Costco gold bars sell out as demand surges amid record prices

Costco is experiencing a surge in demand for gold bullion, with 77% of stores offering gold bars selling out in early October, according to a recent survey.

The increased interest in gold reflects its appeal as a hedge against inflation and economic uncertainty, drawing in consumers eager to invest in the precious metal.

Costco’s competitive pricing and membership rewards have played a key role in the growing demand.

The retailer offers gold bars at lower prices than traditional precious metal dealers, with loyal members earning up to 4% in rewards.

This has attracted shoppers looking for an accessible and affordable way to purchase gold, which has seen nearly a 30% price increase this year.

Sourav Sethia, an analytics engineer from New Jersey, regularly buys gold bars from Costco, benefiting from notifications when new stock arrives.

His approach highlights a trend of consumers turning to the big-box retailer for gold purchases.

Josh Young, a Houston-based money manager, also purchased a gold bar and coin from Costco, emphasizing gold’s value as a safe-haven asset.

“It’s physical, and gold has a long history of being a store of value,” Young said, praising its role as a personal diversifier.

Costco began offering gold sales in 2023, and the response has been significant.

Chief Financial Officer Gary Millerchip noted the popularity of the bullion offerings as an example of Costco’s ability to deliver unique value to members.