Investing in gold: especially the first time, this is an exciting decision. How can you be sure you are getting the best price? And what do you consider
when you want to invest? Nobody can predict the gold price perfectly, but it pays off to monitor the gold price. We are happy to explain to you how to do that.
The gold price is volatile. By this we mean that it fluctuates. This is due to several macroeconomic factors that affect the gold price. Inflation, interest rates, geopolitical tensions, and currency fluctuations - among others - make the price vary throughout the day. Be sure to read our blog 'Is gold good against inflation' if you want to know more about this topic.
To properly understand gold's price movement, it helps when you follow it. We are therefore happy to give you a roadmap you can follow to stay informed about the gold price.
This roadmap is a guide with useful tips and tricks.
Make sure you consult reliable sources to track gold prices. There are a lot of financial news sources. For example, consider the newspaper De Tijd. In addition, the financial news websites of Bloomberg, Reuters, and CNBC offer daily updates on gold prices and analysis, as do numerous investment websites.
Or don't look too far and consult Value Shop's website. We display the current price for gold and silver at the top left of our website.
To track the price, it is best to take the most common price notation. The gold price is usually calculated in the unit troy ounces and in US Dollars as currency. One troy ounce is equivalent to about 31.1035 grams. Before you proceed with a purchase, it is best to check carefully in which price and unit the gold is offered.
Measuring is usually knowing: be sure to consult charts and statistics. They can help you better understand gold's historical price movements. It is usually possible to select multiple time frames. So, you get to see analyses from day to day, but equally on a weekly basis, monthly or long-term trends.
As mentioned earlier, there are numerous economic factors that influence the gold price: inflation, interest rate hikes, currency exchange rates, and geopolitical events. It pays off to better understand these factors and assess their impact. For example, demand for gold tends to increase when the economy is performing poorly, as gold retains its value. However, with an increase in demand, you can also expect a rise in price.
One advantage of actively monitoring the price is that many platforms offer the option to set price alerts. This way, you'll receive notifications when the gold price reaches your desired level.
A good tactic is to keep a logbook yourself. There, you can gather a lot of relevant information about the gold price. Think, for example, of news events and analyses. By keeping track of these neatly, you maintain a good overview.
Another good method is to follow financial analysts, investment, and gold experts on social media. This way, you gather many opinions about the gold price. This can be helpful when you need to make investment decisions.
As mentioned earlier, nobody has a crystal ball to predict the gold price. However, you can always seek the support of a financial advisor. These are experts who have often been in the industry for years. They have a good understanding of the factors that impact the gold price.
Do you feel the urge to take the plunge and invest in gold? Be sure to consult the current gold price on our website first to stay well informed.
Proactively, you can also check out Value Shop's offering of gold bars and coins. Once you know which investment you want to make, all you must do is wait for the most favorable price moment. Good luck!
