The last few months have seen the price of gold rally to $1,600 — a height it has not reached since March 2013. However, the last few weeks have seen the price start to stagnate. Between January 20 and February 4, the price did not manage to cross the $1,600 barrier, bouncing off at around $1,590. As of February 5, it had hit a two-week low of $1,547.
For the longest time, gold has been seen as a safe haven. Investors actively seek gold for security and protection during times of uncertainty. As Market Intelligence Director Alistair Hewitt mentioned in an interview recently, historically, gold enjoys certain perks in times of heightened risk due to flight-to-quality inflows.
Following the killing of Iranian General Quasem Soleimani by a targeted US airstrike on 3 January, gold prices reached a seven-year high of close to $1,600 per troy oz. or $50,798 per kg. The shock of this event drove investors to buy gold, a so-called safe haven asset, allowing them to safeguard their wealth amidst geopolitical uncertainty.
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Instability in global economies and the state of geopolitics have caused gold’s prices to surge, while the resulting behavior lowered interest rates. Global powers shift, as alliances form and are broken, and as uncertainties loom over the horizon.
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If you’re looking for yet another reason why you should invest in gold, the recent attack on Saudi Arabia last month caused a good chunk of the world’s supply to go offline, and everyone felt it. However, when compared to the value of gold, it remained virtually unchanged. This low volatility of gold makes it one of the best commodities to invest in, especially if you are looking for something to help keep your assets safe.
Regardless of whether you trade, mine, recycle, or deal in precious metals, the most important thing that you need to know is how to price them accordingly. However, this is quite difficult as pricing precious metals such as gold is not as simple as determining that values of assets like fixed income and equities.