530g Gold Medal Contains Only 6g of Real Gold... What Is Its Price? [Paris Olympics]

Gold Medal Value Approximately 1.41 Million Won
However, Contains Iron Pieces from the Eiffel Tower, Adding Meaning

The value of the gold medal for the 2024 Paris Olympics is estimated to be around 950 euros (approximately 1.41 million KRW).

On the 30th of last month, the UK economic analysis firm Oxford Economics (OE) estimated the value of the Paris Olympic gold medal at about 950 euros, considering the market prices of 24K pure gold and pure silver.

Paris Olympic Medal. [Image provided by Paris Olympic Organizing Committee]

The weight of the gold medal for this Paris Olympics is 529g. However, the proportion of gold in the medal is very small. Pure gold accounts for only about 1.3% of the total, which is 6g. The rest is filled with pure silver.

The silver medal is still made entirely of pure silver. The bronze medal is made by mixing alloys of copper, tin, and zinc. The weight of the silver medal for this event is 525g, and the bronze medal is 455g.

However, in the case of the Paris Olympic medals, their value is considered to be higher than the actual estimated price. This is because the back of the medal contains a piece of iron from the Eiffel Tower, a representative symbol of France. It is reported that the Eiffel Tower iron pieces used in the medals were obtained from about 91 kg of iron pieces that the Eiffel Tower Operating Association had removed and stored during the tower's maintenance and repair process.

On the 29th of last month (local time), Ban Hyojin, who won the gold medal in the women's 10m air rifle final at the 2024 Paris Olympics shooting event held at the Ch?teauroux Shooting Center in France, is seen joyfully holding the gold medal to her lips.
[Image source=Yonhap News]

Martin Fourcade, chairman of the Athletes' Committee, said in February, "Taking the medal home means taking a piece of history home," and added, "We wanted the athletes to keep a small piece of France close to their hearts." The Eiffel Tower iron piece is embedded in all medals regardless of their color.

The design work was handled by Chaumet, a jewelry brand under the French luxury group Louis Vuitton Mo?t Hennessy (LVMH). Chaumet designed the Eiffel Tower iron piece in a hexagonal shape to represent the French mainland, adding symbolism to the medal.

Oxford Economics stated, "With the rise in metal values such as gold prices, the price of gold medals will increase over time," and predicted, "By the time of the 2032 Brisbane Olympics, a gold medal from this Paris event could be worth up to 1,500 euros (approximately 2.23 million KRW) each."