By EMMA DUNKLEY, FINANCIAL MAIL ON SUNDAY
PUBLISHED: | UPDATED:
Average Rating
| Metal | Ounce | Gram |
| Gold | £1,866.84 | £60.02 |
| Silver | £21.95 | £0.71 |
| Platinum | £730.70 | £23.49 |
| Palladium | £821.66 | £26.42 |
Updated 23/04/2024 @ 7:33 pm
| Metal | Ounce | Gram |
| Gold | €0.00 | €0.00 |
| Silver | €0.00 | €0.00 |
| Platinum | €0.00 | €0.00 |
| Palladium | €0.00 | €0.00 |
Updated 23/04/2024 @ 7:33 pm
| Metal | Ounce | Gram |
| Gold | $2,325.44 | $74.76 |
| Silver | $27.34 | $0.88 |
| Platinum | $910.20 | $29.26 |
| Palladium | $1,023.50 | $32.91 |
Updated 23/04/2024 @ 7:33 pm
Goldman Sachs is telling investors to buy gold to protect their money from soaring inflation and interest rates.
Just weeks after tipping the far riskier Bitcoin, analysts at the Wall Street bank have sent out a note telling clients: ‘Gold: time to buy the defensive real asset.’
The precious metal is regarded as a way to preserve wealth when rising inflation erodes the value of cash.
The US Federal Reserve signalled last week that an increase in interest rates could come in March to stem rising prices.
‘Gold has remained very resilient during the recent increase in US real rates,’ the investment banking giant said. ‘In our view, this is due to gold’s status as both an inflation-hedging and a defensive asset.’
Analysts have raised their six-month forecast to $2,050 (£1,526) a troy ounce. It is currently trading at about $1,800.
They pointed out that Bitcoin had dropped alongside high-growth stocks in recent weeks, losing a fifth of its value since the start of the year to sit at a price of about $28,100.
The apparent volte face comes after other experts at the bank said earlier this month that Bitcoin would take market share from gold as more people pile into the cryptocurrency, predicting its value would reach $100,000 in five years.
But they warned that the energy required to mine Bitcoin could hinder its popularity.
