How much is the metal of an Olympic medal worth?

Saxo Group

For the next few weeks, the world's top athletes will compete to bring back the ultimate symbol of Olympic glory: the Olympic medals. But what is the actual worth of these medals when strictly looking at the metals used in them?

Composition and value analysis

In line with our previous exploration of the rising value of the materials used in the UEFA EURO trophy, we now turn our attention to the medals for the Paris 2024 Olympics.

At Saxo, 2024 has been highlighted as the year of metals, with precious metal prices experiencing significant growth throughout the year. This makes it an exciting time to examine the raw values of the commodities that make up the Olympic medals. A unique twist for this year’s Olympic prize is the inclusion of 18 grams of iron from the Eiffel Tower in each medal. The composition of the 2024 medals is as follows*:

Gold medal (2024)

Gold plating: 6g
Silver core: 505g
Eiffel Tower Iron: 18g
Total Weight: 529g

Silver medal (2024)

Silver core: 507g
Eiffel Tower iron: 18g
Total weight: 525g

Bronze medal (2024)

Copper: 415.15g
Zinc: 21.85g
Eiffel Tower iron: 18g
Total weight: 455g

Given the current** value of each of these metals, it’s no surprise that the Gold medal tops the podium for the three 2024 Olympic medals based purely on raw composition value:

Level	Composition value (USD)
Gold	935.89
Silver	473.43
Bronze	3.88

2024 yearly comparison

2024 has seen the price of gold at an all-time high, making this year’s Olympic top prize the most valuable it has ever been. For comparison, we’ve reviewed the prices of the raw metals in the Paris Olympic medals over the past decade. The only medal that has decreased in value is the bronze medal, which was valued at USD 4.11 during the Tokyo games in 2021.

	Value in USD
Level	2012	2016	2021
Gold Medal	765.82	555.48	763.79
Silver Medal	456.27	304.17	415.50
Bronze Medal	3.20	1.97	4.11

Economic and environmental influences

The rise in medal values mirrors broader economic trends, particularly the demand for precious metals. Ole Hansen, head of commodity strategy at Saxo, attributes the rising metal prices to the global shift towards green energy. He explains that the demand for metals such as silver and copper, crucial for renewable energy technologies, has significantly increased. This heightened demand, alongside post-pandemic inflation concerns and a robust surge in gold prices, has driven the overall rise in metal prices.

The Olympic medals of 2024 not only represent athletic prowess but also encapsulate economic dynamics. As metal prices continue to fluctuate, the intrinsic value of these medals provides a fascinating lens through which to view global economic trends.

Notes:
*The composition of the medals was found here.
**The values are based on the latest available market data:

Date collected	Material	Price in USD per Gram
23/07/2024	Gold	77.38725
23/07/2024	Silver	0.93379
22/07/2024	Copper	0.0092
22/07/2024	Zinc	0.00266
22/07/2024	Iron Ore	0.00010816

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How much is the metal of an Olympic medal worth?