South Africa Inflation Hits Four-Month High Before Rate Meeting
Consumer prices rose 3% from a year earlier, compared with 2.8% in May, Pretoria-based Statistics South Africa said on Wednesday in a statement on its website. The median estimate of 12 economists in a Bloomberg survey was 3.1%.
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Here's how much the price of gold has risen compared to a year ago
The price of gold is on the precipice of breaking another record … yet again. Priced at $3,430.21 per ounce as of July 23, gold could soon hit a new milestone of $3,500. And the upward trajectory is unlikely to stop there as many experts are currently predicting a price of $4,000 per ounce, perhaps later in 2025. This consistent rise in prices is easy to understand. With inflation a major concern in recent years, the rate rising there in May and June, and gold's role as a reliable hedge thanks to a consistent value, investors once again find themselves moving toward the yellow metal for portfolio protection. In this climate, however, it helps to understand how far the price of gold has risen compared to just one year ago. This is critical information both for current investors interested in knowing exactly how much their investment has grown as well as beginners considering an entry price point ahead of looming price increases. Below, we'll break down what both investor groups should know right now. Start protecting your portfolio from today's rising inflation rate with gold now. The price of gold per ounce on July 23, 2024, was $2,409.39, according to American Hartford Gold. That means the price has risen by $1,020.82 compared to a year ago, or, put another way, the price of gold is up over 42%. That would be remarkable growth for any asset, but it's even more impressive for gold considering the traditional benefits normally associated with the metal. Known more as an income protector thanks to its inflation-hedging and portfolio diversifying capabilities, gold has also become a way for savvy investors to turn a quick profit. And there are ways to get invested without having to pay that top price and without having to purchase gold per ounce. Fractional gold bars and coins, for example, come in amounts of a fraction of an ounce, offering investors an affordable entry price point while still securing the benefits of a rapidly appreciating asset. Dollar-cost averaging, meanwhile, in which investors buy portions of gold for the same price on a routine basis, is also worth exploring for those who want the benefits a gold investment can offer but don't want to get stuck paying thousands of dollars up front to secure it. It's also worth noting that gold is ubiquitous now, arguably more so than ever before. With it being available to buy via top gold IRA companies online, local dealers and big box retailers like Costco and Walmart, it shouldn't be difficult to get started in the gold investing space right now. That all said, even with the surge in price, the traditional advice of limiting your gold investment to a maximum of 10% of your overall portfolio remains true. So if you're invested in the metal now but under that threshold, you still have some space to add more. And if you're just getting started, there's plenty of room to work with. No matter which investor group you fall into, however, it's smart to take action sooner rather than later. With a 42% price jump in just 365 days, waiting could mean being priced out of the gold market entirely, even if you planned on using one of the strategic investment strategies outlined above. Learn more about investing in gold in today's high-price environment here. The price of gold is up significantly compared to this same point last July, underlining the need for investors to take action now before the price (and protections the metal offers) become fully out of reach. But don't jump into the precious metals market blindly, either. Consider contacting a trusted financial advisor to determine how much gold to invest in and when to get started, as there are calendar dates on the horizon for when the price is likely to change once again. But with a strategic and informed approach, you can still benefit from a gold investment, even with the price high and rising right now.
