As gold prices continue their volatile swings, a natural question arises ahead of the 2026 Milano Cortina Winter Olympics, set to open on February 6: How much is an Olympic gold medal actually worth?
According to the Korea Exchange's information data system on Monday, domestic gold prices (99.99% purity, 1kg) closed at 236,090 won per gram, up 3.68% from the previous session.
Domestic gold prices have shown extreme volatility recently. After plunging 6.23% on January 30, prices hit the daily limit down (-10.00%) the following day. The sharp decline was triggered by margin call shocks on gold and silver futures that originated in global commodity markets, dampening investor sentiment.
However, as the impact of the margin call shock that triggered the precious metals selloff gradually subsides, prices partially recovered their losses on Monday.
Despite the daily price swings, gold prices remain at elevated levels overall. Yet the actual value of an Olympic gold medal is not as high as one might expect, because Olympic gold medals are not made entirely of pure gold.
Pure gold medals were used until the 1912 Stockholm Olympics. Since then, International Olympic Committee (IOC) regulations have required medals to be made of silver with gold plating on the surface.
According to Oxford Economics, the gold content of the 2024 Paris Olympics gold medal was approximately 1.3%. Of the total weight of 529 grams, only about 6 grams was pure gold, with the remainder being mostly pure silver.
The gold medals for the 2026 Milano Cortina Winter Olympics will similarly be made with 500 grams of silver at 99.9% purity or higher and 6 grams of pure gold plating. The total weight is 506 grams, with a diameter of 80 millimeters and thickness of 10 millimeters. Based on these specifications, the gold content alone is worth approximately 1.4 million won at Korea Exchange prices.
Experts emphasize that the true value of an Olympic gold medal cannot be calculated simply by metal prices. The honor of reaching the pinnacle of world athletics, combined with years of training and sacrifice, gives the medal a symbolic significance that transcends monetary value.
The Winter Olympics medals carry the message of "two cities, Milano and Cortina d'Ampezzo, meeting and becoming one." One side features a smooth, glossy finish representing the joy of victory, while the other side has a rough matte texture symbolizing perseverance and effort. The medals are also notable for being the first in Olympic history to be produced using renewable energy, with recycled metals and eco-friendly manufacturing processes conveying an environmental message.
South Korea plans to send a delegation of 130 members, including 71 athletes, to the Games. The team aims to win three gold medals and finish in the top 10 overall.