Gold bars just hit the $1 million mark, but that doesn't mean your Costco gold bars make you a millionaire

• Gold prices are soaring ahead of an anticipated interest rate cut.
• A standard-size gold bar is now worth $1 million, per reports

A standard gold bar is now worth $1 million after weeks of soaring prices catapulted the precious metal to a record-breaking $2,500 an ounce earlier this week, Business Insider previously reported.

But if you're among the group of Costco shoppers who bought gold bars from the retailer in recent months, don't celebrate your newfound fortune too soon.

Gold prices have risen about 20% since the start of the year, outperforming tech stocks and enticing a wide array of buyers, including central banks and Costco customers who hope the metal will help hedge against inflation.

The metal's rapid rise means a standard-size gold bar, which is typically about 400 troy ounces, now costs more than $1 million, Markets Insider reported earlier this week.

The gold bars sold at Costco, however, are much smaller than the standard size, typically ranging in size from 20-500 grams. One troy ounce of gold is about equal to about 31 grams.

The Costco gold bars are smaller, yes, but they are also more affordable for buyers looking to spend less than $10,000 on metal instead of $1 million.

Costco is bringing in up to $200 million a month selling its gold bars and silver coins, Business Insider previously reported, and each new batch of metals usually sells out within a "few hours."

The markup on Costco's metal sales is low, but the valuable items significantly boost the retailer's online sales.

It is, however, hard to cash out. Shoppers are quickly learning that buying gold is far easier than reselling, given the difficulties in trading commodities.

Even amid its record-breaking performance, the price of gold is expected to continue climbing, especially ahead of a Federal Reserve interest rate cut that is likely coming next month.

Falling interest rates typically spark an increase in gold investment because of its tangible, time-tested value, BI previously reported.

Despite the skyrocketing price of gold, a Bank of America investment strategist told Markets Insider that investors should keep buying gold.