Here’s how gold’s price has changed over the last year (and why you should buy now).

gold has been used as an investment And while it has been used as a form of currency for hundreds of years, it has many other unique benefits. Therefore, it is not surprising that many investors choose to: Add gold to your investment portfolio.

However, it is usually best to buy assets when prices are low and sell when prices are high. It also makes sense to understand the past performance of an asset before adding it to your portfolio.

So how did gold perform last year and why? Should I buy it now?? Let’s check.

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How has the price of gold changed over the past year?

of gold price American Hartford Gold said it rose from $1,834.39 to $2,019.38 an ounce last year. This is an increase of $184.99 per ounce, or an increase in value of approximately 10.08%.

But like any investment asset, gold’s value can and does fluctuate, and the past year has seen some incredible highs and lows. For example, the price of gold hit a low of $1,811.06 per ounce in late February 2023, rose to $2,039.97 in early March, and reached $2,052.04 per ounce on May 3, 2023. Did.

And the price of gold continued to fluctuate throughout the year, dropping to just over $1,800 per ounce by October 2023. However, the value of gold has since recovered and hit a high of $2,079.47 per ounce on December 27, 2023.

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Why you should buy gold now

If you want to add gold to your portfolio, now might be a good time to do so. Here’s why:

Prices are low and there is potential for growth in the future

Gold prices reached a one-year high in late December, but since then, the precious metal price has fallen by about $60.09 per ounce, or about 2.89%. Similarly, the price of gold is relatively low at the moment.

However, gold prices are likely to rise at some point in the near future. Therefore, if you buy precious metals now, enjoy the profits Value when price rebounds.

Inflation remains a concern

of Gold prices tend to rise during periods of inflation., something like what we are experiencing now. And while inflation is subdued compared to during the pandemic, the latest inflation report shows: Inflation remains higher than Fed’s target rate.

and, When inflation is high, investors tend to focus on gold As a way to preserve the value of your portfolio. This generally leads to an increase in the demand for gold, which in turn leads to an increase in the price of the precious metal.

Gold is a diversification tool

It is usually wise to diversify your investment portfolio. This involves spreading your investments across different assets to reduce the risk of loss. Gold is a smart way to diversify your investments This is because they do not have a close correlation with traditional investment assets such as stocks and bonds.

If market conditions are uncertain or a market decline is expected; Gold can be used to reduce the risk of loss from other assets. In other words, when the stock market falls, the price of gold typically rises. This reduces overall portfolio losses caused by low stock prices.

conclusion

Gold prices have risen more than 10% in the past year and are likely to continue rising. Therefore, consider adding precious metals to your portfolio now to protect them from future market fluctuations and inflationary pressures.