The price of gold has risen again and is approaching 3,000 dollars per ounce, increasing by 10% so far this year and marking a historic high of 2,956.15 dollars on February 24. This increase has been driven by safe haven demand, interest rate cuts, and central bank purchases.
In addition to gold, other precious metals have also shown appreciation: silver, platinum, and palladium have experienced price increases. In Argentina, the troy ounce is quoted at 2,914 dollars.
Financial investors and those interested in unconventional trading are looking to make profits, leading to an increase in the purchase of gold bars and jewelry in jewelers and banks. Companies like Ricciardi Joyas and Stark Joyas offer attractive sums for grams of 18-carat gold.
In the local market, there has been an increase in demand for CEDEARs of an ETF that replicates the price of gold bars, as well as shares of companies dedicated to gold mining. One of the available CEDEARs in Argentina is "GLD," which represents holdings in the SPDR Gold Shares ETF managed by State Street Global Advisors.
For investors interested in tracking the price of gold through ETFs like GLD, it is important to consider the management fee that is paid. These funds benefit from selling gold, which can affect the amount of physical gold backing each share over time.
The price of GLD fluctuates constantly in line with the price of gold internationally and the exchange rate. This ETF is a popular way to track the price of gold on the stock market and is backed by large amounts of physical gold stored in London, Zurich, and New York.
Factors such as the U.S. Federal Reserve's decisions on interest rates and geopolitical movements may continue to impact the price of gold. Analysts expect gold to reach 3,000 dollars per ounce in the future. Additionally, factors like demand in China have influenced the gold market.
