With gold prices soaring, Olympic medals are now worth more money than ever—and some athletes, like swimming champion Ryan Lochte, are cashing in on six-figure offers.

It turns out gold medals aren’t entirely made of gold.

Winning an Olympic medal is priceless, but its real value is more complex. From metal content to taxes and prestige, here’s a look at the medals’ actual worth.

In the early days of the modern Olympic Games, a gold medal was also a precious metal — a gleaming, solid-gold prize for a triumphant amateur athlete.

They shine like the real thing, but how much gold is there really in the medals athletes will lift on the podium at the 2026 Winter Olympics? Not much, according to the organizers of the Games in Italy. A total of 245 gold medals will be awarded to winners ...