The figure will surprise you: how much you could have earned if you bought $1,000 worth of gold five years ago

Oleksandr LytvynNews
Buying gold is more profitable
It is more profitable to buy gold. Source: flickr NBU

In Ukraine, bank gold (which can be bought and sold in branches of some banks) has risen in price from 33.7 thousand to 90.8 thousand UAH per troy ounce (31.10348 grams) over 5 years. At the same time, buying gold is even more profitable than buying dollars.

This is stated in the material of OBOZ.UA. Five years ago, a thousand dollars could be bought for 26,400 UAH. For this amount in May 2019, you could buy 0.7 troy ounces of gold. Now, the same amount of gold costs UAH 64,016. That is, if you bought gold for a thousand dollars, you could increase your savings by 2.4 times.

At the same time, if you kept your savings in dollars, the amount would increase from 26.4 thousand to 40 thousand UAH. That is, only 1.5 times. Buying gold is much more profitable than buying foreign currency.

How gold has risen in price

The price of gold on international markets has reached over $2,400 per ounce. This is the second high in a week, with the previous one having been broken only on April 8. Gold has jumped to a new record due to tensions in the Middle East, growing interest in safe assets, and increased demand from central banks.

Over the past few days, the price of gold has risen to a new record, hovering around $2, 400.67 per ounce. This was a result of the growing interest in safe assets as tensions in the Middle East reached a critical point due to the announcement of a possible attack by Iran on Israel.

Such instability in international markets is pushing investors to seek protection in gold, considering it a safe haven during geopolitical turbulence. Experts point to a rise in spot gold prices as a result of increased demand, especially from central banks that are actively purchasing the precious metal.

However, despite the rise in gold prices, there is also a threat that the Federal Reserve may cut rates. As inflationary turbulence continues to affect the economic atmosphere.

As OBOZ.UA reported earlier, Ukraine has not replenished its gold reserves on the world market for three years. This figure remains at 27.1 tons, but the National Bank reports an increase in the share of gold in the country's international reserves - this is due to the growth in the value of the metal itself.

Only verified information is available on the OBOZ.UA Telegram channel and Viber. Do not fall for fakes!

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