“Gold and Silver are money. Everything else is credit.” – J.P.Morgan
Gold is a safe haven for preserving one’s wealth and has been considered a reliable asset for centuries. It generally yields moderate returns over the long run. You can avoid the limitations involved in physical gold investments by going digital.
Not every digital gold investor is aware of the fact that the yellow metal is one of the best-performing assets in recent times. Gold price has almost doubled since 2018, delivering double-digit returns. The high inflation and recessionary trends caused by the global pandemic and major wars have enhanced investor’s interest in gold.
Impact of War on Gold Prices
Every time a new conflict arises, the demand for gold increases and a price rise is on the cards. Generally, the price of gold rises during economic uncertainties and geopolitical conflicts. During such periods, digital gold and gold-backed securities like mutual funds and bonds also perform better than expected. The ongoing Israel-Hamas war is considered one of the primary reasons behind the recent increase in gold prices. The Gold Price has jumped around 2% since Hamas attacked Israel on October 7, 2023.
Will Gold Shine More Amid Israel-Hamas Conflict?
The ongoing war is expected to have a limited impact on gold prices with no major risk aversion in the market. Experts believe that gold won’t show a drastic increase or decrease in its price unless countries like Iran are dragged into the ongoing war. Since gold price analysts are also not confident whether the price rise will be short or long-term, this is the right time to invest in digital gold without worrying about its risks and returns.
Check The Latest Hike in Gold Price Before Investing
Investors are relying on the safety of bullion because of the ongoing Middle East conflict. An escalation in the conflict is keeping them on their toes. The US dollar also rose by around 0.4 percent and hit a 3-week high of around 106.89 in the last week of October, which also aided gold price hike.
The notable rise in gold prices caused by the ongoing geopolitical tension has increased the demand for digital gold as well. If you are also planning to invest, myDigiGold is the name you can trust. You can redeem the purchased gold online at your convenience by visiting https://sencogoldanddiamonds.com/ or at any of our 150+ Senco stores.