In a surprising move, Costco Wholesale Corporation (NASDAQ:COST) has made a successful venture into the gold market. According to a recent report by CNBC, the retail giant’s gold bars are selling out within hours of their availability.

What Happened: CNBC reported on Tuesday that Costco has added 1-ounce gold PAMP Suisse Lady Fortuna Veriscan bars to its product range. The price, although only available to Costco members, has been reported to be just below $1,900.

Costco’s CFO, Richard Galanti, confirmed the gold bars’ extraordinary popularity during the company’s recent quarterly earnings call. They typically sell out within a few hours of being stocked on the site, prompting the company to limit purchases to two bars per member.

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The gold bars are exclusively available online and to Costco members, who pay either $60 or $120 annually, depending on the membership program. This new venture comes at a time when gold has seen a surge in value due to current economic uncertainties.

Why It Matters: Costco’s dive into the gold market comes on the heels of a successful fiscal fourth quarter. According to a Benzinga report, the company’s net sales increased 9.4% year-over-year to $77.43 billion. The impressive figures also included total revenues of $78.939 billion, beating the consensus estimate of $77.9 billion.

The introduction of gold bars as a new product line not only diversifies Costco’s offerings but also taps into a market that has seen a steady increase in value over the past five years.

Amid the current economic climate, gold has gained popularity as a safe haven, witnessing a price increase of over 55% in the past five years and 15% in the past year alone.

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