There are a few reasons you may want to invest now that the price of gold has reached yet another new record high.
The gold market has been on a wild ride since the start of 2024, with gold prices breaking numerous records and capturing the attention of investors. The trend started in March, when gold prices surged to a new high of $2,160 per ounce — up 8% from the previous price record set in December 2023. And, the bull run continued into the following month, with gold hitting another milestone of $2,259.29 per ounce on April 1. Late May saw another peak as gold prices soared to $2,439.98 per ounce.
That makes gold a wise choice for investors, as the precious metal has long been regarded as a reliable hedge against economic uncertainty. And, its role in this capacity is multifaceted. For starters, gold tends to maintain its purchasing power over long periods due to the inherent value it holds. While traditional currencies can lose value due to inflation or other economic issues, gold can act as a hedge against that type of currency risk.
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