'A miracle': World's largest gold bar made in Australia

Perth Mint sets Guinness record for world's largest gold bar

The record-breaking gold bar is made from Australian gold. (Supplied: Perth Mint)

A gold bar produced in Western Australia weighing more than half a tonne has claimed the Guinness World Records title for the world's largest gold bar.

The Perth Mint created the 521.2 kilogram bar using Australian gold, refined to a 99.999 per cent purity.

Mint chief executive Paul Graham said the current world standard was 99.99 per cent.

"To get to five-nines gold, 99.999, not many can do that," he said.

More than 35 specialists were involved in the project. (ABC News: Mya Kordic)

The achievement broke the previous world record of 300 kilograms, set by a mint in Dubai two years ago.

A team of more than 35 specialists were involved in the project, which Mr Graham labelled the "People's Bar".

Mr Graham said the idea for the project came a year ago, with the Mint conducting a "practice run" ahead of the bar's creation.

He said officials from the Guinness Book of World Records attended on site to watch every step of the process, which took up to three days.

Paul Graham says it's a "miracle" to produce such a big gold bar at 99.999 per cent purity. (ABC News: Mya Kordic)

As for what the record-breaking bar was worth, Mr Graham said he wished he knew.

As to the purpose, the bar serves as promotion of the Perth mint and its capabilities.

The Mint said the spectacle would help showcase the expertise of its local refiners and Australia's gold industry to the world.

It will eventually be on display at the Mint alongside another record-breaking creation, a one tonne gold coin unveiled in 2011.

Australia's gold export earnings are forecast to grow to $60 billion in 2025-26 from $47 billion in 2024-25, according to the Minerals Council of Australia (MCA).

Mr Graham says the gold bar's metal price is over $100 million. (ABC News: Mya Kordic)

That trajectory would see gold become Australia's second-largest export earner after iron ore, the MCA said.

The price of spot gold was about $US4,079 per ounce on Friday, according to the global financial data provider LSEG.