Taking place in 16 different locations across France – including the subsite of Tahiti – the 2024 Paris Olympic games are in full flow.
With over 10,000 athletes competing for hundreds of medals, only about a third of the medallists receive gold – the highest honour an Olympian can achieve.
Intrigued by the monetary value of one of the gold medals, we spoke with the jewellery experts at UK retailer Steven Stone, who have done some research.
· Gold medals must have at least six grams of 24-carat gold coating – the rest is primarily 92.5% pure silver
· Biting gold medals for photos can cause damage – because they’re not made of solid gold, they can get scratched or dented
· The value of a gold medal depends on current silver and gold prices: $74.94 per gram of gold and $0.73 per gram of silver
· According to our experts, a gold medal is currently worth $831.43, which is about £654.34
Maxwell Stone of Steven Stone commented: “Contrary to popular belief, many medals and trophies aren’t made of solid gold. For example, an Oscar is actually made from bronze.
An Olympic gold medal weighs 529 grams, with the International Olympic Committee requiring that each medal contains at least 6 grams of 24-carat gold plating. Olympians often bite their gold medals for photos, but since the medals are not made of solid gold, this practice can cause damage, leading to dents and scratches.
The value of a gold medal depends on the current market prices of silver and gold. Presently, 1 gram of gold is valued at $74.94, while 1 gram of silver is priced at $0.73. Based on these prices, a gold medal is currently worth approximately $831.43, which roughly converts to £654.34.”
