Retail giant Costco has reported a remarkable achievement in its first fiscal quarter of 2024, as the company announced that it has sold over $100 million worth of gold bars. This significant milestone was announced during the company's recent earnings call, where Costco also revealed a 6.1% increase in sales compared to the same period in 2023. In addition, the company declared a special dividend of $15 per share.

Costco, known for its wholesale model, offers one-ounce gold bars for sale on its website. However, these bars are available exclusively to members, with a strict limit of two bars per person. The one-ounce PAMP Suisse Lady Fortuna Veriscan and Rand Refinery bars, made of 24-karat gold, are priced at $2,069.99 on Costco's website, as reported by CNBC.

In response to this impressive sales figure, Costco's stock (COST) reached a record high on Friday, peaking at $661.88 and closing at $658.82. This surge represented a 4.45% gain for the day alone. Over the course of the past year, Costco's stock has experienced a remarkable climb, increasing by over 47% from its January 3 low of $447.90 per share.

Meanwhile, the price of gold has experienced a turbulent ride throughout 2023. The precious metal dipped below $1900 in both February and September, but it also surpassed the $2,000 threshold on six occasions. As of Friday afternoon, the price of gold stands at $2,018.19. Notably, its value has risen steadily over the past five years, with a significant climb from approximately $1,200 per ounce in 2019.

Investopedia highlights several market factors that influence the price of gold, such as supply and demand, interest rates, market volatility, and potential investor risks. With Costco's exceptional gold bar sales and the volatility of the gold market, it is evident that both investors and consumers are closely monitoring these market dynamics.

Costco's achievement in selling over $100 million worth of gold bars reflects its strength as a major player in the retail industry. As the company continues to demonstrate robust sales growth and deliver dividends to its shareholders, analysts and investors eagerly await its future performance.