The Price Of Gold Rises As Demand Shoots Up; Currently, the price of gold is a bit expensive. This development favors those who deal in gold jewellery or want to sell the gold pieces they have hidden in their drawers. On the other hand, there are people who seek to buy gold, given the turmoil across many economies nowadays. When anxiety engulfs humans, gold shines at such moments. At the moment, we are all living in the most extremely difficult and uncertain times. Russia’s invasion of Ukraine has caused the price of gold today to skyrocket. Because of the fragility of the stock markets, the rise in the value of gold has been rapid. Actually, many gold buyers who have spent decades buying and selling gold are astonished by this.
This is the very first time price of gold per gram has fully blown up
Many gold experts have affirmed that there hasn’t been anything nearer to this dramatic climb in the price of gold and they say this upward trend is likely to continue for a long time. Similarly, the number of people looking forward to buying gold is on the rise, with many choosing to invest their money on gold bars, gold ingots, and gold coins. Likewise, some members of the global commodity have chosen to start selling the gold they have been keeping in their houses, prompted by these price hikes. For those who are seeking liquidity or facing economic problems, selling gold to acquire quick finances has become their trend. Quite a number of them sell gold in order to pay gas or electricity bills, buy groceries and meet their daily expenses.
According to historical accounts, this is not the very first experience
Many years ago, in the 1970s, something quite similar happened and it was fuelled by the oil crisis. There has been reported enormous volatility, with exorbitant price increases in a matter of days. Although this price of gold has been provisional, the price of an ounce of gold has increased by about US$20.44 since the time the coronavirus broke out. Of those dollars, an increase by ten dollars happened in a time frame of about 2 weeks from the moment Russia attacked Ukraine. In the jewellery market, the most bought and sold gold is the 18 Karat gold of 75% purity, which now costs between 35 and 37 United States Dollars.
Despite this rise in the price of gold, many are already buying this gold
Thousands of gold investors have already started investing in gold at the current spot price of gold. Actually, many of them are already buying gold bars, gold ingots, gold nuggets, gold coins, gold dust, and raw physical gold at below the current price of gold in the international. For that cheap value of gold, they come and buy from places like Kampala, Nairobi, Kigali, and Kinshasa. For many of them, Uganda and The Democratic Republic of Congo are the most favorite location.
