Gold has broken the historical record!

Gold is a precious metal belonging to the category of protective assets. Gold is usually used by traders to diversify investment portfolios and as a "safe haven" during times of economic stagnation. In the long term, gold has a confident upward trend and is suitable for investments with a horizon of more than 5-7 years. At the same time, due to the relatively high volatility, gold is also suitable for successful intraday speculative trading.

In January, the world's central banks doubled their purchases of gold for their reserves. The Central Bank of Turkey and the People's Bank of China became the leading buyers. The demand for this precious metal from central banks may be a decisive factor in supporting prices in 2024.

On Wednesday, March 6, the price of XAUUSD reached a new historical high of $2,149 per ounce. In the last five trading sessions alone, gold has risen in price by more than $100! The current forecast indicates a price movement in the area of $2255 and above. As with bitcoin, we predicted growth in the news "FreshForex recommends gold" dated November 21, 2023.

XAUUSD graph

The rise in gold prices is also explained by the interest of private investors and institutional funds in gold as a safe haven asset for hedging risks. This trend is expected to continue in the coming years, which makes gold a very reliable investment.

Investing in gold is a time-tested opportunity to make money on the market. Do not miss the opportunity to increase your capital with this precious metal!

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