Here you can see how much the gold price has risen since March 1

The price of gold has been on the way lately inflationary economic conditions continue to drive demand for the precious metal. That’s great news if you own gold. After all, rising prices mean that there is a good chance that your property is now worth more than you paid for it. And the difference between what you paid for your gold and what it’s worth today could be significant, depending on your situation when you bought it.

But exactly how much has the gold price risen in the past month and a half (since March 1, 2024)? That’s what we’ll calculate below, which underlines the benefit of investing in the precious metal now.

Find out how the rising gold price can benefit you now.

Here you can see how much the gold price has risen since March 1

Gold traded at $2,082.55 per ounce on March 1, according to Hartford Gold. That’s in stark contrast to the current gold price, $2,371.11 per ounce.

To put that into perspective, the price of gold rose from March 1 through April 16 at $288.56 per ounce, representing a gain of about 14% in about a month and a half. So if you bought $10,000 worth of gold on March 1, 2024, your gold would be worth about $1,400 more today than when you bought it – bringing the total value of your investment to $11,400.

But with such significant recent growth, is the gold price destined to fall further? Not exactly. At least that’s the view of Aakash Doshi, North America head of commodities research at Citigroup, who recently said gold could rise to $3,000 an ounce in the coming months.

Other experts agree The gold price is likely to rise. “The price of any asset, including gold, can be very difficult to predict,” says Steve Azoury, ChFC and owner of financial planning firm Azoury Financial. “The important factors to consider include inflation, supply and demand, and interest rates.” Although Azoury did not feel comfortable making a prediction of the price of gold in dollar terms, he did say that “with all the crazy things going on (interest rates, Federal Reserve, inflation, supply and demand)” he believes the price of gold is likely to rise to the front.

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Other benefits of gold

Although gold is not typically used as an income-producing asset, the precious metal’s recent price increases show how you can make profits by investing in the commodity. Nevertheless, income shouldn’t be the only reason you add assets to your portfolio. Some assets, such as gold, offers a wide range of other benefits.

For example, gold is a strong inflation hedge. That fact is easy to see when you look at the recent movement in the price of the precious metal – movement that can be attributed, at least in part, to the current inflationary economic climate. Ultimately, when inflation is high, consumers, investors and even corporations and central banks tend to look to gold as a way to preserve the value of their holdings. This drives up the demand for gold, pushing down the price of the good also rise and potentially offset any inflation-related loss of value in a well-balanced investment portfolio.

Gold is also considered a safe haven for investments. Although the ability to hedge against inflation is one reason gold is seen as a safe haventhey are not the only reason. Gold has a high diversification value in investment portfolios because the price of the commodity does not typically move in tandem with other more traditional portfolio assets such as stocks and bonds.

It’s also worth noting that unlike most traditional portfolio assets, gold is a tangible asset. And there is a lot of demand for it. That can also be a compelling reason to invest in the precious metal. After all, gold is relatively easy to buy and sell, even in the current inflationary economic climate.

it comes down to

If you bought gold on March 1, 2024, your gold is probably worth about 14% more today than when you bought it. And the price of the precious metal shows no signs of falling in the short term. In fact, with experts suggest more upside could be in storeBuying gold now can give you the opportunity to tap into growth.

But current price growth shouldn’t be the only factor driving you to do so invest in gold. The precious metal is a tangible asset that is easy to buy and sell and has significant value as an inflation hedge and portfolio diversifier. That’s probably why experts often advise investors to maintain a safe allocation to gold (10% of your portfolio value or less).