump's attacks on Fed Chair Jerome Powell and Fed Governor Lisa Cook have raised concerns about the Fed's independence. (Saul Loeb/AFP via / Getty Images)
Trump has previously threatened to fire Fed Chair Jerome Powell, who he appointed to the role in 2017, though he has recently backed off those threats with Powell's term as chairman set to expire in May 2026 and markets responding negatively to his threats against Powell.
Central banks around the world have also weighed increasing their gold reserves, providing further support to the asset.
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Poland's central bank governor, Adam Glapinski, has indicated he will propose increasing the target for gold as a percentage of the central bank's reserves from the current 20% to 30%.
Reuters contributed to this report.