A new coveted item is about to make its debut in the fashion-forward streets of Milan as the 2026 Winter Olympic Games commence in Italy, and its worth is steadily climbing.
This item is the Winter Olympics gold medal. Due to a rise in global metal prices fueled by growing geopolitical tensions, the cost of this year’s medals will be the highest on record.
In total, over 700 medals are set to be awarded to athletes in the Milan-Cortina games’ 43 events, which began today, Friday, February 6, with a grand opening ceremony starring Mariah Carey.
Each medal will cost the hosts up to three times more than the medals from the 2024 Paris Olympics, owing to the surging prices of gold and silver, which have seen a twofold and threefold increase, respectively, during this period.
The increase in value is attributed to governments globally acquiring large quantities of gold to bolster their reserves amidst rising geopolitical instability, pushing the metal’s value to approximately $5000 per troy ounce, a standard industry measurement.
An analysis by CNN reveals a 250 percent surge in gold prices over two years, with a significant increase at the start of 2025.
Silver, while less valuable, has experienced even sharper price increases, reaching a remarkable $117 per troy ounce by the end of January, compared to $23 two years prior.
The heightened demand for silver stems from its growing use in jewelry and emerging technologies such as electric vehicles and AI data centers.
Though gold and silver medals weigh over a pound (16 troy ounces), they are not as valuable as one might expect. Olympic medals haven’t been crafted from solid gold for about a century.
According to International Olympic Committee regulations, gold medals must contain 92.5 percent silver and be coated with six grams of pure gold. However, due to economic pressures inflating metal prices, this year’s medals hold more intrinsic value.
With gold and silver prices having risen significantly since the 2024 Paris Olympics, a gold medal is now valued at approximately $2300, despite containing only six grams of actual gold.
Silver medalists also stand to gain financially, should they choose to sell their awards, with current silver prices valuing these medals at around $1400.
Beyond their metal value, some medals from previous games have fetched upwards of $20,000 due to their historical significance. Nonetheless, these cherished symbols of past Olympic triumphs seldom appear on the market, as they primarily represent the immense effort, commitment, and exceptional talent required to achieve global recognition in one’s sport.