Costco sold more than $100 million in gold bars last quarter

Costco has found a new hit with online shoppers — gold.

The retail warehousing giant sold more than $100 million of the precious metal in its fiscal first quarter, which ended Nov. 26, Costco Chief Financial Officer Richard Galanti told analysts during the company's earnings call Thursday.

The 1-ounce bars typically sell out within a few hours after they are loaded to Costco's website, Galanti said back in September. The gold bars were listed at a price of $2,069.99 an ounce on Friday on the website, higher than the latest spot price of $2,020.58.

Customers are limited to two bars per Costco membership, making it difficult to build a real position in the precious metal.

Members generally seemed satisfied with their purchase though, with a 4.9 star rating on Costco's website and nearly 800 reviews. Some customers did complain about stiff state sales taxes.

Spot gold prices have jumped about 12% this year. JPMorgan is forecasting a breakout rally for the precious metal in 2024 with a peak of $2,300 an ounce as interest rates are expected to fall, according to the bank's commodities outlook published earlier this month.

The investment bank said gold could retreat to $1,900 an ounce in the coming months, but that would set up investors to position themselves for a midyear rally in 2024.

Gold is on pace for a weekly gain after the U.S. dollar weakened and Treasury yields retreated in the wake of the Federal Reserve signaling Wednesday that three rate cuts are in store for 2024.

One important note on Costco's gold bars: They are nonrefundable.

Don't miss these stories from CNBC PRO:

Update: This story has been updated to reflect the current price of gold bars listed on Costco's website.