gold bar

Definition

A gold ingot fashioned in the shape of a bar that is 99.5%-99.9% pure in gold. In the US, their value is measured in troy ounces, whereas other nations may use grams. 1 troy ounce is equal to 31.1034768 grams. Ingots range in size from 1 troy ounce to 400 troy ounces. Gold bars can be used for trading or investing purposes. However, because they are easier to fabricate, they have to be tested for purity when sold, and thus are often held as long-term investments to hedge against inflation. Central banks often hold these items in large vaults or reserves.
In the past, gold bars directly backed the US currency. In more modern times however, they serve as a symbolic backing of the dollar.

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gold coin bullion