The Olympic medals for Milan-Cortina are the most expensive in history! Twice as much as Paris 2024 + How much gold the gold medal actually contains
Article by Oana Duşmănescu – Published Friday, 06 February 2026, 10:15 / Updated Friday, 06 February 2026 10:15
Athletes who will take the podium at the Olympics in Italy will receive the most expensive medals in Olympic history, due to a sharp increase in the prices of precious metals. Since the July 2024 Paris Olympics, spot gold and silver prices have risen 107% and 200%, respectively, CNN estimates, cited by sportal.bg.
As a result of this unusual increase, the metal value of a gold medal now stands at about $2,300 – more than double its value during the Paris Summer Games. The metal value of a silver medal reaches almost $1,400, which is about three times the levels of two years ago, the news channel also reports.
During this year's games, more than 700 medals will be awarded to the best winter athletes. The medals will be made from recycled metals.
Olympic gold medals have not been made of pure gold since the 1912 Stockholm Games
According to London auction house Baldwin's, the value of these medals, which weighed only 26 grams (0.8 ounces), would have been less than $20 based on the price of gold at the time. Adjusted for US consumer price inflation, that figure is closer to $530 at today's prices.
According to available data, a gold medal contains about six grams of pure gold out of a total weight of 506 grams (16 ounces), the rest being silver. The silver medals are made of silver of appropriate purity, and the bronze medals of copper, weighing approximately 420 grams. The metal value of a bronze medal is approximately $5.60, according to data published by the event's organizers.
In an interview for the news channel, Dominic Chorney, an antique coin specialist at Baldwin's, noted that Olympic medals, as collectibles, are often worth significantly more than the value of the metal they contain.
Although they do not have a high intrinsic material value, they are sought after due to their connection with the most important sporting event in the world. Most Olympic medals, however, are never put up for sale, as the athletes keep them as a symbolic and honorary distinction. In 2015, Baldwin's auction house sold a gold medal from the 1912 Stockholm Olympics for £19,000 ($26,000).
Meanwhile, in commodity markets, volatility in precious metals is intensifying. The price of silver fell about 16 percent yesterday to $73.57 a troy ounce, after hitting a record high of $121.64 last week. Gold was trading at about $4,794 a troy ounce, down 3.4 percent. From its record high of $5,594.82 an ounce in late January, the price of gold is down more than 14 percent.
Despite the dynamic fluctuations of the last few days, gold and silver prices may further increase the financial value of Olympic medals. Demand for precious metals is likely to remain strong given ongoing geopolitical uncertainty and rising public debt levels, Ole Hansen, head of commodity strategy at Saxo Bank, told CNN.
