The price of the precious metal is growing rapidly.
Amid the instability of the exchange rate dollars and euros, financial experts advise Ukrainians who have savings to invest in gold. By the end of 2022, the precious metal will rise in price to $2,150 per ounce.
The reason for the increase in the price of gold — in the growth of demand for the metal in the conditions of record inflation over the past 30 years in the United States. According to analysts, gold is currently the longest-term investment.
At the same time, in 2021, against the background of the pandemic, the yellow metal began to become cheaper, but inflationary pressure in the US in February 2022 contributed to the growth in gold prices. At the moment, the official rate of gold in the NBU for 1 troy ounce (31 grams) is UAH 51,057. According to experts, the price of gold is expected to rise by another 17% by the end of 2022.
In commercial banks, Ukrainians can purchase bars from 1 gram. Selling gold is more difficult than buying, because not all banks agree to accept it back. At the same time, there will always be pawnshops and online auctions that will gladly accept the precious metal.
As Roboforex analyst Andrey Goylov said, an ordinary investor needs to buy gold as a long-term investment for more than a dozen years. Therefore, it is recommended to keep no more than 5% of your investment portfolio in precious metals.
“You can sell this metal in banks. The main risk in this case is the unilateral refusal of commercial banks to buy gold back. However, other financial institutions during economic shocks will be happy to purchase it in any quantities,” Goylov concluded.