Costco gold bars are selling out quickly as precious metal prices rise: Research

The gold rush that started last year at Costco locations in the US continues as bars continue to sell at a time when precious metal prices are soaring, a Bloomberg survey shows.

Costco’s website shows that 1-ounce gold bars were on sale for $2,689.99 before taxes but are now sold out, sending members rushing to the stores. Costco’s prices are undercutting traditional precious metals traders and offering rewards to members, Bloomberg reports.

“It’s a great experience overall,” Sourav Sethia, a 33-year-old analytics engineer from New Jersey, told the media. “I get calls from Costco when gold bars come in because I’m a previous buyer. So whenever I see the price has dropped, I rush to Costco to buy one.”

Although Costco did not immediately respond to a FOX Business inquiry, Bloomberg’s survey found that approximately 77% of Costco stores with stock bars sold out during the first week of October. That percentage is based on calls to 101 stores in 46 states where staff said they had recently received new stock of gold bars.

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Costco started selling gold bars last year and they are flying off the shelves. (Costco/Fox News)

Last week, news spread that Costco is also selling 1-ounce PAMP Suisse Lady Fortuna Veriscan platinum bars online.

The product listing stated that the platinum bars have a one-transaction, five-unit limit for Costco members.

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In an aerial view, the Costco logo is displayed on the exterior of a Costco store on July 11, 2024 in Richmond, California. (Justin Sullivan/Getty Images/Getty Images)

Customers cannot return the bars once they purchase them, and delivery is not available for the states of Nevada and Louisiana, Fortune reported.

According to the outlet, Costco charges $1,089.99 for each platinum bar.

Costco members have rushed to get their hands on the retailer’s gold and silver bars in the past.

A selection of gold and silver bars and one ounce gold and silver coins listed by gold dealers at Gold Investments Ltd. in London, UK, on ​​Tuesday, May 21, 2024. (Getty Images / Getty Images)

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Last September, then-CFO Richard Galanti told analysts and investors that the retailer’s gold bars were “typically gone within a few hours” after being posted on Costco’s website.

The retailer has also credited gold and silver bullion with boosting its online sales in recent quarters.