The True Value of Olympic Gold: Beyond Metal and Market Prices

How is an Olympic gold medal made, and what is it worth?

Despite the name, Olympic gold medals are not made of solid gold. Under International Olympic Committee rules, they are primarily composed of silver and plated with a thin layer of gold.

Still, with the gold price now near historic highs, even the thin coating carries more value than it once did.

Using the official size and weight specifications for the Milano Cortina medals, precious metals firm Dillon Gage has calculated what a gold medal would be worth if it were cast entirely in solid gold.

Each Milano Cortina medal measures 80 millimeters in diameter and is 10 millimeters thick. Based on those dimensions, Dillon Gage estimates that a medal of that size would have a volume of approximately 47.6 cubic centimeters and would contain about 919 grams of gold if produced entirely from the yellow metal.

At the current gold spot price of US$5,061.45 per troy ounce, that equates to roughly US$149,600 in intrinsic metal value alone, all before factoring in craftsmanship or symbolism.

But this is a hypothetical scenario. The actual gold medal that will hang around an athlete’s neck in Italy will contain 500 grams of .999 fine silver and just 6 grams of .9999 gold plating.

Using the current spot price of gold at US$5,061.45 per troy ounce and silver at US$87 per troy ounce, the combined intrinsic metal value of a 2026 Olympic gold medal comes to approximately US$2,375.

A silver medal, made of 500 grams of .999 silver, carries a metal value of about US$1,402 at today’s prices. A bronze medal, composed of 420 grams of copper priced at roughly US$5.90 per pound, has a melt value of about US$5.46.

“The value of gold medals is a curious inquiry we receive, especially around the time of the Olympics,” said Terry Hanlon, president of Dillon Gage Metals, in a press release as the games began.

“It’s one of the most recognizable medals in the world, so it’s natural for people to wonder what it’s made of and what it’s actually worth. While Olympic gold medals are not solid gold, the silver content alone carries far more value today than it did just a few years ago, reflecting how much precious-metal markets have changed.”

The medals themselves were designed by a multidisciplinary team led by Raffaella Paniè and produced by the Italian State Mint and Polygraphic Institute. Their split-surface design symbolizes the union of Milan and Cortina, as well as the shared effort behind every Olympic achievement.