Russia's Invasion Of Ukraine, The World's Largest Gold Bar Price Soars Fivefold To IDR 247 Billion

The world's largest gold bullion. (Wikimedia Commons/PHGCOM)

JAKARTA - In the midst of the crisis, Russia's invasion of Ukraine has dragged on since February 24, triggering instability and causing commodity prices to skyrocket, including the price of the world's largest gold bullion.

Unmitigated the price has increased five times compared to when it was first exhibited in 2005 in Japan, with a current value of more than 2.2 billion yen or around Rp. 247,590,908,620.

A 250 kilogram gold bar is displayed at the Toi Gold Mine amusement park in Izu, Shizuoka Prefecture, Japan. The gold bar was melted down by the park's operating parent company in 2005. Before long, Guinness World Records certified it as the largest in the world that same year.

The largest gold bar was first exhibited to the public in July 2005. Its value at that time was around 400 million yen or around Rp. 45,016,528,840.

On April 20, the price of 1 gram of gold in Japan reached 8,969 yen, or around Rp. 1,009,383 including tax, according to gold bullion producer Tanaka Kikinzoku Kogyo KK.

The world's largest gold bullion. (Wikimedia Commons/PHGCOM)

Gold is generally seen as a safe store of wealth in times of crisis. Its value has increased amid the instability caused by the coronavirus pandemic, including Russia's war in Ukraine.

The value of gold bullion has also increased due to the recent weakness of the Japanese yen against the US dollar, which is an international index of globally traded metals.

It is known that the Toi gold mine, which ended mining operations in 1965, was one of the most productive mines in Japan during its lifetime.

The amusement park on the former site introduces visitors to the history of the mine, offering them the opportunity to explore several tunnels and pan for gold.

Visitors can touch the world's largest gold bar through the hole in the acrylic display case. The park has capitalized on the increased value in social media promotions, where it claims touching the bar will increase visitors' financial fortune.

"We don't have any predictions how far the price will go up. We want the world to become a more stable place soon," said park official Ayumi Kokubu, as reported by Kyodo News April 21.