How much is an Olympic gold medal really worth?
Skiing and ice hockey might not be on the minds of many Australians as the country swelters through another heatwave, but that could change next week when the 2026 Milano-Cortina Winter Olympic Games begin.
Running from February 6 to February 22, around 2900 athletes from 93 nations (including 53 Australians) are set to compete across 16 different sports in the latest edition of the Winter Olympics.
While the glory of winning will no doubt be the major motivator for athletes, there are additional perks to winning. Including financial benefits. In fact, there has arguably never been a more lucrative time to take home a gold (or even silver) medal.
Precious metal prices spike
From soaring prices to lines of people queuing up to get their hands on the precious metal, gold has been enjoying a moment in the sun.
It's also hit another major milestone in recent days: for the first time ever, the price of gold surpassed US$5000 per ounce ($7200).
The reason? Ongoing geopolitical and financial uncertainty across the world, among other factors.
Gold isn't the only precious metal to have surged in value though.
Since the beginning of 2025 the value of silver bullion has increased by 240%, with prices currently sitting at a record high US$110 per ounce ($159).
What is the real value of an Olympic medal?
So, how much are medals from the 2026 Milano-Cortina Winter Olympics actually worth? That depends on how you look at it. For many athletes? They'll be priceless.
For collectors, they could be worth tens of thousands or more. After all, more than a few medals have gone to auction over the years.
The most expensive was a gold medal won by Jesse Owens at the 1936 Berlin Olympics which sold for $US1.4 million ($1.6 million) back in 2013.
Closer to home, Australian shooter Michael Diamond sold a gold medal from the 2000 Sydney Olympics for $72,000 in 2017.
In terms of the value of the metal each medal is composed of though, here's an overview based on the current spot price of gold, silver and copper.
While these figures may not seem that high, an analysis conducted by Oxford Economics before the 2024 Paris Olympics put the value of a gold medal at around $1579.
How much will athletes earn for medals at the 2026 Winter Olympics?
As was the case at the 2024 Paris Olympics, a handful of countries are giving their athletes an extra incentive to reach the podium at the upcoming Milano-Cortina Winter Olympics.
That's coming in the form of a cash bonus for competitors who win a gold, silver or bronze medal.
Australian athletes, for instance, will receive $20,000 for winning a gold medal, $15,000 for a silver medal and $10,000 for a bronze medal.
That pales in comparison to the €180,000 ($309,000) successful Italian athletes will receive for a gold medal. but it's far more than the NZD$5000 ($4314) that gold medalists from New Zealand will get.
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