Gold bars now worth $1 million

(CNN)– For the first time a bar of gold is worth a million dollars.

Prices for the precious metal hit a record high Friday, soaring to more than 25 hundred dollars per troy ounce.

The average gold bar weighs 400 troy ounces.

If you do the math that makes it worth one million dollars.

Most gold bars are usually traded internationally by central banks and bullion dealers.

They see the precious metal as a long term, reliable store of value during economic turmoil.