It isn’t solid gold — but it’s never been worth more.
Athletes stepping onto the Winter Olympic podium in Italy this month are being draped in the most valuable medals in the Games’ modern history thanks to near record-high precious metal prices.
Since the Paris Summer Olympics started on July 26, 2024, spot gold prices have jumped roughly 110% to about $5,000 per ounce, while spot silver has surged about 180% hovering near $78 an ounce, according to FactSet data.
At current prices, the intrinsic or “melt value” of an Olympic gold medal — value based solely on the metals it contains — is roughly $2,300 to $2,500. Silver medals now carry a raw metal value of about $1,400.
Each gold medal handed out at this Olympics weighs in at about 506 grams, roughly 17.5 ounces, but only six grams of that total is pure gold.
Surprisingly, despite the name, Olympic gold medals are mostly silver. There hasn’t been a solid gold medal since the 1912 Stockholm Summer Olympics.
Under current International Olympic Committee guidelines, gold medals must consist of at least 92.5% silver and include a minimum of six grams of gold plating. Those six grams — about 0.2 ounces — are worth just over $1,000. The remaining silver core adds roughly $1,300 or more, depending on daily market swings.
Silver medals have about 500 grams of silver. Bronze medals, made primarily of copper and weighing in roughly 420 grams, carry only minimal intrinsic value at current commodity prices, worth just $5 to $6 in metal value.
Precious metal prices have climbed sharply over the past year as investors have poured money into traditional safe havens amid geopolitical instability, inflation concerns and ongoing economic uncertainty.
“The fundamentals and the tailwinds of this debasement trade are still in place, and the global central banks all over the world are acquirers of gold for the first time in many years,” Joe Terranova, a CNBC contributor and senior managing director for Virtus Investment Partners, said on CNBC’s Halftime Report Thursday. “You want to have some ownership.”
Even with bouts of volatility — including recent pullbacks over fears precious medal prices had overshot fundamentals — bullion remains near historic highs.
“The sell off [of precious metals] was attributable to excessive speculation,” Terranova said. “I don’t think it was attributable to any form of the shift in the fundamentals.”
Just this week, precious metals prices stabilized from that slip as investors assessed U.S.-Iran tensions and a drop in U.S. jobless claims that pointed to labor-market stability ahead of inflation data later this week.
Gold and silver prices have risen significantly since the 2024 Paris Summer Olympic Games.
Despite the soaring value of this year’s medals, they have been accompanied by an unexpected wrinkle.
The Milano Cortina 2026 Organizing Committee has acknowledged it’s looking into what is described as an “issue affecting a small number” of medals after several athletes reported broken ribbons or clasps during celebrations.
Organizers said they are working with the Italian State Mint to address the issue and repair affected medals.