Gold is on the rise: up by a quarter over the year

Gold is one of those precious materials in which it is profitable to invest your savings. As of today, it has risen by a quarter, while banks promise only 14% per annum on deposits.

It is often seen as a hedge against inflation, as its value tends to rise with inflation. Historically, gold has always been seen as a safe-haven asset in times of financial instability and banking crises. Therefore, analysts believe that today it is worth investing in precious metals, which is much more profitable than paper money. They also believe that gold will continue to rise in price.

This treasure is currently selling for $1940.68 per ounce. At the same time, the price record for gold was set in August 2020. At that time, an ounce of gold reached $2075. However, many analysts believe that gold may repeat this record in the near future.

According to the World Gold Council, central banks bought 1136 tons of the metal last year, a 55-year high.

“Continued gold purchases by the central bank are a good sign for long-term prices,” said Randy Smallwood, CEO of Wheaton Precious Metals, a precious metals streaming company.

Author: Daria Skotchenko

Photo: pexels