Gold exchange sees much more trade due to more expensive gold
Sun July 07 2024
Dutch people have sold much more gold, such as jewelry, in the second quarter of this year because the gold price has risen sharply, gold exchange branch Goudwisselkantoor reports about its own transactions. The purchase of gold has increased "explosively" by 54 percent in one year at the gold trading chain.
People sold their gold a lot more often, especially in April, because the price of the precious metal rose sharply that month. The gold price reached a new record last quarter and is now around 70,000 euros per kilo, according to Goudwisselkantoor. This is an increase of 20 percent in one year. According to the chain, this is because more countries, including China, are buying gold to increase their reserves, and this increased demand is causing a higher price.
Precious metals are also said to be bought more often as an investment. "Investors still consider gold as a safe and stable investment due to the geopolitical unrest in Ukraine and the Middle East," explains director Johan de Ruiter.
Despite the fact that the gold price has stabilized, demand remains high, he predicts. "We have noticed in recent years that the gold price experiences a new impulse in the summer months. We do not rule out this possibility this year either."
Other precious metals are riding on the popularity of gold. For example, Goudwisselkantoor bought almost half as much silver, and its total value doubled in one year.
Source: https://nltimes.nl