Gold prices have surged to a seven-year high recently and there are rising fears over the impending economic downturn due to the coronavirus pandemic which is continuing to drive investors away from risky trading and investments.
For decades, gold has been considered a safe haven’s asset during the times of economic recessions, as well as a good hedge instrument against inflation and currency depreciation alike.
The current gold spot price stood at around US$ 1,726 per ounce, and the analyst from Bank of America has also expected that the gold price may reach US$ 3,000 in 18 months.
In fact, the main factors that would likely affect the gold prices are:
- political and financial uncertainty
- speculative investments
- continued central bank buying
- low-interest rates
- economic reformations in China, Middle-East, and India leading to retail buying
Despite many financial institutions actually hating gold as an asset (because it pays no dividend) many of them have been forced to recognize it now.
There are many ways to invest in the gold market, and it doesn’t mean that you have to hold the gold physically in your possession. Trading Gold CFD (Contract for difference) is one of the alternatives, and it is more flexible than the other ways, as it is a kind of derivative.
In Gold CFD, we have the options to go long or go short; the profit we earned is the difference between the buying and the selling prices of gold.
At Doo Prime, we offer customers 100 times the leverage in gold trading and more opportunities for beginners and traders with limited funds. So, don’t miss this golden opportunity. Start trading gold and other precious metals by opening a Doo Prime account today at https://www.dooprime.com/