How Much Olympic Medals Really Worth?

Olympic gold medals have not been made of solid gold for more than a century. According to the International Olympic Committee (IOC), the last 24-karat solid gold medal was awarded at the 1912 Stockholm Olympic Games.

Since then, Olympic “gold” medals have been primarily composed of silver, coated with a thin layer of 24-Karat gold, a tradition that continues to this day.

Against this historical backdrop, the Milan–Cortina 2026 Winter Olympics are set to feature the most valuable Olympic medals ever in terms of raw metal value, driven by a sharp surge in global gold and silver prices over the past two years.

At current market prices, the estimated intrinsic value of a gold medal at the 2026 Games stands at approximately $2,446, while a silver medal is valued at around $1,454. The bronze medal, by contrast, remains largely symbolic, with a metal value of roughly $5.

This marks a dramatic increase compared with the Paris 2024 Olympics, where the gold medal’s metal value was estimated at about $1,021, the silver medal at $519, and the bronze medal at less than $5.

The surge is largely attributable to soaring precious-metal prices. Silver prices have climbed to $77 per ounce, representing a 138% increase year-on-year and nearly three times their level during the Paris 2024 Games.

Both gold and silver recorded strong gains over the past year, with silver alone rising by 60% in January 2026, as investors sought safe-haven assets amid escalating geopolitical tensions and persistent inflation concerns.

Despite their rising material worth, Olympic athletes do not compete with the intention of selling their medals. For most competitors, the medals symbolize the pinnacle of sporting achievement and carry immense emotional and historical value.

Still, the rally in precious-metal markets ahead of the Winter Games in Italy has once again drawn attention to the tangible worth behind these iconic awards.

Even after recent market volatility, during which prices for both metals declined slightly last week amid speculation that valuations had become overheated, the metal value of gold and silver medals remains more than double that of the Paris 2024 Olympics.

As a result, the Milan–Cortina 2026 Games will not only celebrate athletic excellence, but also mark a record moment for the material value of Olympic achievement.