Gold prices hit another record high: Should you invest?
SPRINGFIELD, Mass. (WWLP) – Gold hits another all-time high this week, prices reached over $2,600 for the first time. This may lead some to wonder whether it is the right time to buy gold or to sell your own jewelry or coins.
According to a gold trader we spoke with he says now may be an ideal time to get involved in the gold rush and either sell or invest in the precious metal. He attributes the rise in gold prices to a decrease in interest rates. Adding this makes it the perfect time to diversify and balance one’s investment portfolio with the addition of gold, potentially mitigating risks in the future.
“When you’re buying gold, you are buying the actual medal, so whether you’re buying jewelry or bullion you always have the value of that underlying gold medal,” said a Springfield Gold Trader team member.
If trends continue, the price of gold could surpass the $2,700 mark previously predicted for 2025. And perhaps reach as high as $2,800 or even $2,900.
Local News Headlines
WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on WWLP.com.
Copyright 2024 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
For the latest news, weather, sports, and streaming video, head to WWLP.