Bullion Meaning:
In commodity market terminology, bullion refers to any precious metal in a form where its main value derives from that of the metal itself, not from any value as currency. Bullion can also refer to government-issued coins that tend to be valued on a weight and purity basis, rather than on their assigned value.

In practice, bullion usually means gold, silver, platinum or palladium in ingot or bar form, and generally of a higher quality, typically 99.5% pure. Bullion is used by some central banks for the settlement of debt and by private investors as a hedge against inflation.