Winter Games medals get added lustre as metal prices soar

ROME, Dec 5 : For an Olympic athlete, the gleam of a medal is priceless, a reward for years of dedication and sacrifice. But with the recent surge in gold and other precious metal prices, these coveted symbols of success now also hold significantly higher monetary value than in the past. 

As the world gears up for the Milano Cortina Winter Games next year, the Italian state mint IPZS has begun producing medals that will now have up to twice the financial value of those won at the 2024 Paris Olympics.

"The medals are tangible rewards for intangible efforts," IPZS Chief Executive Michele Sciscioli told Reuters.

Gold medals were made of solid gold until 1912. Since then, however, as set out in the International Olympic Committee's official guidelines, they are made of silver and coated with six grams of pure gold - a combination known as silver-gilt. 

At current prices, the gold medals that will adorn the necks of the 2026 champions will each contain just over $800 worth of gold.

Silver medals are primarily made of sterling silver, and bronze medals, since the latest Olympics in Paris, are made of pure copper, with a very low metal value.

According to Reuters data, gold rallied all year, reaching an all-time high on October 20. Similarly, silver reached all-time highs in early October, with the white metal up over 100 per cent so far this year. 

DISCS OF ICE

IPZS will strike a total of 1,146 medals for the Olympics which run from February 6 to February 22. There will be 245 pieces each for gold, silver and bronze. In the Paralympics, 137 medals will be awarded in each of the three rankings the following month.

First unveiled in July in Venice, the medals have a very clean cut design and represent "discs of ice" made of two halves