Bullion refers to precious metals, such as gold and silver, that are in the form of bars or ingots. It is typically valued based on its weight and purity rather than its form or craftsmanship. Investors often buy bullion as a way to preserve wealth and hedge against inflation. Bullion can be traded in various markets and is often stored in secure facilities. It is also used in the production of coins and jewelry. The price of bullion fluctuates based on market demand, economic conditions, and geopolitical factors, making it an important asset in financial markets.