Gold went crazy. The price of the precious metal hit a historic record – on international markets it reached $2,163 per troy ounce.
Two peaks in the value of gold in a few days, report on the stock exchanges. The increase in price can be explained by the expectations of a reduction in interest rates in the USA, the upcoming presidential elections across the ocean and geopolitical uncertainty, experts report.
How long the upward trend in its price will continue is difficult to predict.
“If you didn’t buy last month or three months ago and you delay another 2-3 months, you won’t make such a big financial mistake. But if you buy now out of ignorance, greed and fear, you will most likely sell it when the price starts to fall and lose money,” says Max Baklayan, director of a precious metals trading company.
Higher gold prices are also affecting the precious metal jewelry market.
“If I sell now, for example, at a certain price, in a few days it will be a little more expensive and I have to re-insure myself – to sell at a slightly higher price, to anticipate this increase”, commented Dimitar Alexiev from the Union of Goldsmiths.
According to jewelers, the price of a one-gram piece of jewelry is one or two leva. As a finished product, a gram of gold costs between BGN 200-220. Gold is often used as protection against inflation in the long term, but also as insurance in case of force majeure. Investment gold is quickly liquid. This means it can be sold for cash when needed.
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