Gold is a precious metal classified as a protective asset. Traders commonly use gold for portfolio diversification and as a „safe haven“ during economic downturns. In the long term, gold exhibits a steady upward trend and is suitable for investments with a horizon of 5-7 years or more. Simultaneously, due to its relatively high volatility, gold is also suitable for successful intraday speculative trading.
In January, global central banks doubled their gold purchases for their reserves. The Central Bank of Turkey and the People’s Bank of China emerged as leading buyers. The demand for this precious metal from central banks may be a decisive factor in supporting prices in 2024.
On Wednesday, March 6, the XAUUSD price reached a new historical maximum of $2,149 per ounce. In just the last five trading sessions, gold has risen by over $100! The current forecast indicates a price movement towards $2,255 and beyond. Similar to Bitcoin, we predicted this growth in the news article „FreshForex Gold Alert“ from November 21, 2023.
The increase in gold prices is also attributed to the interest of private investors and institutional funds in gold as a safe-haven asset for risk hedging. It is expected that this trend will continue in the coming years, making gold a very reliable investment.
Investing in gold is a time-tested possibility to earn in the market. Don’t miss the chance to increase your capital with this noble metal!
