The world’s largest gold bar has increased 5 times in price

250 kg gold bar on display at the Vang Toi Mine tourist area in Japan afp

In the context of Ukraine crisis leads to instability and spikes in commodity prices, gold bar the world’s largest price has increased to more than 2.2 billion yen (393.9 billion), more than 5 times the value when it was first displayed in Japan in 2005.

A 250 kg gold bar is displayed at the Toi Gold Mine tourist area in Izu city (Shizuoka prefecture). The gold bar was minted by the parent company of the operator of this resort in 2005 and was recognized by Guinness World Records as the largest gold bar in the world in the same year.

The gold bar was displayed in July 2005, when it was valued at around 400 million yen. As of April 20, each gram of gold was worth 8,969 yen including tax, according to gold bullion maker Tanaka Kikinzoku Kogyo KK

Gold is chosen by many investors as a safe haven to preserve assets during a crisis, and prices have risen amid instability caused by Covid-19 pandemic and crisis in Ukraine.

The value of gold bars also increased as the yen recently depreciated against the dollar, the currency commonly used to calculate the price of metals traded globally.

Toi gold mine ceased to be exploited in 1965, after being one of the highest yielding gold mines in Japan. This place has been renovated into a tourist area for visitors to learn the history of the mine, have the opportunity to explore the tunnel and pan for gold.

Visitors can also touch the world’s largest gold bar to ask for luck in money. “We don’t have a forecast for how much more bullion prices will go up. We want the world to become stable soon,” said Ayumi Kokubu, an official at the resort’s management board.