It’s not pure gold, but it couldn’t be more valuable.
Athletes stepping onto the podium at the Winter Olympics in Italy this month will be wearing the most valuable medals in the modern history of the Olympics, thanks to precious metal prices reaching near-record highs.
Since the Paris Summer Olympics opened on July 26, 2024, spot gold Prices rose about 110% to about $5,000 an ounce. spot silver Prices have jumped about 180% and are hovering around $78 an ounce, according to FactSet data.
At current prices, the intrinsic or “melt value” (value based solely on the metal it contains) of an Olympic gold medal is approximately $2,300 to $2,500. The silver medal currently has a rough metal value of about $1,400.
The gold medals handed out at this Olympics each weigh approximately 506 grams, or 17.5 ounces, of which only 6 grams is pure gold.
Surprisingly, despite the name, Olympic gold medals are mostly silver medals. There hasn’t been a guaranteed gold medal since the 1912 Stockholm Summer Olympics.
Under current International Olympic Committee guidelines, gold medals must be composed of at least 92.5% silver and contain at least 6 grams of gold plating. 6 grams of this, about 0.2 ounces, is worth just over $1,000. The remaining silver core will add approximately $1,300 or more depending on daily market fluctuations.
A silver medal contains approximately 500 grams of silver. Made primarily of copper and weighing approximately 420 grams, the bronze medal has minimal intrinsic value at current commodity prices and is worth only $5 to $6 in metal value.
Precious metal prices have risen significantly over the past year as investors poured money into traditional safe-haven assets amid geopolitical instability, inflation concerns and continued economic uncertainty.
“The fundamentals and tailwinds for this down trade remain in place, with central banks around the world acquiring gold for the first time in many years,” Joe Terranova, a CNBC contributor and senior managing director at Virtus Investment Partners, said on Thursday’s CNBC Halftime Report. “You want to have some ownership.”
Bullion remains near historic highs despite ongoing volatility, including a recent pullback over concerns that prices for precious medals have outpaced fundamentals.
“The sell-off (in precious metals) was due to excessive speculation,” Terranova said. “I don’t think it’s due to changes in fundamentals in any way.”
Just this week, precious metals prices stabilized from their decline as investors assessed tensions between the U.S. and Iran and a decline in U.S. unemployment claims, which signals a stabilizing labor market ahead of inflation data later this week.
Gold and silver prices have increased significantly since the 2024 Summer Olympics in Paris.
The value of this year’s medals has soared, but it also comes with an unexpected wrinkle.
The Milan Cortina 2026 organizing committee confirmed it was investigating “issues affecting a minority” of medals after several athletes reported ribbons and clasps breaking during the celebrations.
Organizers said they were working with the Italian National Mint to address the issue and repair the affected medals.
