The 2024 Paris Olympics are scheduled to take place in 16 different locations and the subsite of Tahiti, in France, from July 26 to August 11; there will be 329 events in 32 sports. The modern Olympic Games originally began 128 years ago, in 1896, and were organized by the International Olympic Committee (IOC), founded in 1894 by the French historian Pierre de Coubertin.
The 2024 Summer Olympics destination was decided back in September 2017 by the 131st IOC Session in Peru, who decided Paris would be the venue for the 2024 event and Los Angeles for the 2028 event, given that the Olympics is a quadrennial event. Due to the former decision, Paris became the second city to host most Olympics, the third time earlier in 1900 and 1924.
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The Olympic Gold Medal Value
The International Olympic Committee states that gold medals must contain at least 92.5 per cent silver and be plated with approximately 6 grams of pure gold.
As of June 2024, the estimated worth of a gold medal is $814. The latter calculation is based on the average value of gold and silver in 2024, which is $2,205.85 per ounce of gold and $26.104 per ounce of silver. However, the figures are subject to change.
The official 2022 Beijing Olympic Committee verified that the gold medal follows the IOC regulations of being 92.5% silver and 6 grams of gold. The MD and founder of a London-based firm, Metals Focus' Philip Newman, claims that's a total of $758 worth of gold and silver. The gold medals at the 2020 Tokyo Olympics, which were primarily made of silver and included six grams of pure gold, were then valued at roughly $800 in gold and silver.
In 2018, Money reported that the average auction price for gold medals was between $20,000 and $50,000. However, the latter sum is not fixed, given that the stories and whoever's gold medal is being sold add extra value to the price. For instance, the most expensive Olympic medal ever sold was $1.46 million to Ron Burkle in 2013. The medal was for Jesse Owens, a sprinter from the 1936 Berlin Games.
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Are Olympic medals real gold?
No, the Olympic medals are approximately 92.5% silver with a 6-gram gold plating, as per the IOC.
A host nation must have official authorization from the IOC before altering the medals' design in any way. The most notable instance of this was in 2008 when the designers of the Olympics included jade (gemstone) in the layout of all three medals.
This choice is rational given that gold is a far more "soft" metal than silver, in addition to its higher price. Compared to the frequently used silver-plated Olympic medals, an all-gold medal would be far more prone to bending or damage.
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FAQ's on Olympic Gold Medal Worth
A. The value of the gold Olympic medal varies due to the fluctuation of gold and silver prices, but on average, it's estimated to be $800.
A. According to International Olympic Committee (IOC) regulations, a medal is approximately 92.5% silver and 6 grams gold.
A. No, the Olympic gold medal is 92.5% (approx.) silver, and the rest is gold-plated, not more than 6 grams.
A. No, the Olympic winners do not get prize money, though there is an additional bonus available.
A. A gold medal carries a $37,500 bonus; a silver medal is worth $22,500; and a bronze medal is worth $15,000 as a bonus, not prize money.
