For the first time ever, a single gold bar is worth $1 million, thanks to a surge in prices.

Gold bars weighing 400 troy ounces hit the million-dollar mark after the price of the precious metal climbed above $2,500 per troy ounce. However, not all gold bars weigh 400 ounces.

The recent highs are a first for the precious metal.

Spot gold was up about 1% to $2,563 per ounce as of 10:45 a.m. ET, surpassing a previous record hit on Friday. London’s gold price benchmark hit an all-time high of $2,521.55 per ounce at a morning auction on Tuesday, the London Bullion Market Association said.

Friday marked the first time gold had recorded spot prices above $2,500. Gold prices previously rose above the $2,400-level for the first time in April.

A JPMorgan report published last month said geopolitical risks, inflation hedging and interest rate outlooks have helped feed the gains that gold prices have posted this year.

JPMorgan researchers said they expect gold to see average prices of $2,600 per ounce by the end of 2025. 

“The direction of travel is still higher over the coming quarters, forecasting an average price of $2,500/oz in the fourth quarter of 2024 and $2,600/oz in 2025, with risk still skewed toward an earlier overshoot,” Gregory Shearer, JPMorgan’s head of base and precious metals strategy, said in the mid-July 

Other metals also posted gains on Tuesday. Spot silver rose 1.3% to $29.87 per ounce, platinum gained 1.2% to $964.55 and palladium was up 1.4% at $944.75.