Gold has been a highly valued commodity for thousands of years, and its worth has remained relatively stable over the long term. As a result, many investors turn to gold as a safe haven during times of economic uncertainty, inflation, or political turmoil. But is gold a good investment in today's market? Here's what you need to know before making a decision.
There are some consistent benefits to buying gold, particularly during times of inflation. When the cost of living rises, the value of gold tends to increase as well, making it a good hedge against inflation. Additionally, gold is a physical asset that can be held and touched, providing a sense of security for investors who may be wary of intangible securities like stocks or bonds.
Gold prices have been on the rise in recent years, recovering from a month-long slump in 2020. As of 8:17 am ET, the price of gold was $2,008 per ounce, up NaN% from yesterday's price. However, gold prices can be volatile, and it's important to consider the timing of your investment before making a purchase.