Hello to Hive Fam,
I hope that life is treating you well wherever you are in this part of the world.
Gold is a precious metal, and people like to invest in this asset class. This is just an asset, and we can not use it to pay for the goods and services; however, we can invest and get the benefit of price appreciation if that happens. In the last year, the gold has shown a significant amount of rise in its value. It's also a form of investment for traditional investors, so now traditional investors are happy with the gold price appreciation.
I have taken the gold prices chart from Google, and below you can see that prices were around 80k INR one year back, but it's approximately 140k INR. With this price, now we can see a growth of significant value rise in gold prices. Bitcoin is a digital gold, but I believe that as an investor, it's never a good idea to put all the money in just one asset; rather, it's a good habit to diversify.
I invest in gold every year during festival time, and earlier I used to do it in jewelry, but that is no longer a good idea due to high making charges. I now prefer to invest in pure gold or digital gold, where I do not need to pay for making charges. I have already shared that I invest in gold through a daily SIP. I also have the option to invest a lump sum, which I do sometimes.
We can expect some correction in gold prices, but I don't think this will go beyond the current 100k INR price. This is because the gap is higher, given that gold is a traditional asset, so more price fluctuation is not expected. But again, with any market, nothing is guaranteed, and the market can turn in any direction.
✨✧✦✧✨✧✦✧✨✧✦✧✨✨✧✦✧✨✧✦✧✨✧✦✧✨✨✧✦✧✨✧✦✧✨✧✦✧✨✨✧✦✧✨
There are also gold ETFs that one can invest in, and it's an investment through legit ways also that we can do through our trading/demat account, and since these ETFs are backed by gold so if price appreciation happens on gold, the same will reflect on the gold ETF price as well. Thank you!
✨✧✦✧✨✧✦✧✨✧✦✧✨✨✧✦✧✨✧✦✧✨✧✦✧✨✨✧✦✧✨✧✦✧✨✧✦✧✨✨✧✦✧✨