The U.S. Treasury’s gold reserves surpass $1 trillion in market value as gold prices hit record highs. Prices rose above $3,824.50 an ounce, a 45% increase this year. The Treasury holds about 261.5 million ounces of gold, officially valued at $42.22 per ounce since 1973. Speculation of marking reserves to market was dismissed by Treasury Secretary Scott Bessent. The reserves are split between Fort Knox, West Point, Denver, and a vault beneath the New York Fed. The updated value would cover roughly half of the U.S.’s $1.97 trillion budget deficit through August.

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