Another 10% climb would see it reach its all-time high of US$2,057.15 as recorded by the London Bullion Market Association on 6 August 2020.
SEATTLE (Scrap Monster): Retail investors are turning to gold with the precious metal continuing to march towards all-time highs.
Andrew Dickey, Royal Mint’s director of precious metals investment, said: “Our own data reveals a significant increase in smaller-scale gold investors who are dipping their toes into precious metals markets by investing in the yellow metal.”
“1g and 5g gold bars proved particularly popular in the lead-up to Christmas,” Dickey added, with Royal Mint sales of gold bars under one troy ounce surging 46% in December from November.
Gold has continued its rally, which initially kicked off in November, into the New Year, with prices up 15.9% from lows two months ago and 2.4% in the year so far.
On the morning of January 11, Gold reached US$1,885.99, its highest point since May last year.
Another 10% climb would see it reach its all-time high of US$2,057.15 as recorded by the London Bullion Market Association on 6 August 2020.
“Gold has kicked off the year on a positive note as the precious metal staged an impressive rally in the first week of trading, extending its climb from the latter months of last year,” Dickey added.
“The continuing momentum into the first week of trading in 2023 will fill precious metals investors with optimism for the year ahead, particularly those seeking to hedge and diversify their investment portfolios in the wake of warnings from the IMF that a third of the world’s economies would be in recession this year.”
“Historically, a mild recession has been positive for gold prices, but the jury is out on whether this will be the case in 2023 and if gold will live up to its ‘safe haven’ status.”
Courtesy: www.proactiveinvestors.co.uk
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