Gold price surpasses $5,000 mark – Is it a good investment? Live Financial Updates
Recent global uncertainties have driven the gold spot price to a historic high, exceeding $5,000 (approximately £3,700) per ounce.
The surge in the value of gold is attributed to significant geopolitical events, including President Trump’s proposed acquisition of Greenland and ongoing internal tensions within the US.
Financial analysts predict that the price may continue to rise towards $6,000 later this year due to escalating uncertainties, strong demand from central banks and retail investors.
Russ Mould, the investment director at broker AJ Bell, commented, “Gold has crossed the $5,000 threshold for the first time, indicating that investors are still seeking the traditional safe haven as a hedge against the current volatile backdrop.”
With the soaring prices, there is increasing interest in whether individuals should consider including gold in their retirement portfolios.
Mike Ambery, the retirement savings director at Standard Life, stated, “Gold can be a viable option for some individuals, especially during uncertain market conditions, but it is crucial to weigh the potential benefits and limitations before making any decisions.
“Unlike other precious metals, gold is not extensively used in industries, making it an asset valued primarily for its historical role as a store of wealth.”
For those contemplating gold investments, Ambery added, “There are essentially two methods to include gold in a pension plan, each with its own considerations.
“Physical gold is typically accessible through a Self-Invested Personal Pension (SIPP) and must adhere to strict HMRC regulations, requiring storage in approved vaults, which adds complexity and costs.
“Gold ETCs (Exchange Traded Commodities) track the gold price and are available on numerous mainstream pension platforms, although not all schemes permit them.
“Both options offer exposure to gold, but the fees, risks, and practical aspects differ, necessitating savers to comprehend the distinctions before determining the suitable approach, if any, for their circumstances.”
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