Olympic medals are displayed at Grand Palais Ephemere ahead of the presentation of the French team's Berluti outfits for the Paris 2024 opening ceremony on April 17, 2024 in Paris, France. Paris will host the Summer Olympics from July 26 to August 11, 2024.
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At the Paris 2024 Olympics, the value of gold medals has surged to unprecedented levels.
According to Bloomberg, each medal is now worth approximately $900 due to the rising prices of gold and silver.
In detail, the six grams of gold in each medal, coupled with silver making up at least 92.5% of the weight, have pushed the value to a record high. This increase is largely driven by central-bank buying, retail interest in China, and expectations of easing U.S. monetary policy.
The surge in metal prices has made this year's medals the most valuable in Olympic history, even when adjusted for inflation. Previously, Cosmopolitan shared that Gold medals are worth $750 to $850, with Silver $450 and Bronze $5.
Now, athletes stand to benefit from the sharp rally in bullion prices. However, despite the high metal value, it is uncommon for Olympians to melt or sell their medals. These symbols of victory hold sentimental value and often represent more than their monetary worth.
While Olympic medals have a specific value based on the metals they contain, their worth can be much higher due to their historical and symbolic importance. For example, Jesse Owens' gold medal from the 1936 Berlin Olympics, where he challenged and defied Adolf Hitler's racist ideologies, was sold for nearly $1.5 million at an auction in 2013.
Beyond the medals themselves, winning athletes often receive additional rewards from their home countries, including cash prizes, exemptions from military service, and other gifts.
Per PhilStar, Carlos Yulo, who recently became the Philippines' first male gold medalist, will be rewarded with a fully furnished condo and a lifetime of free colonoscopies.
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