The price of gold has been rising over the past year and with geopolitical concerns weighing on investors, there may not be a better time to invest in it.
At around $1,460 U.S. per ounce on Monday, the price of gold has risen more than 20% from 12 months ago when it was close to $1,200 U.S.. The price of gold can sometimes be difficult to predict because there are so many factors that have an impact on it, but it can be a good way to add some balance and diversification to your portfolio.
The last time the gold was over $1,400 U.S.was back in 2013, as since then there’s been a lot of range activity. But with this latest push well over that mark and it now closing in on $1,500 U.S., we could see the momentum continue to push higher, especially as concerns surrounding trade mount.
While gold still has a long way to go to reach the highs of over $1,900 U.S. that it reached eight years ago, there’s still lots of room for the commodity to continue to rise in value.
The Horizons Gold ETF (TSX:HUG) has risen by 16% over the past year and is a good option for investors that want to get in on the latest gold rush.
While it may not have produced as strong of a return as Barrick Gold Corp (TSX:ABX)(NYSE:ABX) has over that time, with its share price climbing more than 50%, the ETF makes up for that with less volatility, especially when holding it for the long term.
