Gold hits record high. Here's how much that Costco gold bar is worth.

Gold hit a record high this week as investors placed bets on future rate cuts from the Federal Reserve.

The commodity shot past $3,700 an ounce on Tuesday, Sept. 16, up from roughly $2,300 this time last year. On Wednesday, Sept. 17, gold was trading at $3,687.

Gold bars sold by membership-only warehouse club Costco flew off the shelves last year as investors sought to capitalize on price increases for the precious metal amid ongoing geopolitical issues.