The price of gold has risen to record highs not seen since September 2011. While investors have fled to safe-haven markets amidst rising coronavirus cases and US-China tensions, overnight blasts in Beirut - which have killed dozens and wounded thousands - added more fuel for gold buying.
Did you know you can speculate on the price of gold using Contracts for Difference (CFDs)? This allows you to potentially profit from both rising and falling markets. Get started with a free demo trading account today!
Gold is now up more than 30% from where it opened at the start of the year. Many investment banks and analysts are now calling for $3,000 with the uncertainty of the US Presidential elections and Brexit coming up in the second half of the year.
The price of silver has also performed well so far this year, up more than 45%. Deutsche Bank analysts believe that silver could outperform gold due to its industrial usage which is most likely set to increase when the world economy picks up again.
How to trade Gold with Admiral Markets UK Ltd
If you are feeling bullish or bearish on the price of gold you can speculate on its price direction using CFDs. To get started, follow these five simple steps:
- Log in to your existing Admiral Markets trading account, or open a live or demo trading account in just a few minutes.
- Click Trade on your chosen account which will direct you to the Admiral Markets MetaTrader Web Platform.
- Type in Gold at the bottom of the Market Watch search box and then drag the symbol onto the chart.
- Use the one-click trading feature on the chart or right-click on select Trading -> New Order.
- Choose your entry, stop loss and target levels and position size (volume) and then confirm the trade.
Source: Admiral Markets MetaTrader 5 Web, GOLD, Monthly - Data range: 1 April 2004 to 5 August 2020. Please note: Past performance is not a reliable indicator of future results.
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