![Here’s how much the price of gold has risen since March 1 Here’s how much the price of gold has risen since March 1](https://newsnetdaily.com/wp-content/uploads/2024/04/gettyimages-145158250.jpg)
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The price of gold has been heading upwards lately inflationary economic conditions continue to drive demand for the precious metal. This is great news if you own gold. After all, rising prices mean there’s a high probability that your holdings are now worth more than you paid to buy them. And the difference between what you paid for your gold and what it’s worth today could be significant depending on when you bought it.
But exactly how much has the price of gold increased in the last month and a half (since March 1, 2024)? This is what we will calculate below, highlighting the advantage of investing in the precious metal now.
Find out how rising gold prices can benefit you now.
Here’s how much the price of gold has increased since March 1
According to the American Hartford Gold, gold was trading at $2,082.55 per ounce on March 1. This is in stark contrast to the current gold price of $2,371.11 per ounce.
To put this into perspective, the price of gold has risen by $288.56 per ounce from March 1 to April 16, representing a gain of about 14% in about a month and a half. So, if you purchased $10,000 worth of gold on March 1, 2024, your gold would be worth about $1,400 more today than it was when you bought it, bringing the total value of your investment to $11,400.
But with such significant recent growth, is the price of gold set to fall? Not exactly. At least that’s the view of Aakash Doshi, North American head of commodities research at Citigroup, who recently said gold could climb as high as $3,000 an ounce in the coming months. .
Other experts agree that the price of gold is probably rising. “The price of any asset, including gold, can be very difficult to predict,” says Steve Azoury, ChFC and owner of financial planning firm Azoury Financial. “Important factors to consider include inflation, supply and demand, and interest rates.” Although Azoury was not comfortable predicting the price of gold in dollars, he said that “with all the crazy things going on (interest rates, Federal Reserve, inflation, supply and demand )”, he believes that the price of gold will probably increase.
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Other benefits of gold
Although gold is not typically used as an income-generating asset, recent price increases for the precious metal show how you can generate profits by investing in this commodity. Still, income shouldn’t be the only reason you add assets to your portfolio. Some advantages, such as gold, come with a wide range of other benefits.
For example, gold provides a solid hedge against inflation. This fact is easy to see when looking at recent price developments for the precious metal – developments that can, at least in part, be attributed to the current inflationary economic environment. Ultimately, when inflation is high, consumers, investors and even businesses and central banks tend to turn to gold as a way to maintain the value of their holdings. This increases the demand for gold, push the price of the commodity also rising and potentially offsetting any inflation-related loss of value in a well-balanced investment portfolio.
Gold is also considered a safe haven. Although its inflation hedging capabilities are one of the reasons gold is considered a safe haventhis is not the only reason. Gold has high diversification value in investment portfolios because the price of the commodity generally does not move in tandem with other, more traditional portfolio assets like stocks and bonds.
It is also worth noting that, unlike most traditional portfolio assets, gold is a tangible asset. And it’s one that’s in high demand. This can also be a compelling reason to invest in the precious metal. After all, gold is relatively easy to buy and sell, even in today’s inflationary economy.
The essential
If you bought gold on March 1, 2024, your gold is probably worth about 14% more today than it was when you bought it. And the price of the precious metal shows no signs of falling anytime soon. In fact, with Experts Suggest Further Upward Movement May Be Aheadbuying gold now can give you the opportunity to benefit from growth.
But current price growth shouldn’t be the only factor pushing you to invest in gold. The precious metal is a tangible asset that is easy to buy and sell and has significant value as an inflation hedge and portfolio diversification. This is likely why experts often advise investors to maintain a safe allocation to gold (10% of your portfolio value or less).
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