Is gold trading profitable now?
Is gold trading profitable now? Before we answer the question, let’s take a look at the facts and figures.
From the beginning of the year to May 20, gold spot price (XAUUSD) went up by 14.38%. From USD 1,527.38 on Jan 2 to USD 1,746.94, data from Trading Central shown.
It slipped to a low of about USD 1,471 on 19 March before reaching a 7-year high of about USD 1,764 on 18 May, a 20% jump over two months.
Hence, if the question was asked earlier this year, the answer is definitely “yes”. But what about going forward? Can the yellow metal deliver a similar performance in the next 12 months?
While some experts and analysts are holding a bullish view of the gold prices with some expecting it to go up by over 70% this year, many finds it hard to see into the future with the coronavirus pandemic around.
But one thing is certain – the uncertainty associated with market volatility is expected to persist and things are not expected to be back to normal soon and this bodes well for gold as well.
Robert Kiyosaki, a renowned investor and author of “Rich Dad Poor Dad” said recently that the gold price is expected to increase from the current USD 1,700 level to USD 3,000 in a year, which means there is still more than 70% upside to the current price level.
Regardless, given the active daily trading volume of gold options and futures, which hovers around 200,000 to 360,000 in the last 30 days, there are a lot of opportunities in the market.
With tight spreads in gold trading and minimum fund requirement, Doo Prime has the best trading environment in the industry with swift and reliable deposit and withdrawal service.
In fact, 13 Doo Prime users have reaped in profits of between USD 15,000 and USD 67,554 from the trading of the WTI crude (XTI) and Brent Crude (XBR) on the platform during the oil price crash in April this year (read more here).
You can also find out more about Doo Prime at DooPrime.com.