The Effects of COVID on the Gold Price per Ounce

Are you considering cashing in your gold? If you follow financial markets, you will know that the global pandemic has sent its value soaring. But is it better to hold on to it or trade it while it stays high in value?

There are several factors you should consider when cashing in your assets. Below, we discuss the gold price per ounce during the pandemic and its unbelievable trajectory.


Gold During the Pandemic

In a year when stocks and shares suffered massive hits, precious metals soared in value. By the end of 2020, gold had increased in value by 25%. This upwards climb has only just started to peak, with the ascent now beginning to tail off as vaccines and more political stability become a possibility.


However, not all of this rise in gold can be attributed to the pandemic. Even before, global debt was at an all-time high. In times of uncertainty, people often turn to investments in physical assets.

The reason for this is that gold is a physical object of value. While stocks and shares have to be traded, and inflation can make currencies unmanageable, gold can exist physically, almost in a way cash does. This physical presence makes it extremely useful in times of uncertainty, such as war and economic collapse.

Current Gold Market

If you are looking to sell gold, then now is a great time to do it. When the COVID pandemic hit, stocks and shares plummeted as the world went into financial disarray. With this came a desire to invest in physical commodities, which meant that precious metals such as gold rose in value.


As the pandemic went on, other world events pushed up the gold price, including the second pandemic wave, protests across the US, and the election. However, with vaccines now becoming available and more political stability in the US, the gold value climb has begun to peak.


Gold Price per Ounce

At the start of the current year, gold was trading on a tight margin. This meant that its closing price was very similar to its opening price. Essentially, the rise in the gold market price seen throughout the pandemic had curbed.


This is seen as a sign of financial indecision, and it mirrored movement in the US dollar, which remained static as a new government mulled over policies for fiscal stimulus. For anyone selling, that means there is a possibility gold could rise again, but you must weigh up the risk and think about how bad you want to liquidate your assets. It is also likely the price will go down.


Cash for Gold

Now is as good a time as any to sell. Prices are at an all-time high and have just started to tail off. You could take a risk and see if they go up anymore, but do you want to risk it and miss getting the best gold price per ounce in history?


If you want a quick sale at a great price, you need American Gold & Diamond Buyers. We can offer you money in an instant for your gold, jewelry, and diamonds. Contact us today and let us turn your gold into cash!


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