In the month of October, gold’s price began to trend upward. This jump in the price of the precious metal comes after consecutive drops in its value since May. According to Kitco, the price of gold per ounce on October 12, 2023, was valued at around $1,868. As of Thursday afternoon, prior to market close, the price was seen to be above $1,970.
While this isn’t the highest price gold has been valued at this year, the recent jump it has seen thus far in October reveals it is possibly moving in a positive direction. This can be a good sign for investors looking to get in on this asset class as economic uncertainty is still top of mind for many of them.
In the past, when high levels of unpredictability in the markets occurred, investors would look for exposure to physical gold, as it offers diversification to a portfolio and is often seen as a way to preserve wealth. However, exposure to gold mining companies can also provide a possible opportunistic place for investors to allocate funds when looking for exposure to this precious metal.
VanEck offers a trio of ETFs that can give investors exposure to both physical gold and gold mining companies.
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