Bitcoin experienced unprecedented soar in price, recently overshadowing gold. However, the ‘safe-haven’ asset ‘gold’ is continuing to lure substantial interest from investors who are willing to protect their items from inflation and meagre savings rates.
Bullion Vault, the online trading platform of precious metals, reported that it is encountering unparalleled levels of new interests. According to Bullion Vault’s director, Adrian Ash, these new interests come from investors who perceive gold as a ‘safe-haven’ asset and an effective alternative to cash.
At the end of the last year, the price of gold was £1,382 per troy ounce – it is 19% surge over the calendar year. However, keeping in mind the current gold price trading at £1,317 per ounce; most experts forecast that gold price will escalate more over the upcoming months.
And this is indeed excellent news for those who are looking to secure cash for gold. Whether your gold piece is tangled, broken or old, it is worth something. You can get a free quote today to establish the price of your gold item based on the current spot gold price.
Reasons behind Why Gold Price Will Soar
However, Global Palladium Fund, an investment specialist, carried out a survey, concluding that over two-thirds of professional investors speculate that gold prices will soar in 2021 between 3 and 10%.
Only 5% of investors believe that the price of gold will depreciate. Moreover, according to these same investors, an amalgamation of rising inflation will take place not only in the UK but also worldwide. And geopolitical menace will continue to bestow upward pressure on the precious gold prices.
Now:
Why has the demand for gold increased among many private investors? According to Adrian Ash, the low-interest rates are driving many private investors to demand gold. Eventually, people are turning away from money.
Central banks globally have decided to maintain interest rates at zero or less than that. Thus, Ash could not find out what will challenge the appeal of gold as a storage of value. He further added –
“After 2020 brought record new investor interest, the urge to hold a little gold or silver seems greater still, especially among US and UK investors.”
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