Rising precious metal prices mean gold medals for the London 2012 Olympics are likely to be more expensive than ever before.
According to a report by CNN, gold prices have risen by 280% since the 1988 Beijing Olympics. For the Sydney Olympics, it cost just $310 an ounce.
The precious metal has hit a record high price in recent weeks as investors plough cash into gold on the back of debt worries in the US and Europe.
And that will directly affect the cost of the 4,700 precious medals being produced for the London games next year.
However, CNN reveals that far from being made from solid gold, each winner’s gold medal will only actually be 1.34% gold. The rest will be an alloy of silver and copper.
Despite that, the Olympic committee has said each gold medal will contain at least six grams of the precious metal – which, based on the record prices seen in the past fortnight – would cost around $340.
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